Biodegradable Plastic Market by Type (Polylactic Acid, Polybutylene Succinate, Starch Blends, Polybutylene Adipate Terephthalate , Polyhydroxyalkanoates), End-Use Industry (Packaging, Textile, Consumer Goods, Agriculture) and Region - Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional Footprints by MarketDigits - Forecast 2024-2032

Industry : Chemicals & Materials | Pages : 194 Pages | Published On : Apr 2024

         
     
The Biodegradable Plastic Market is Valued USD 5.42 billion in 2024 and projected to reach USD 21.69 billion by 2032, growing at a CAGR of 16.7% During the Forecast period of 2024-2032.

Biodegradable Plastic Market Size


Graph
             2020                         2024-2032      

ReportDetails
Market Size ValueUSD 5.42 billion in 2024
Market Size ValueUSD 21.69 billion by 2032
CAGR16.7%
Forecast Period2024-2032
Base Year 2023
Historic Data2020
Forecast UnitsValue (USD Million/USD Billion)
Segments CoveredType, End-Use Industry and Region
Geographics CoveredNorth America, Europe, Asia Pacific, and RoW

Major vendors in the global Biodegradable Plastic Market : BASF, NatureWorks, Total Corbion, Novamont, Biome Bioplastics, Mitsubishi Chemical Holding Corporation, Toray Industries, Plantic Technologies, Danimer Scientific, Fkur Kunstsoff, Cargill Incorporated, PTT MCC Biochem Co., Ltd., Biome Technologies plc, Plantic Technologies Limited, BASF SE, Total Corbion PLA, Synbra Technology BV, Futerro, Novamont SpA, NatureWorks LLC, Eastman Chemical Company, Trineso, FKuR Kunststoff GmbH and Others.

Market Overview

The biodegradable plastics market is experiencing significant growth driven by several key trends. Government initiatives to ban single-use plastics, combined with a heightened public awareness of the negative impacts of plastic waste, are major contributors to this surge. The market is further propelled by extensive research and development efforts focused on enhancing the microbial degradation of biodegradable plastics. Industries are strategically investing in sustainable production methods that utilize renewable resources to foster growth. The widespread adoption of biodegradable plastics in packaging and agriculture is expected to further boost market expansion. Addressing the global issue of non-decomposable plastics, governments worldwide are actively promoting the use of biodegradable alternatives through regulatory measures. Consumer willingness to pay a premium for eco-friendly products is also contributing to the market's positive trajectory. In summary, these factors collectively provide a significant boost to the biodegradable plastics market.

Increasing use in packaging and compostable bag applications

The surge in the use of biodegradable plastics in packaging and compostable bag applications is primarily driven by the growing global concern for environmental sustainability. As consumers and industries alike become more conscious of the detrimental impact of traditional plastics on ecosystems and the persistence of plastic waste, there has been a notable shift towards eco-friendly alternatives. Biodegradable plastics, derived from renewable resources or designed to break down naturally over time, offer a promising solution to mitigate the environmental footprint associated with conventional plastics. The packaging industry, in particular, is embracing these materials to address the demand for more environmentally friendly and sustainable packaging solutions. Compostable bags, a subset of biodegradable plastics, contribute further to this trend by providing a solution for reducing single-use plastic waste, aligning with the broader global efforts to create a more circular and environmentally responsible economy.

Market Dynamics

Drivers:

  • Growing environmental concerns
  • Rising consumer demand for sustainable products
  • Increase Government Stricter regulations and bans

Opportunities:

  • Improving performance and reducing costs
  • Development of new applications
  • Investing in recycling infrastructure

Increasing Demand for Sustainable Packaging

The escalating demand for sustainable packaging represents a prominent trend propelling the biodegradable plastics market. As environmental consciousness becomes a focal point for both consumers and businesses, there is a notable shift towards eco-friendly alternatives in packaging materials. Biodegradable plastics, designed to break down naturally and minimize environmental impact, align seamlessly with the growing emphasis on sustainability. Industries are responding to this demand by incorporating biodegradable plastics into their packaging solutions, thereby reducing the ecological footprint associated with traditional packaging materials. The trend reflects a broader commitment to environmentally responsible practices, driven by consumer preferences and regulatory initiatives encouraging the adoption of sustainable packaging options, ultimately contributing to the robust growth of the biodegradable plastics market.

The market for Biodegradable Plastic Market is dominated by Europe.

Europe dominated the biodegradable plastics market as the largest regional contributor, holding a significant revenue share. The region's leadership is attributed to heightened public awareness concerning plastic waste and the European Union's ban on single-use plastics, factors expected to drive sustained market growth. Meanwhile, the Asia Pacific region is poised to emerge as the fastest-growing market globally. This anticipated growth is fueled by rising disposable incomes and improved living standards in countries like China and India. Forecasts indicate substantial expansion in the European biodegradable plastics market in the coming years, fueled by stringent environmentally friendly regulations, increasing environmental consciousness among consumers, and substantial research and development investments in the bioplastics sector by both private and public entities. Government initiatives, including the EU's commitment to reducing single-use plastic consumption by 80% in the region by 2022, are anticipated to further boost the demand for biodegradable plastics throughout the forecast period.

