WASHINGTON, May 31, 2023 (GLOBE NEWSWIRE) -- The Global Biodegradable Plastics Market is valued at USD 9583.39 Million in 2022 and is expected to reach USD 56394.40 Million by 2030 at a CAGR of 24.80% over the forecast period of 2023-2030.
The Biodegradable Plastics Market is one of the fastest-growing markets economically, and consistent expansion is expected in the forecast period. Regardless of the industry's difficulties, various factors could influence its growth. This report evaluates current trends and future developments to provide a comprehensive industry view. It also includes information on the major industry players and their expansion initiatives.
The research examines worldwide producers and suppliers in-depth, as well as their recent state and future possibilities. It also discusses the global drivers of demand for the biodegradable plastics market, such as increased investment requirements, developing technology, and new laws.
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Market Overview
According to Vantage Market Research, some key factors are expected to impact the growth of the biodegradable plastics market during the forecast period. One of the key factors influencing the growth of the biodegradable plastics market is the enhancement of sustainable development and environmental protection. Businesses and consumers are in search for environmentally friendly alternatives as they become increasingly conscious of the harm that conventional plastics cause to the environment. This fuels the industry's expansion and increases consumer demand for biodegradable plastics.
We predicted that the packaging sector of the biodegradable plastics market would have the major share of the market due to the growing demand for ecologically friendly packaging choices globally. By 2030, it will represent more than 35% of all sales.
With a revenue share of more than 43.25%, Europe was the largest geographical market for biodegradable plastics in 2022. The European Union's prohibition on single-use plastics and the general high awareness of plastic waste are expected to drive the regional market throughout the projected period. On the other hand, Asia Pacific is anticipated to become the region with the quickest rate of growth worldwide. The region's market is expected to grow as a result of rising disposable income and rising living standards in developing nations like China and India.
Market Dynamics
Packaging Segment to Drive the Market:
The packaging industry is expanding as a result of increased consumer demand, population expansion, improved lifestyles, and greater disposable income. Growth possibilities for this market sector are provided by rising consumer awareness, increased demand from emerging countries, and the expansion of e-commerce platforms. The demand for the sector has expanded as a result of growing environmental concerns and improved knowledge of recycling and packaging trash disposal. Market participants are increasingly turning to biodegradable goods as a result of the need to reduce packaging's negative environmental effects and adopt sustainable packaging solutions.
Increasing Adoption of Sustainable and Eco-Friendly Practices to Promote Market Growth:
In comparison to conventional plastics created from petroleum-based components, biodegradable plastics are more ecologically friendly since they are produced from natural and renewable resources, including starch, cellulose, and vegetable oils. In addition, governments and regulatory agencies throughout the world are promoting the use of biodegradable plastics and reducing the amount of plastic trash. For instance, the European Union has established precise goals for reducing the usage of single-use plastic items, which is anticipated to increase demand for biodegradable plastics in the area. Additionally, consumers' increasing awareness of the harm that plastic waste does to the environment is fueling the need for biodegradable plastics.
Top Players in the Global Biodegradable Plastics Market
- BASF SE
- NatureWorks LLC
- Biome Bioplastics Ltd.
- Corbion N.V.
- Biome Technologies PLC
- Cardia Bioplastics Ltd.
- Novamont S.p.A
- Bio-On S.p.A
- FKuR Kunststoff GmbH
- Danimer Scientific, Inc.
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Top Trends in the Global Biodegradable Plastics Market
- One trend projected by Vantage Market Research (VMR) in the biodegradable plastics market is the creation of biodegradable polymers that decompose in the house without the use of commercial composting facilities. In order to speed up the biodegradation process, enzymes can be added to natural ingredients like cornflour and vegetable oils while making these polymers. The rising desire for more practical and environmentally friendly waste management solutions is what is driving this development.
