Biodegradable bio-based plastic gets easily decomposed when exposed to the microorganism. Biodegradable plastic is ideal for single-use applications and reduces plastic litter in the ocean. These materials are produced by using plant-based feedstock which increases the value of agricultural products. Biodegradable bio-based plastic gets degrade without leaving toxic residue in the environment. bio-plastic is advanced and new technology that aims to offer environmental sustainability. Market Estimates: The global bio-based biodegradable plastics market was pegged at 1,073 KT in 2018, and is expected to reach 2,020 KT by end of 2027 with a CAGR of 6.6% (2019-27). Driver Strict government regulation for waste disposal and reducing the negative impact of plastic in the environment is expected to drive the market growth. For instance, according to the report published by "Business Today" in October 2019, in the US, various cities, include San Francisco and Seattle, have banned single-use plastic by imposing charges in order to dissuade people from using plastic, cities like Washington DC and Boston have imposed taxes on plastic bags. Moreover, Prime Minister Narendra Modi-led government is aiming to reduce the consumption of single-use plastic and eliminating it by 2022. The initiative to crack down on plastic was introduced on the 150th birth anniversary of Mahatma Gandhi 2nd October 2019. Market Opportunities The launch of the bio-based plastic packaging products by key players is expected to propel the market growth in the near future. For instance, in March 2019, FkUR and Expo showcased their expertise in bio-plastics at the Cosmetic Business 2019 exhibition in Munich at the start of June. Cosmetic tubes are produced from Braskem’s bio-based Green PE to promote sustainability and recyclability along with attractiveness at the point of sale. Therefore, the rising demand for the bio-based plastic cosmetic tube is projected to fuel market growth over the forecast period. Market Restraints Lack of awareness regarding bio-based plastic across various nations is another major expected to restrain the market growth of bio-based plastic. Moreover, bio-plastic does not solve the ocean pollution problem completely as bio-plastic doesn't get easy decompose in ocean water as it is very cold and it will either float on the surface like a conventional plastic that is harmful to marine life. Therefore, this factor is projected to restrict market growth over the forecast period. Market Trends Rising demand for bio-based plastic from horticulture applications is expected to augment the market growth. For instance, Green Dot Bio-plastics has introduced a new biodegradable bio-composite for horticultural applications produced from reclaimed bio-based feed stocks. The bio-based plastic is made up of 80 percent reclaimed and 80 percent bio-based material, Terratek BD2114. Moreover, it is a renewable and biodegradable alternative to traditional plastic pots. Increasing investment by key players for developing next-generation renewable, recyclable and biodegradable formed fiber solutions is projected to fuel the market growth. For instance, in March 2019, Stora Enso has invested EUR 5 million to build a new production line and infrastructure to manufacture formed fiber products at Hylte Mill in Sweden. The formed fiber technology offers to manufacture of products that are developed for circularity, renewable, recyclable and biodegradable and do not contain any plastic. Segment Analysis: Among product type, polyester segment dominated the global bio-based biodegradable plastics market in 2018 in terms of volume. Continuous research & development to derive advanced bio-polyesters from renewable resources along with multiple advantages associated with this material is driving growth of this segment in the market. Among application, packaging segment accounted for largest volume share in the global bio-based biodegradable plastics market in 2018. Rising environmental concerns regarding plastic waste is boosting demand for bio-based plastics in packaging industry. Therefore, the segment is expected to hold major market share throughout the forecast period. Competitive Section: Leading players in the market are BASF SE, Mitsubishi Chemical Corporation, Biome Bio-plastics., Toray Industries, Total Corbion PLA, Plantic Technologies, Danimer Scientific, Bio-On, and Novamont S.P.A. among others. Few Recent Developments Total Corbion PLA
Market Segmentation: By Product Type,
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