According to the research report titled ‘Global Biodegradable Plastics Market (Value, Volume) - Analysis By Product, Application, By Region, By Country: Market Insights and Outlook Post Covid-19 Pandemic (2020-2025)‘, available with Market Study Report, global biodegradable plastics market was valued at USD 4,709.19 million in 2019 and is anticipated to accrue exponential growth during 2020-2025.
 

Decreasing dependence on synthetic resources and numerous corporate social responsibility initiatives by organizations are the major factors driving the growth of global biodegradable plastics market. Also, increasing customer awareness regarding global warming and government norms like ban on plastic bags will contribute to the market growth. Emphasis on reducing carbon footprint during the manufacturing process of biodegradable plastics is also estimated to augment the market growth.
 

Request sample copy of this Report: https://www.marketstudyreport.com/request-a-sample/2876131/
 

However, amidst the COVID-19 outbreak, companies are forced to cease the usage of biodegradable plastics to maintain revenue and profit margins, which along with availability of low-cost tradition plastic due to reduction in petrol prices will hinder the market growth in coming years.
 

Based on product segment, global biodegradable plastics market is classified into PLA, starch blends, PBS, PHA, and others. Among these, starch blends segment is poised to be a major contributor to the market share in the ensuing years. Starch blended biodegradable plastics have applications in edible films and food packaging as they lower the loss of food and keeps it fresh. In the agricultural sector, starch blends are utilized in greenhouse covering, mulch film, and as controlled release materials for fertilizers. Various benefits such as renewability, higher abundance, lower cost, and biodegradability are boosting the product demand.
 

Speaking of application spectrum, the market is divided into packaging, textile, consumer goods, agriculture, and others. The report cites that packaging segment held significant market share in the recent past, owing to improving lifestyle of consumers along with rise in demand for packaged food products in developed nations.
 

As per regional overview, Europe biodegradable plastics market is likely to grow momentously during the forecast period, mainly due to rising cognizance regarding plastic waste side-effects along with restrictions on single-use plastics in the region. Further, European legal framework and strategies are expected to boost the use of bio-based plastic products and uplift the market growth.
 

Key players operating in global biodegradable plastics market are NatureWorks LLC, BASF SE, Mitsubishi Chemical Holdings, Teijin Ltd., Total Corbion PLA, Biome Bioplastics, Danimer Scientific, Kuraray Co. Ltd., Novamont S.p.A., and Carbios.