According to a recent study by IHS Markit, the use of plastic bags and single-use plastic products in countries around the world is increasingly restricted and environmental awareness is also rising. According to statistics, Western Europe became the largest market for biodegradable plastics.

The market for biodegradable plastics could be worth $1.1 billion this year and rise to $1.7 billion by 2023, according to the company's report. Demand for degradable polymer materials could reach 360,000 tons this year by volume, and is expected to increase to 550,000 tons by 2023, with an average annual increase of 9% over the five years.

In Western Europe, which accounts for 55 percent of the world's market value of specialty polymer materials this year, the use of single-use plastics is the most restrictive and increasingly stringent in the world, IHS Markit said. This was followed by Asia and Oceania at 25 per cent.

The increase in demand is partly due to the increasing cost competitiveness of degradable materials compared with petroleum-based plastics. Marifaith Hackett, researcher and director of special chemistry at IHS Markit, specifically mentioned this. She believes that the properties and processability of degradable polymer materials have improved greatly in recent years, and the legislation is the most important factor driving its demand growth.

But compared with traditional plastics, the demand for biodegradable materials is still relatively small. Demand for the world's most widely used polyethylene plastic has almost doubled in the past 20 years, according to IHS Markit, with the report predicting that global demand for the product could exceed 100 million tons in 2018.

Article source: microplastic treasure