Biodegradable Polymers Market Value
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. The
current market value of biodegradable plastics exceeds $1.1 billion
in 2018, but could reach $1.7 billion by 2023.
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.
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