Packaging Segment is Anticipated to Hold the Largest Market Share During the Forecast Period

Based on by end-user segment is categorized into packaging, textile, consumer goods, agriculture, and others. The dominance of packaging as the largest share in the biodegradable plastics market can be attributed to a combination of environmental concerns, regulatory initiatives, and shifting consumer preferences. With increasing awareness of the adverse environmental impacts of traditional plastics, there is a growing demand for sustainable packaging solutions. Biodegradable plastics, designed to break down naturally, align with the global push for eco-friendly alternatives. Governments worldwide are implementing regulations to curb single-use plastics, driving industries to adopt biodegradable packaging materials. Consumers, increasingly mindful of their environmental footprint, are favouring products with eco-friendly packaging. The versatility of biodegradable plastics in various packaging applications, including food, beverages, and consumer goods, further contributes to their prominence in the market. As sustainability becomes a central focus across industries, the demand for biodegradable plastics in packaging is poised to continue its upward trajectory.

Segmentations Analysis of Biodegradable Plastic Market: -

  • By Type
    • Polylactic Acid [PLA]
    • Polybutylene Succinate [PBS]
    • Starch Blends
    • Polybutylene Adipate Terephthalate [PBAT]
    • Polyhydroxyalkanoates [PHA]
    • Others
  • By End-Use Industry
    • Packaging
    • Textile
    • Consumer Goods
    • Agriculture
    • Others
  • By Region
    • North America
      • US
      • Canada
    • Latin America
      • Brazil
      • Mexico
      • Argentina
      • Colombia
      • Chile
      • Peru
      • Rest of Latin America
    • Europe
      • Germany
      • France
      • Italy
      • Spain
      • U.K.
      • BENELUX
      • CIS & Russia
      • Nordics
      • Austria
      • Poland
      • Rest of Europe
    • Asia Pacific
      • China
      • Japan
      • South Korea
      • India
      • Thailand
      • Indonesia
      • Malaysia
      • Vietnam
      • Australia & New Zealand
      • Rest of Asia Pacific
    • Middle East & Africa
      • Saudi Arabia
      • UAE
      • South Africa
      • Nigeria
      • Egypt
      • Israel
      • Turkey
      • Rest of MEA

Answers to Following Key Questions:

  • What will be the Biodegradable Plastic Market’s Trends & growth rate? What analysis has been done of the prices, sales, and volume of the top producers of Biodegradable Plastic Market?
  • What are the main forces behind worldwide Biodegradable Plastic Market? Which companies dominate Biodegradable Plastic Market?
  • Which companies dominate Biodegradable Plastic Market? Which business possibilities, dangers, and tactics did they embrace in the market?
  • What are the global Biodegradable Plastic industry's suppliers' opportunities and dangers in Biodegradable Plastic Market?
  • What is the Biodegradable Plastic industry's regional sales, income, and pricing analysis? In the Biodegradable Plastic Market, who are the distributors, traders, and resellers?
  • What are the main geographic areas for various trades that are anticipated to have astounding expansion over the Biodegradable Plastic Market?
  • What are the main geographical areas for various industries that are anticipated to observe astounding expansion for Biodegradable Plastic Market?
  • What are the dominant revenue-generating regions for Biodegradable Plastic Market, as well as regional growth trends?
  • By the end of the forecast period, what will the market size and growth rate be?
  • What are the main Biodegradable Plastic Market trends that are influencing the market's expansion?
  • Which key product categories dominate Biodegradable Plastic Market? What is Biodegradable Plastic Market’s main applications?
  • In the coming years, which Biodegradable Plastic Market technology will dominate the market?

Reason to purchase this Biodegradable Plastic Market Report:

  • Determine prospective investment areas based on a detailed trend analysis of the global Biodegradable Plastic Market over the next years.
  • Gain an in-depth understanding of the underlying factors driving demand for different Biodegradable Plastic Market segments in the top spending countries across the world and identify the opportunities each offers.
  • Strengthen your understanding of the market in terms of demand drivers, industry trends, and the latest technological developments, among others.
  • Identify the major channels that are driving the global Biodegradable Plastic Market, providing a clear picture of future opportunities that can be tapped, resulting in revenue expansion.
  • Channelize resources by focusing on the ongoing programs that are being undertaken by the different countries within the global Biodegradable Plastic Market.
  • Make correct business decisions based on a thorough analysis of the total competitive landscape of the sector with detailed profiles of the top Biodegradable Plastic Market providers worldwide, including information about their products, alliances, recent contract wins, and financial analysis wherever available.

TOC

Table and Figures

Methodology:

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The first step of our 360° Research Methodology™ involves conducting extensive primary research, which involves gathering first-hand information through interviews, surveys, and interactions with industry experts, key stakeholders, and market participants. This approach enables us to gather valuable insights and perspectives directly from the source.

Secondary research is another crucial component of our methodology. It involves a deep dive into various data sources, including industry reports, market databases, scholarly articles, and regulatory documents. This helps us gather a wide range of information, validate findings, and provide a comprehensive understanding of the industry landscape.

Furthermore, our methodology incorporates technology-based research techniques, such as data mining, text analytics, and predictive modelling, to uncover hidden patterns, correlations, and trends within the data. This data-driven approach enhances the accuracy and reliability of our analysis, enabling us to make informed and actionable recommendations.

In addition, our analysts bring their industry expertise and domain knowledge to bear on the research process. Their deep understanding of market dynamics, emerging trends, and future prospects allows for insightful interpretation of the data and identification of strategic opportunities.

To ensure the highest level of quality and reliability, our research process undergoes rigorous validation and verification. This includes cross-referencing and triangulation of data from multiple sources, as well as peer reviews and expert consultations.

The result of our 360° Research Methodology is a comprehensive and robust research report that empowers you to make well-informed business decisions. It provides a panoramic view of the industry landscape, helping you navigate challenges, seize opportunities, and stay ahead of the competition.

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