New York, NY -- (SBWIRE) -- 12/24/2020 -- The biodegradable plastics market is set to attain a valuation of USD 9.85 Billion by 2027, registering a CAGR of 14.28%. The applications of biodegradable plastics are widespread in several industries including packaging, agriculture and consumer goods.

Market Drivers
The major driving force for the development of the biodegradable plastics market is the increasing awareness of ill-effects of conventional plastics. Therefore this has created the demand for biodegradable plastic as people are adopting eco-friendly technology. The packaging sector has seen a significant change which has resulted in increased use of biodegradable plastics in the manufacturing process. The awareness has prompted people to avoid using non-biodegradable plastic goods. In general, biodegradable plastics help produce fresh, loose-fill, pots, bowls, bottles cups, and flexible films.

The report also considers the COVID-19 pandemic as one of the key factors influencing the growth of the market. The report provides a panoramic coverage of the impact of the COVID-19 pandemic on the overall Real-Time Payments market. According to our analysts, the market is poised to show lucrative growth in a post-COVID-19 scenario. The report further offers an overview of the market landscape, economic slowdown, and supply chain disruptions.

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Regional Analysis
According to the report, the North American region dominated the biodegradable plastics market due to the governmental regulatory bodies making strict decisions to protect the planet. The disposable income and conscious population in the region create the demand for the biodegradable plastics market. The European region may witness the fast-growing market during the forecast period as the region decided to decrease the consumption of plastic bags by 80%. The emerging economies of India and China in the Asia Pacific region are opening doors for biodegradable packaging as raw materials are easily available and are cheaper.

Key participants include NatureWorks, BASF SE, Total Corbion PLA, Mitsubishi Chemical Corporation, Biome Bioplastics, Bio-On, Novamont S.P.A, Plantic Technologies, Danimer Scientific, and Toray Industries, among others.

For the purpose of the report, Reports and Data have segmented into the global Biodegradable Plastics market based-on type, end-use industry, and region:

Type Outlook (Revenue, USD Million; Volume, Kilo Tons; 2017-2027)
- PLA
- Starch Blends
- Biodegradable Polyesters
- PHA
- Others

End-Use Industry Outlook (Revenue, USD Million; Volume, Kilo Tons; 2017-2027)
- Packaging
- Agriculture
- Consumer Goods
- Others

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The Regional Analysis Covers:
- North America (U.S., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)

Benefits of Global Biodegradable Plastics Market Report:
- Comprehensive analysis of the changing market dynamics
- A futuristic outlook on different factors influencing the market
- An 8-year forecast of the market growth and expected revenue growth
- Ease of understanding of the market, key segments, and their future growth
- In-depth analysis of the competitive landscape to give an advantageous edge for the companies
- Extensive insights into the market with in-depth analysis of the segmentation

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