The future will be the world of biodegradable plastics

Actions such as "restricting or stopping the use of plastic bags and other disposable plastic products such as straws" initiated by Western European countries will further promote the market demand for biodegradable plastics. Will biodegradable plastics be the world in the future?

A recent analysis by IHS Markit, a world-renowned consulting firm, pointed out that actions initiated by Western European countries to "restrict or stop the use of plastic bags and other disposable plastic products such as straws" will further promote the market demand for biodegradable plastics.

The average annual growth rate is 9% and is expected to reach US$1.7 billion in 2023

Food packaging, disposable tableware (including cups, plates, cutlery, etc.) and plastic bags are the largest end-user markets for biodegradable products, and they are also the main growth engines. These areas will benefit from the "plastic restriction order" or "plastic ban" issued by the government departments of various countries and regions, and are expected to achieve double-digit growth.

"The performance and processability of biodegradable polymers have been improved, and their application range will be further expanded. However, legislation is the most important demand driver for biodegradable polymers," Marifaith Hackett said. "For example, Italy and France prohibit the use of Non-biodegradable plastic bags, which will promote the market demand for biodegradable polymers in these countries. We expect that more and more European countries will strengthen legislative restrictions."

China and India have successively issued plastic bans to promote the development of biodegradable polymers

People's attention to plastic waste in the environment has promoted the demand for biodegradable polymers in the global market. In 2015, China's Jilin Province promulgated a ban on non-biodegradable plastic bags and food service projects, which promoted the development of China's bioplastics manufacturing industry. In addition to local policies, preferential policies are also provided for biodegradable polymers at the national level.