WASHINGTON, March 08, 2023 (GLOBE NEWSWIRE) -- According to a report by Vantage Market Research, the global Biodegradable Plastics Market is expected to grow from $ 7,679.8 Million in 2021 to $ 36825.7 Million by 2028, at a compound annual growth rate (CAGR) of 25.1%. The packaging industry is the largest consumer of biodegradable plastics, with a share of more than 60% of the market, due to increasing demand for sustainable packaging solutions. The agriculture and horticulture sector is also expected to be a key market for biodegradable plastics, as they are increasingly being used for mulching films, plant pots, and other applications.
Biodegradable Plastics Market Overview
The biodegradable plastics market refers to the production and consumption of plastics that are designed to break down naturally in the environment, reducing their impact on ecosystems and reducing the amount of waste in landfills. Biodegradable plastics can be made from a variety of materials, including cornstarch, potato starch, and biodegradable polymers.
The global biodegradable plastics market has been growing rapidly in recent years due to increasing concerns about the environmental impact of traditional plastics. The market is driven by factors such as government regulations, consumer preferences for sustainable products, and increased adoption by industries such as packaging, agriculture, and textiles.
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Scope of the Report:
| Report Attributes | Details |
| Market Size in 2021 | USD 7,679.8 Million |
| Revenue Forecast by 2028 | USD 36825.7 Million |
| CAGR | 25.1% from 2022 to 2028 |
| Base Year | 2021 |
| Forecast Year | 2022 to 2028 |
| Key Players | BASF SE, NatureWorks LLC, Novamont, Total Corbion, Biome Plastics, Danimer Scientific, Fkur Kunstsoff, Plantic Technologies, Toray Industries, Akro Plastics, Green Dot Plastics, Mitsubishi Chemical Corporation, Carbion, Biome Technologies plc. |
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Key Highlights
Rapid growth: The biodegradable plastics market has been growing rapidly in recent years, and is expected to continue to do so due to increasing demand for sustainable solutions.
Packaging industry dominates: The packaging industry is the largest consumer of biodegradable plastics, accounting for more than 60% of the market.
Agriculture and horticulture sector on the rise: The agriculture and horticulture sector is expected to be a key market for biodegradable plastics, as they are increasingly being used for mulching films, plant pots, and other applications.
Europe leads the market: Europe currently leads the biodegradable plastics market, due to stringent regulations regarding single-use plastics.
Asia Pacific region growing rapidly: The Asia Pacific region is expected to witness the highest CAGR during the forecast period, driven by the growing demand for sustainable packaging solutions in countries such as China and India.
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Top Players in the Biodegradable Plastics Market:
- BASF SE
- NatureWorks LLC
- Novamont
- Total Corbion
- Biome Plastics
- Danimer Scientific
- Fkur Kunstsoff
- Plantic Technologies
- Toray Industries
- Akro Plastics
- Green Dot Plastics
- Mitsubishi Chemical Corporation
- Carbion
- Biome Technologies plc.
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Drivers
Increasing environmental concerns: Growing awareness of the environmental impact of traditional plastics is driving demand for biodegradable plastics as a more sustainable alternative.
Government regulations: Governments worldwide are implementing regulations to reduce the use of single-use plastics and promote sustainable solutions. This is creating a favorable environment for the adoption of biodegradable plastics.
Consumer preferences: Consumers are increasingly interested in purchasing eco-friendly products and are willing to pay a premium for sustainable solutions.
Industry adoption: The adoption of biodegradable plastics by industries such as packaging, agriculture, and textiles is driving demand for these materials.
Technological advancements: The development of new biodegradable materials with improved properties, such as increased durability and reduced cost, is expanding the range of applications for these materials and driving growth in the market.
Increasing waste management concerns: Biodegradable plastics can help address waste management concerns by reducing the amount of plastic waste in landfills and oceans.
Restraint
Cost: Biodegradable plastics are often more expensive to produce than traditional plastics, which may limit adoption in some industries, particularly those with thin margins.
Performance limitations: Biodegradable plastics may not perform as well as traditional plastics in some applications, such as high-temperature or high-stress environments. This can limit their adoption in some industries where performance is critical.