- Another trend that VMR predicts will continue in the Biodegradable Plastics Market is the constant adoption of new technologies in the production of biodegradable plastics. For instance, antimicrobial technology has been included in the production of biodegradable materials to create materials with longer shelf lives and to prolong the preservation of packaged goods, particularly food items. Antimicrobial packaging is also used to stop degradation and guarantee chemical and microbiological food safety by stopping microbial development.
Top Report Findings
- Based on Type, there are two types of biodegradable polymers PLA and PHA. The most popular category is PLA (Polylactic Acid), which is extremely eco-friendly and renewable because it is made from plant-based sources. Its capacity to degrade into organic components under specific circumstances makes it widely utilized in food packaging, disposable cutlery, and medical implants. Contrarily, PHA (Polyhydroxyalkanoates) is a synthetic, biodegradable polymer that has qualities comparable to those of polymers derived from petroleum, making it perfect for a variety of industrial uses.
- Based on End Users, the biodegradable plastics market is subdivided into packaging, agriculture, and consumer goods. Due to the enormous demand for environmentally friendly packaging options and growing public awareness of the dangers that conventional plastics pose to the environment, packaging is the most popular category. Biodegradable polymers are used in agriculture for irrigation systems, greenhouse films, and mulching. Biodegradable plastics are advantageous for consumer items, including toys, electronics, and textiles, because they provide strength and sustainability benefits.
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Top 10 Players Generate More Than 55% of the Global Biodegradable Plastics Market Revenue.
According to the analysis, the top three important companies in the Biodegradable Plastics Market are BASF SE, NatureWorks LLC, and Biome Bioplastics Ltd. These companies are likely to gain from expanding demand for their services as well as increased investment in new technologies to improve their offerings. Corbion N.V., Biome Technologies PLC, Cardia Bioplastics Ltd., Novamont S.p.A, Bio-On S.p.A, FKuR Kunststoff GmbH, and Danimer Scientific, Inc. are among the other key competitors. According to a recent analysis issued by Vantage Market Research, the top ten firms generate more than 55% of the market's revenue.
Starch-based Plastics in the Biodegradable Plastics Market to Generate Over 42% Revenue
Vantage Market Research analyzed the market for biodegradable plastics to understand its current state and potential future growth factors. For better understanding, based on type, the Biodegradable Plastics Market is categorized into: PLA (Polylactic Acid), Starch-based Plastics, PHA (Poly Hydroxyalkanoates), PBAT (Polybutylene adipate terephthalate), and others.
We project that by 2030, the market for starch-based plastics will account for more than 42% of Revenue. Due to the broad availability of raw materials, affordability, and excellent biodegradability of the starch-based category, it commands the biggest market share. Bioplastics made from starch disintegrate through bacterial and enzymatic processes, making them environmentally benign and low in carbon emissions. Additionally, their flexibility in making goods like packaging, disposable dinnerware, and bags, together with their biocompatibility and mechanical attributes, have raised their demand in a variety of sectors.
On the other hand, polylactic acid (PLA) is expected to dominate the biodegradable plastics market in 2022, accounting for the bulk of sales. This is because of its excellent mechanical qualities, clarity, and heat stability, which make it a popular option for packaging and disposable goods. In addition, PLA is a sustainable substitute for conventional plastics since it is made from renewable resources like maize and sugarcane.
Browse market data Tables and Figures spread through 180 Pages and in-depth TOC on Biodegradable Plastics Market Forecast Report (2023-2030).
Global Biodegradable Plastics Market Segmentation
By Type
- PLA
- Starch-based Plastics
- PHA
- PBAT
- Others
By End Users
- Packaging
- Agriculture
- Textile
- Consumer Goods
- Others
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Scope of the Report:
| Report Attributes | Details |
| Market Size in 2022 | USD 9583.39 Million |
| Revenue Forecast by 2030 | USD 56394.40 Million |
| CAGR | 24.80% from 2023 to 2030 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2030 |
| 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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