Biodegradable Plastics Market
REPORT DESCRIPTION
Biodegradable Plastics Market - Global Industry Analysis, Size,
Share, Growth, Trends, and Forecast 2015 – 2023
The global biodegradable plastics market has made robust progress over the last few years due to
growing government support and popularity due to widespread awareness about their benefits in
terms of environmental conservation. Driven by the steady march of capitalism, the plastics sector
has become a highly influential part of the global economy, but hasn’t been able to overcome the
adverse environmental effects of conventional plastics. Plastic pollution has thus become a key
concern in several countries across the development spectrum, making the biodegradable plastics
market extremely important.
According to Transparency Market Research (TMR), the global biodegradable plastics market is
expected to reach a valuation of US$17.6 bn by 2023. The market was valued at US$9.1 bn in 2016
and is likely to exhibit a robust 9.9% CAGR therein.
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Steady Innovation Crucial in Growth of Biodegradable Plastics Market
The global biodegradable plastics market has been sustained by rapid innovation, which has enabled
the development of several viable methods of producing biodegradable plastics. Recycling
conventional plastics into biodegradable variants has been a crucial part of the research landscape in
the global biodegradable plastics industry, since this also eliminates the problem of growing plastic
waste in addition to providing a sustainable way of production for the biodegradable plastics market.
Western Europe has been a leading regional player in terms of environmental innovation and thus
plays a key role in the development of the global biodegradable plastics market. Two important
developments in the global biodegradable plastics market occurred in Europe in June 2017: The
discovery of a new pyrolysis technique by researchers at SYNPOL, an EU-funded project, and the
development of biodegradable plastics from sugar and carbon dioxide by researchers at the
University of Bath.
SYNPOL discovered a pyrolysis technique involving the simultaneous use of heat and microwave
radiation to decompose organic waste into carbon monoxide, carbon dioxide, and hydrogen, a
mixture known as syngas and one that can be used to develop building blocks for biodegradable
plastic polymers. The syngas developed by SYNPOL’s technique even contains less carbon dioxide
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