According to the research report titled ‘Global Compostable Plastic Market Size study, by Type (Home Compostable Plastic, BioPBS FD92, BWC BF 90A, Ecopond Flex 162, Others), by Application (Compostable cutlery, Compostable bag, Compostable straw, Compostable gloves, Compostable cup (cold cup), Compostable tray/dish) and Regional Forecasts 2020-2027’, available with Market Study Report, global compostable plastic market was appraised at USD 991 million in the year 2019 and is expected to grow with a CAGR of 15.4% between 2020 and 2027.
 

Stringent regulatory scenario which restricts the adoption of single-use plastics coupled with widespread product demand from food packaging applications are some of the key factors augmenting the growth of global compostable plastic market.
 

In June 2019 for instance, the Canadian government declared a ban on single-use plastics until 2021 in order to minimize ocean waste. It is worth mentioning that only 10% or less plastic is usually recycled in Canada.
 

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Likewise, the European Parliament had voted for a ban on single-use plastics in 2020 which was a part of comprehensive law opposed to plastic-based waste that contaminates beaches and oceans.
 

For those uninitiated, a compostable plastic is basically a class of biodegradable plastic that can bear more degradation through biological processes while composting in order to produce water, inorganic compounds, biomass, and CO2 at a consistent rate. This allows for no toxic, distinguishable or visible residue. Compostable plastics tend to break down under extreme environmental conditions such as high pressure or temperatures.
 

Moreover, these plastics can also be decomposed by anaerobic or aerobic processes within three to six months, which in turn is favoring global compostable plastic industry scenario. However, high costs associated with the product may act as a restraining factor to the growth of the overall market.
 

From the regional point of view, Europe currently dominates worldwide compostable plastic market in terms of revenue share and is likely to display expansion trends in the upcoming years, primarily due to high concentration of major companies and strict government regulations pertaining to the adoption of single-use plastics.
 

On the other hand, Asia-Pacific compostable plastic industry is set to record an appreciable growth rate through 2027. Factors such as supportive regulatory scenario towards using bioplastic materials coupled with rapid expansion of packaged food industry have enhanced the demand for compostable plastic, which in turn is facilitating the business scenario in Asia-Pacific.
 

The key participants in global compostable plastic market are PTT Global Chemical Public Co. Ltd., Novamont S.p.A., Mitsubishi Chemical Holdings Corporation, Kuraray Co. Ltd., Eastman Chemical Co., Dow Inc., Danimer Scientific, Corbion N.V., Biome Technologies plc, and BASF SE among others.