The global market value of biodegradable plastics will exceed $1.1 billion in 2018. The market research institute indicates that the global market value of biodegradable plastics is expected to reach $1.7 billion by 2023.

From biodegradable plastic figures this year, the global demand for biodegradable polymers is 360000 metric tons, but according to the relevant institutions predicts 2023, the global consumption of biodegradable polymers can increase more than 50%, to 550000 metric tons, this also means that this five years, from 2018 to 2023, average annual growth rate of global consumption of biodegradable polymers can reach 9%.

Biodegradable or compostable polymers are biological-based or fossil-fuel-based polymers that can be decomposed by microorganisms into carbon dioxide and water at industrial or municipal composting sites. Some polymers can even be biodegradable directly in the backyard compost bins of individuals and in soil, fresh water or saline environments.

The field of food packaging can be said to be the fastest growing field of biodegradable plastics, especially with the limitations of disposable products in different countries, will promote the further development of the global biodegradable plastics market scale.

At present, compared with other plastic products, biodegradable plastics are still in the primary stage. However, with the implementation of relevant policies and laws and the awakening of people's environmental awareness around the world, biodegradable plastics will vigorously promote the rapid development of the whole industry.

Article source: network