The Global Biodegradable Plastics market was $17 billion in 2017 and is estimated grow with CAGR of 21% till 2022 to reach $44 billion. Biodegradable plastic being an alternative to conventional plastics offers advantages over conventional plastics such as a reduced carbon footprint and also additional waste management options such as composting. The current market for biodegradable plastics is characterized by a vibrant growth rate and a strong diversification.
What is Biodegradable Plastics?
Biopolymers are polymers that are biodegradable and are apparently safe for the environment. The input materials for the production of these polymers may be either renewable, which are based on agricultural plant or animal products, or can be synthetic. Biobased goods are composed of natural materials and are biodegradable which makes them much better for the environment than the traditional throw-away plastic. Packaging is the major application served by bio plastics. Rigid plastic packaging find its use in products such as bottles and jars made from PET, which is the most extensively used resin.