Pune India, Dec. 15, 2022 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and Middle East and Africa. These are the key regions where the biodegradable plastic market is operating currently and is predicted to expand in the near future. The manufacturers and suppliers involved in the biodegradable plastic market is present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the product, application, and region. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
The significant players operating in the global biodegradable plastic market are Cargill Incorporated, Plantic Technologies Limited, PTT MCC Biochem Co., Ltd. Biome Technologies plc, Total Corbion PLA, Synbra Technology BV, BASF SE, Danimer Scientific, FKuR Kunststoff GmbH, Futerro, NatureWorks LLC, Novamont SpA, Eastman Chemical Company, Trineso among others. To achieve a substantial market share in the worldwide biodegradable plastic market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
Biodegradable plastics are those that can be broken down by living creatures, mainly bacteria, into water, carbon dioxide, and biomass. Renewable raw materials, microorganisms, petrochemicals, or mixtures of all three are often used to make biodegradable polymers. While the terms bioplastics and biodegradable plastics seem similar, they are not interchangeable. Bioplastics (plastics manufactured in part or wholly from biomass) are not all biodegradable, and some biodegradable plastics are entirely petroleum-based. As more businesses strive to be regarded as environmentally conscious, solutions such as the use of bioplastics are being researched and applied more frequently. However, many critics feel that bioplastics will not fix the difficulties that others anticipate. Many biodegradable plastics are engineered to break down in industrial composting systems. However, to ensure that this occurs, a well-managed waste system is required. Potential environmental benefits are not released if products made from these plastics are discarded into conventional waste streams such as landfills or find their way into the open environment such as rivers and oceans, and evidence suggests that this can actually worsen, rather than reduce, the problem of plastic pollution. Plastic items labeled as biodegradable but only degrade into smaller pieces, such as microplastics, or into smaller units that are not biodegradable, are not an improvement over conventional plastic.
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Scope of Biodegradable Plastic Market Report
| Report Metric | Information |
| Study Period | 2021-2029 |
| Base Year | 2021 |
| Forecast Period | 2022-2029 |
| Market Share Unit | USD Billion |
| Segments Covered | Product , Application, and Regions |
| Regions Covered | North America, Europe, Asia-Pacific, South America and Middle-East and Africa |
| Major Players | Cargill Incorporated, Plantic Technologies Limited, PTT MCC Biochem Co., Ltd. Biome Technologies plc, Total Corbion PLA, Synbra Technology BV, BASF SE, Danimer Scientific, FKuR Kunststoff GmbH, Futerro, NatureWorks LLC, Novamont SpA, Eastman Chemical Company, Trineso |
Segmentation Analysis
The PLA segment is expected to be the fastest-growing segment in 2021.
The product segment is PLA, PHA, starch-based, PBAT, and PBS. The PLA segment is expected to witness the highest growth rate during the forecast period. The segment is expanding due to its increasing application in a variety of end-use industries, including consumer goods and packaging. The segment is expected to grow rapidly, with rising investments in PLA production in the United States and Europe. PLA is touted as an environmentally friendly material due to its bio-based composition. In comparison to other biodegradable polymers, it possesses some desirable mechanical properties and is relatively affordable. PLA's short time to decay without releasing toxic chemicals into the soil and water is driving up demand for it. PLA is used to make fibers and films for a variety of applications, as well as clear and opaque hard plastics for packaging, bottles, and long-lasting products.
The packaging segment is expected to be the fastest-growing segment in 2021.
The application segment includes packaging, agriculture, consumer goods, and others. The packaging segment is expected to witness the highest growth rate during the forecast period. Biodegradable plastics are increasingly being used in the packaging sector for the packaging of water and juice bottles, bakery goods, processed food, dry snacks & sweets, and meat trays as consumer tastes for environmentally friendly products evolve. As a result of severe legislation governing the use of plastic and plastic products, the need for biodegradable plastic is increasing in the packaging business. Biodegradable polymers are used in both rigid and flexible packaging. Flexible packaging uses around 500,000 tonnes of biodegradable polymers. Manufacturers in the packaging sector are investing more money in R&D projects in order to create more sustainable packaging solutions and reduce their carbon footprint.
Regional Analysis
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the LPG Tanker include US, Canada, Mexico, Germany, France, U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa and Saudi Arabia.
- The Europe region witnessed a major share. The expanding market for biodegradable plastics in a range of end-use industries, including packaging, agriculture, consumer products, and textiles, is driving the industry in this region. According to the European Commission, play an important role in the economy and have the potential to accelerate the transition to a circular economy. During the forecast period, the region's market is expected to expand due to increased initiatives, policy establishment, and the availability of subsidies for the use of biodegradable plastics in the building of a circular bioeconomy. Consumer desire for environmentally friendly products is driving the rising demand for biodegradable polymers in a range of end-use sectors in Europe.
Country Analysis
- Germany
Germany’s biodegradable plastics market size was valued at USD 0.43 billion in 2021 and is expected to reach USD 0.85 billion by 2029, at a CAGR of 9% from 2022 to 2029. Germany is considered a leader in various fields, including technological acceptance and creativity. Germany's market is predicted to be driven by the European Union's ban on single-use plastics and the general high awareness of plastic waste throughout the forecast period.
- China
China’s biodegradable plastics market size was valued at USD 0.38 billion in 2021 and is
expected to reach USD 0.74 billion by 2029, at a CAGR of 8.7% from 2022 to 2029. One of the biggest buyers of international LPG is China. The increase in measures by the top authorities to offer incentives, start-up subsidies, and distribution licenses to encourage increased consumption and usage of LPG fuels, particularly in the transportation sector, would speed up market expansion throughout the forecast period.
- India
India’s biodegradable plastics market size was valued at USD 0.31 billion in 2021 and is expected to reach USD 0.57 billion by 2029, at a CAGR of 8% from 2022 to 2029. The region's market is predicted to expand due to increased disposable income and living standards in China. Environmental policies promoted by governments, as well as the existence of informed customers with significant purchasing power, stimulate the usage of biodegradable products in the region. During the forecast period, factors such as technological innovation and significant investments in biodegradable plastics research and development are expected to create prospective opportunities.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of this market is mainly driven owing to governments omitting the use of single-use plastic.
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