[235+ Pages Report] According Facts and Factors, the Global Biodegradable Plastics Market size was valued at around USD 7.69 billion in 2021 and is estimated to grow over USD 31.39 billion by 2028, at a CAGR of approximately 22.25% between 2022 and 2028. The key market players are included in the report with their sales, revenues and strategies are Cargill Incorporated, PTT MCC Biochem Co. Ltd., Biome Technologies plc, Plantic Technologies Limited, BASF SE, Total Corbion PLA, Synbra Technology BV, Futerro, NovamontSpA, NatureWorks LLC, Eastman Chemical Company, Trineso, Danimer Scientific, FKuRKunststoff GmbH, and others.
NEW YORK, United States, Sept. 23, 2022 (GLOBE NEWSWIRE) -- According to Facts and Factors has published a new research report titled “Biodegradable Plastics Market By Type (PLA, Starch Blends, PHA, Biodegradable Polyesters), By End-Use (Packaging, Consumer Goods, Textile, Agriculture & Horticulture), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028” in its research database.
“According to the latest research study, the demand of global Biodegradable Plastics Market size & share in terms of revenue was worth of USD 7.69 billion in 2021and it is expected to surpass around USD 31.39 billion mark by 2028, growing at a compound annual growth rate (CAGR) of approximately 22.25% during the forecast period 2022 to 2028.”
Biodegradable plastic is a plant-based plastic that has no negative environmental consequences. In a reasonable amount of time, it degrades spontaneously in base compounds. As a result, biodegradable plastic is composed of molecules that can degrade spontaneously through the activity of microorganisms. Polylactic Acid (PLA), Polybutylene adipate terephthalate (PBAT), Polybutylene Succinate (PBS), Polyhydroxyalkanoates (PHA), and starch blends are some of the most common biodegradable plastics.
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About 235+ Pages Research Report (Including Recent Research)
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Updated Regional Analysis with Graphical Representation of Size, Share, and Trends for the Year 2022
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Cargill Incorporated, PTT MCC Biochem Co. Ltd., Biome Technologies plc, Plantic Technologies Limited, BASF SE, Total Corbion PLA, Synbra Technology BV, Futerro, NovamontSpA, NatureWorks LLC, Eastman Chemical Company, Trineso, Danimer Scientific, and FKuRKunststoff GmbH.
By Type, End Use, and Region
North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa
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Global Biodegradable Plastics Market Dynamics
Growing use of biodegradable plastics, particularly in food packaging, is a key factor in the market's growth during the coming years. The finest plastic substitutes, biodegradable polyesters, are largely responsible for this rise. Therefore, factors predicted to boost the global biodegradable plastics market expansion in the forecast period include rise in usage of food packaging, bottles, and disposable tableware as well as government support for biodegradable materials with stringent controls on plastics consumption to prevent environmental pollution. To reduce plastic waste nationwide, the German government, for instance, declared in 2020 that it will outlaw the sale of single-use plastic products like cutlery, straws, food containers, and other similar products starting in July 2021. The German Association of Local Utilities predicts that trash from popular plastic items is increasing by 10% to 20% year, primarily due to single-use plastic products.
Further, because of increased efforts to reduce the use of conventional plastics and growing consumer awareness of eco-friendly plastic alternatives, the market for biodegradable plastics is expected to grow. Traditional petroleum-based plastics deteriorate slowly over a long period of time and end up in landfills. Biodegradable polymers are quickly broken down and returned to the environment. Additionally, biodegradable polymers break down more quickly than traditional plastics. Biodegradable polymers break down 60% more quickly and in as little as 180 days than conventional plastics, which take over a thousand years to break down.
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Biodegradable Plastics Market: COVID-19 Impact Analysis
The pandemic has disrupted the routine manufacturing operations of companies in the consumer goods sector. The Institute for Supply Management Research estimates that 75% of firms reduced their revenue targets as a result of supply chain disruptions.
The consumer sector is going through a mixed economy, with certain industries—like frozen foods and household cleaning—seeing a boost in consumer demand and others—such as retail sales and foot traffic in stores, seeing major declines. To keep up with the shift in customer demand toward e-commerce, these companies must adapt. Thus, the consumer products industry as a whole has been forced into the digital era.
The global biodegradable plastics market is segmented based on product type, end-user, and region. On the basis of type, the market has been segmented into PLA, starch blends, PHA, and biodegradable polyesters. Due to its widespread use in a range of industries, such as packaging, automobiles, and agriculture, the starch blends segment led the global market for biodegradable plastics. Plastics for PLA products are also quickly gaining ground on the market. A significant industry driver is PLA's low cost as compared to other products.
On the basis of end-user, the market has been segmented into packaging, consumer goods, textile, and agriculture & horticulture. Because of the movement in consumer choice from artificial to bio-based products in response to increased environmental consciousness, the packaging segment dominated the global market for biodegradable plastics. Biodegradable plastic is used in many different applications and has the potential to be useful in food packaging. The need for biodegradable plastic in packaging applications is directly impacted by the rise in packaged food options as a result of demographic and lifestyle changes.
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Some of the main competitors dominating the global Biodegradable Plastics market include -
PTT MCC Biochem Co. Ltd.
Key Insights from Primary Research:
As per the analysis shared by our research analyst, the Biodegradable Plastics market is estimated to grow annually at a CAGR of around 22.25% over the forecast period (2022-2028).
In Terms Of Revenue, The Biodegradable Plastics market size was valued at around USD 7.69 Billion in 2021 and is projected to reach USD 31.39 Billion by 2028. Due to a variety of driving factors, the market is predicted to rise at a significant rate.
Based on type segmentation, starch blend was predicted to show maximum market share in the year 2021
Based on end-user segmentation, the packaging was predicted to show maximum market share in the year 2021
On the basis of region, Europe was the leading revenue generator in 2021.
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Europe is anticipated to witness potential growth in the global biodegradable plastics market during the forecast period. Due to a number of factors, including the existence of strict environmental laws, rising consumer concern for the environment, and rising R&D investments in the bioplastics sector by both private and public organizations, the Europe market is predicted to experience significant growth over the coming years.
Additionally, during the projection period, the demand for biodegradable plastics is predicted to increase due to government measures like the EU's intention to reduce regional single-use plastic product consumption by 80% by 2019.
In April 2021, a new strategic alliance between NatureWorks and IMA Coffee, a market leader in coffee handling, processing, and packaging, was announced. Through this agreement, high-performing biodegradable K-cups will have a wider market reach in North America.
In February 2020, a joint venture between BASF and the Italian company Fabbri Group was established to provide a sustainable replacement for the cling film used in fresh food packaging. The film will be used to package fresh fruits, vegetables, and meat. The Fabbri group will produce it using Ecovio bioplastic from BASF, which will increase the demand for biodegradable polymers in packaging applications.
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The global Biodegradable Plastics market is segmented as follows:
The Middle East & Africa
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Market Size & Forecast by Revenue | 2022−2028
Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
Market Segmentation – A detailed analysis by Type, End Use, and Region
Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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