Biodegradable polymers market forecast to risesharply by 2023
27.07.2018
Led by Western Europe, increasing regulations and bans against plastic bags and other single-use plastic items such as drinking straws is driving growing demand for biodegradable plastics, according to new analysis from market research consultancy IHS Markit.
The current market value of biodegradable
plastics exceeds $1.1 billion in 2018, but could reach $1.7 billion by 2023,
the report says.
Biodegradable or compostable polymers are bio-based or fossil-fuel-based
polymers (plastics) that undergo microbial decomposition to carbon dioxide and
water in industrial or municipal compost facilities. A few of these polymers
decompose in backyard compost bins or in soil, freshwater or saltwater.
The food packaging, disposable tableware (cups, plates, and cutlery) and bags
sector is the largest end-use segment, as well as the major growth driver for
biodegradable polymer consumption. This segment will benefit from local
restrictions on plastic shopping bags and will achieve double-digit growth.
Compost bags are the second most important end-use for biodegradable polymers.
This market segment will experience strong growth thanks to the gradual
expansion of composting infrastructure and growing interest in diverting
organic waste such as leaves, grass clippings and food waste from landfill,
according to the IHS Markit Chemical Economics Handbook: Biodegradable Polymers
Report.
