Newark, Oct. 10, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 7.06 billion in 2022 global biodegradable plastics market will reach USD 30.41 billion by 2030. Biodegradable plastics can easily be recycled using an organic method and degrade more quickly, which helps to reduce landfill issues. The amount of greenhouse gas emissions is reduced when products made of biodegradable plastic are used instead of conventional plastics. The stringent government regulations to reduce greenhouse gas emissions to restrict temperature rise and avoid severe climate change consequences will augment the market's growth.
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Key Insight of the Global Biodegradable Plastics Market
Asia Pacific is expected to rise the fastest during the forecast period.
Due to the rising governmental interest in promoting biodegradable products by offering incentives in some countries like India and China, the Asia Pacific is anticipated to expand the fastest throughout the projection period. Additionally, government measures to combat global warming and the growing rules regarding using conventional plastic bags are boosting market growth. Additionally, the packaging industry's rising use of biodegradable plastics will expand the market.
In 2022, the polylactic acid [PLA] segment dominated the market with the largest market share of 26.17% and market revenue of 1.84 billion.
The product segment is divided into polybutylene adipate terephthalate [PBAT], polylactic acid [PLA], polyhydroxyalkanoates [PHA], polybutylene succinate [PBS], starch blends, and others. In 2022, the polylactic acid [PLA] segment dominated the market with the largest market share of 26.17% and market revenue of 1.84 billion.
In 2022, the packaging segment dominated the market with the largest market share of 31.12% and revenue of 2.19 billion.
The application segment is divided into consumer durable, agriculture, packaging, textile and others. In 2022, the packaging segment dominated the market with the largest market share of 31.12% and revenue of 2.19 billion.
In 2022, the packaging segment dominated the market with the largest market share of 31.12% and revenue of 2.19 billion.
Advancement in market
Husky Technologies (Husky) has been selected as the recipient of PLASTICS' 2023 Innovation in Bioplastics Award. The announcement was made as part of PLASTICS' seventh annual online awareness and education campaign for "Bioplastics Week." The Husky UltraMelt hot runner system, designed for the effective and environmentally friendly injection moulding of bioresins or biopolymers, earned the award. Biopolymers, produced entirely or partly from renewable biological resources, pose particular difficulties for injection moulding. Husky claims that UltraMelt especially tackles these issues by protecting the delicate chemistry of biopolymer materials and minimizing deterioration with non-reactive surfaces and stainless-steel components. After extensive testing and optimization, UltraMelt was released to the market in 2022 and quickly rose to prominence as a ground-breaking method of delivering biopolymer melt.
Report Scope
| Report Attribute | Details |
| Projected Market Size in 2030 | USD 30.41 Billion |
| CAGR Growth Rate | 20.03% |
| Base Year | 2021 |
| Forecast Years | 2022-2030 |
| Key Market Players | PTT MCC Biochem Co., Ltd., Cargill Incorporated, Biome Technologies plc, Synbra Technology BV, Plantic Technologies Limited, Futerro , BASF SE, NatureWorks LLC, Total Corbion PLA, Eastman Chemical Company, Novamont SpA, FKuR Kunststoff GmbH, Danimer Scientific, Trineso |
| Key Segment | Key Segments are product, application, and regions |
| Major Regions Covered | The key regions are Asia Pacific, North America, South America, Europe, Asia Pacific, and Middle East & Africa. |
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Market Dynamics
Driver: The significant demand in food packaging applications for biodegradable plastic.
Biodegradable polymers, or biopolymers, have become a popular alternative strategy for various industrial applications to reduce the risk of non-biodegradable plastic. The growing use of biodegradable plastics in food packaging is an important factor in the market's growth over the forecast period. This development is primarily attributable to biodegradable polyesters, the best plastic substitute. In addition, it is projected that the government's support for biodegradable materials and rigorous controls on the use of plastics to minimize environmental pollution will propel market expansion over the projection period. Additionally, the government promotes the use of biodegradable products and assists producers in supplying high-quality goods.
Restraints: The cost of biodegradable plastics is high.
The expensive machinery needed for processing and recycling and the complex engineering system are limiting market expansion. Additionally, the market expansion is hampered by the higher price of biodegradable plastics compared to traditional polymers. Additionally, biodegradable plastic bags are more expensive than conventional plastic bags due to the higher cost and limited availability of raw materials and the higher manufacturing costs associated with smaller batch sizes. Additionally, there are expenses related to growing, farming, and turning raw ingredients like soy, corn, and potatoes into starches that can be used to make compostable plastic. These extra costs are combined with production techniques that save electricity and water costs, and carbon emissions.
Opportunities: The creation of novel applications.
The government rules aimed at promoting sustainable ecosystem development and the growing restrictions against conventional plastics fuel industry expansion. Additionally, due to lucrative government laws and a growing emphasis on environmentally friendly polymers for green procurement requirements, makers of biodegradable plastics have significant growth potential in various end-use industries, including healthcare, electronics, and automotive. Additionally, biodegradable plastics make bio-medical equipment and gadgets, including PGA, PCL, PLA, and bio-PBS. Additionally, biodegradable plastics converters strongly help research and development (R&D) efforts for eco-friendly plastics in various bio-medical applications, including implants, stitching materials, and screws. Additionally, the production of more effective and affordable electrical equipment uses bioplastics. During the projection, packaging application is also expected to develop significantly.
Challenges: functionality issues.
Low heat resistance and poor water, air, and oxygen barrier properties are key performance issues with biodegradable polymers. This led to penetration restrictions in several industries, including the electronics and automobile sectors. Furthermore, biodegradable polymers are not used in many applications because of their weak mechanical properties, such as low tensile and impact strength. The limitations of these biodegradable polymers seriously impede market growth.
Some of the major players operating in the global biodegradable plastics market are:
• PTT MCC Biochem Co., Ltd.
• Cargill Incorporated
• Biome Technologies plc
• Synbra Technology BV
• Plantic Technologies Limited
• Futerro
• BASF SE
• NatureWorks LLC
• Total Corbion PLA
• Eastman Chemical Company
• Novamont SpA
• FKuR Kunststoff GmbH
• Danimer Scientific
• Trineso
Key Segments covered in the market:
By Product
• Polybutylene Adipate Terephthalate [PBAT]
• Polylactic Acid [PLA]
• Polyhydroxyalkanoates [PHA]
• Polybutylene Succinate [PBS]
• Starch Blends
• Others
By Application
• Consumer Durable
• Agriculture
• Packaging
• Textile
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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