Wilmington, Delaware, United States, March 23, 2023 (GLOBE NEWSWIRE) -- According to Transparency Market Research, “The global biodegradable plastics market size is anticipated to exceed USD 7.1 Bn by 2031. The global market is projected to grow at a CAGR of 6.5% between 2021 and 2031.”
Companies in the global biodegradable plastics market are environment conscious and are increasingly investing in R&D for the development of new products. Demand for plastics that are 100% biodegradable, compostable, and recyclable is increasing. As a result, producers are expected to increase the use of PHAs and polylactic acid in their products in order to accomplish this objective.
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Companies are anticipated to profit from government funding given for the development of bioplastics. In Germany and Japan, government spending on bioplastic development is benefiting market players. Manufacturers are likely to raise consumer knowledge about value-added materials made from recycled bioplastics. Innovative recycling techniques are accelerating the removal of plastic trash from landfills and oceans.
Advent of renewable resources, biomass, and bio-based raw materials, including vegetable crop byproducts and starch, is driving the global biodegradable plastics market. Increase in usage of biodegradable plastics in several applications, including packaging and retail items is anticipated to drive business opportunities in the global industry. Use of fossil fuels is anticipated to decline in the next few years. As a result, biodegradable plastics are estimated to become more popular. Manufacturers of polymers are putting more emphasis on bio-based raw ingredients, which is expected to work in favor of the global biodegradable plastics market.
Industry participants are making data-driven choices prior to making investments in new technologies. They are engaging in mergers and acquisitions (M&A) to survive the COVID-19 pandemic and work together on crucial initiatives in key industries, including agriculture, packaging, and consumer products. Manufacturers are working hard to manage their supply chains and after-sales support in order to build lasting relationships with their partners, clients, and consumers.
Key Findings of Market Report
- The food packaging industry has experienced an increase in demand for biodegradable plastics. Consumers are opting for sturdier food packaging solutions. Durability preferences in various product categories are pushing manufacturers to develop greener technology and marketing techniques in order to appeal to a wider audience. Thus, rise in consumer demand for environmentally friendly products along with robust packaging is likely to drive usage of biodegradable plastics.
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Global Biodegradable Plastics Market: Growth Drivers
- Development of innovative bioplastics and favorable government policies are expected to drive the global biodegradable plastics market. Consumers and businesses alike are taking notice of innovative bioplastic products such as rice starch-based bioplastic containers with excellent levels of mechanical strength and heat resistance. Makers of edible food wrappers produced from shellfish byproducts and corn are expanding their output in the biodegradable plastics industry. Lego kits are gaining attention for using bioplastics made from sugarcane. These innovations are anticipated to boost market development between 2021 and 2031.
- More consumers are choosing to lead healthier lifestyles. They have more knowledge about the advantages of a green environment. This factor is encouraging sales of organic, environment-friendly, and sustainable goods that could relieve stress on the ecosystem. As a result, customers are demanding more environment-friendly and sustainable packaging, which is expected to fuel growth of the global biodegradable plastics market.
- Governments all over the world are concentrating on effective plastic waste management due to the rise in use of single-use plastic items. Consequently, the volume of non-biodegradable garbage is rising. This garbage takes up a lot of space and is detrimental for the environment. As a result, governments all across the world are pushing for and using biodegradable plastics, which is estimated to drive industry growth.
Global Biodegradable Plastics Market: Regional Landscape
- Europe dominated the global biodegradable plastics market in 2021 with a substantial share. In addition to the European Union's prohibition on single-use plastics, high level of public awareness regarding plastic waste is predicted to drive the regional market between 2021 and 2031. Asia Pacific, on the other hand, is anticipated to display the fastest growth rate in the global market. The Asia Pacific market is expected to grow as disposable income rises and living standards improve in developing countries such as India and China.
Global Biodegradable Plastics Market: Key Players
- Mitsubishi Chemical Corporation
- Bioplastics International
- Toray Industries Inc.
- Biome Bioplastics Ltd.
- Novamont S.p.A.
- BASF SE
Key Points From OC:
1. Executive Summary
2. Market Overview
3. COVID-19 Impact Analysis
4. Biodegradable Plastics Market Production Outlook
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14. Competition Landscape
15. Primary Research: Key Insights
16. Appendix
TOC Continued……
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Global Biodegradable Plastics Market: Segmentation
Type
- Polylactic Acid (PLA)
- Polyhydroxyalkanoate (PHA)
- Polybutylene Succinate (PBS)
- Starch-based
- Others
Application
- Packaging
- Textiles
- Agriculture & Horticulture
- Consumer Goods
- Building & Construction
- Others
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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