The market status of biodegradable plastics

By 2019, the market value of the biodegradable plastics industry will grow to US$3.477 billion with an average annual growth rate of 13.01%. The European biodegradable plastics market is expected to grow at an average annual growth rate of 12% from 2014 to 2019.

Biodegradable plastics usher in a period of rapid development. Although the concept of biodegradable plastics has been hyped up before, the application has not been able to increase the volume.

Biodegradable plastics are mainly used in packaging, fiber, agriculture, injection molding and other fields. Among them, it is the most widely used in the packaging industry. In 2013, it accounted for about 60% of the total market. The demand for food packaging accounted for more than 70% of the biodegradable plastic packaging market. ; The injection molding application market is the main driving force for the growth of demand for biodegradable plastics.

As of the end of 2013, Europe and the United States are the main markets for biodegradable plastics. According to statistics, in 2013 the European and North American markets accounted for 54% and 28% of the global biodegradable plastics respectively.

The Environmental Committee of the European Parliament has passed a draft on reducing the use of single-use lightweight plastic bags. The draft proposes that the 28 EU member states should follow a two-step approach to effectively reduce the use of plastic bags in order to achieve the goal of reducing the use of ultra-thin plastic bags by 80% in 2019 compared to 2010. This resolution is expected to greatly stimulate the market demand for biodegradable plastics, and is expected to create huge growth opportunities for related manufacturers in the next five years.