Limited availability of raw materials: The availability of raw materials for biodegradable plastics production can be limited, which may impact supply and limit growth potential.
Lack of infrastructure for composting: Biodegradable plastics require specific conditions for decomposition, such as industrial composting facilities. The lack of infrastructure for composting may limit the adoption of these materials in some regions.
Confusion with conventional plastics: There may be confusion among consumers and waste management systems regarding the proper disposal of biodegradable plastics, leading to contamination of recycling streams or disposal in landfill instead of composting.
Opportunities
Innovation and product development: Ongoing innovation and product development in biodegradable plastics can drive growth in the market by expanding the range of applications for these materials and improving their performance.
Increased adoption in new industries: The adoption of biodegradable plastics in industries beyond packaging and agriculture, such as automotive, electronics, and construction, can create new growth opportunities for the market.
Expansion in emerging markets: Emerging markets in Asia, Africa, and Latin America represent significant growth opportunities for the biodegradable plastics market, as consumers and industries in these regions become more interested in sustainable solutions.
Collaboration across the value chain: Collaboration across the value chain, from raw material suppliers to end-users, can create new growth opportunities and facilitate the development of new products and applications.
Government support: Government policies and support can create favorable conditions for the growth of the biodegradable plastics market, through regulations, incentives, and funding for research and development.
Circular economy initiatives: Biodegradable plastics can be part of a circular economy approach, in which materials are recycled, reused, or biodegraded at the end of their life cycle. The growth of circular economy initiatives presents a significant opportunity for the biodegradable plastics market to drive sustainable growth.
Browse Market Data Tables and Figures spread through 180 Pages and in-depth TOC on Biodegradable Plastics Market Forecast Report (2022-2028).
Regional Overview
Europe: Europe is currently the largest market for biodegradable plastics, driven by stringent regulations regarding single-use plastics. The EU's Single-Use Plastics Directive, which came into effect in July 2021, has banned several single-use plastic items and set targets for the use of recycled and biodegradable plastics.
North America: North America is a significant market for biodegradable plastics, with increasing demand from the packaging industry and a growing focus on sustainable solutions. The United States has several state-level regulations aimed at reducing plastic waste and promoting the use of biodegradable plastics.
Asia Pacific: The Asia Pacific region is expected to witness the highest growth in the biodegradable plastics market, driven by the increasing adoption of sustainable packaging solutions in countries such as China and India. The region also has significant potential for biodegradable plastics in agriculture and horticulture.
Latin America: The biodegradable plastics market in Latin America is still in its early stages, with relatively low adoption and production. However, there is increasing interest in sustainable solutions and potential for growth in industries such as packaging and agriculture.
Middle East and Africa: The biodegradable plastics market in the Middle East and Africa is currently small, with limited production and adoption. However, there is growing interest in sustainable solutions and potential for growth in industries such as packaging and agriculture, particularly in countries with a focus on sustainability and environmental protection.
Biodegradable Plastics Market Segmentation:
By Type
- Starch-Based
- PLA
- PBS
- PBAT
- PHA
- Others
By End-use
- Packaging
- Agriculture
- Consumer Goods
- Others
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Key Questions Answered in the Report:
- What is the current size of the biodegradable plastics market, and what is the projected market size over the next few years?
- What are the key drivers of growth in the biodegradable plastics market, and what are the main restraints on growth?
- What are the key applications of biodegradable plastics, and which industries are driving demand for these materials?
- What are the different types of biodegradable plastics available, and how do they compare in terms of cost, performance, and environmental impact?
- Which regions are leading the biodegradable plastics market, and what are the growth prospects for these regions over the next few years?
- Who are the key players in the biodegradable plastics market, and what are their strategies for growth?
- What are the regulatory and policy frameworks governing the biodegradable plastics market, and how are they likely to evolve in the coming years?
- What are the main trends and developments in the biodegradable plastics market, and how are these likely to shape the industry in the coming years?
- What are the opportunities and challenges facing the biodegradable plastics market, and what are the key success factors for companies operating in this space?
- What are the key recommendations for stakeholders in the biodegradable plastics market, including companies, investors, policymakers, and consumers?
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