Jersey City, NJ, March 28, 2023 (GLOBE NEWSWIRE) -- The Global Biodegradable Plastics Market is estimated to reach over USD 31.53 billion by 2031, exhibiting a CAGR of 18.25% during the forecast period 2023-2031.
Environmental microbes can break down biodegradable polymers in a particular media and under the circumstances. They have several cutting-edge uses in the food and agriculture industries and are readily disposed of using waste management procedures. Therefore, biodegradable plastic is the best environmentally friendly alternative to traditional synthetic polymers. One of the main trends propelling market expansion is governments banning single-use plastic and increasing public awareness of plastic waste's negative consequences.
Additionally, the growing usage of biodegradable plastics in packaging and agriculture is projected to support the segment's growth. Plastics that don't break down are a global problem. Governments worldwide encourage biodegradable plastics and outlaw single-use plastics to combat this issue. Due to its eco-friendliness, people are willing to pay more for biodegradable plastics. Collectively, the elements above are giving the market a boost.
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Furthermore, because they need a particular environment in terms of humidity and temperature, only some biodegradable plastics rapidly break down in the natural environment. Some biopolymers generate greenhouse gases as they break down, which is harmful to the environment. These elements will serve as roadblocks in the market's ascent. Furthermore, because they need a particular environment in terms of temperature and moisture, only some biodegradable plastics rapidly break down in the natural environment. Some biopolymers release greenhouse gases as they break down, which is harmful to the environment. These elements will serve as roadblocks in the market's ascent.
Recent Developments:
- In April 2021-new strategic alliance with Nature Works was launched by IMA Coffee, a world leader in the handling, processing, and packaging coffee. This partnership aims to increase the market for high-performance biodegradable K-cups in North America.
- In February 2020-A joint venture between BASF and the Fabric Group (Italy) was established to provide a sustainable cling film alternative for fresh food packaging. Fresh fruits, vegetables, meat, and seafood will all be wrapped in the film. It will be created by the Fabric company utilizing Ecevit bioplastic from BASF, raising the need for biodegradable plastics in packaging applications.
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List of Prominent Players in the Biodegradable plastics Market:
- ABMcomposite
- Agrana
- Akro-Plastic
- ALPLA Werke Alwin Lehner GmbH & Co KG
- Amcor limited
- Anellotech, Inc.
- AVA Biochem
- Avani Eco
- BASF (Germany)
- Biobent Polymers
- Biome Bioplastics (UK)
- Biome Technologies
- Bio-On
- BIOplastics
- Biosphere Plastic LLP
- Braskem
- Carbiolice
- Cardia Bioplastics
- Danimer Scientific
- Eastman Chemical Company
- Eranova
- Fkur Kunstsoff (Germany)
- FlexSea
- Floreon Transforming
- Futerro
- Genecis Bioindustries
- Green Dot Bioplastics
- Ingevity
- Kruger Inc.
- Mitsubishi Chemical Holding Corporation (Japan)
- Mondi Group
- NatureWorks (US)
- NEC Corporation
- Newlight Technologies
- Novamont (Italy)
- Polymateria
- Plantic Technologies (Australia)
- Plastic Suppliers Inc.
- PTT MCC Biochem
- Sphere
- Succinity
- Synbra Technology
- TECNARO GmbH
- TerraVerdae Bioworks Inc
- Tianan Biologic Materials
- Toray Industries (Japan)
- Total Corbion (Netherlands)
- Venvirotech
- Yield10 Bioscience, Inc.
- Zhejiang Hisun Biomaterials
Biodegradable Plastics Market Report Scope:
| Report Attribute | Specifications |
| Market size value in 2022 | USD 7.08 Bn |
| Revenue forecast in 2031 | USD 31.53 Bn |
| Growth rate CAGR | CAGR of 18.2 % from 2023 to 2031 |
| Quantitative units | Representation of revenue in US$ Billion, Volume (KT) and CAGR from 2023 to 2031 |
| Historic Year | 2019 to 2022 |
| Forecast Year | 2023-2031 |
| Report coverage | The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
| Segments covered | Types, End-Users |
| Regional scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
Market Dynamics:
Drivers-
The healthcare sector is anticipated to have a growth in industry adoption. These are employed in various applications, including synthetic biology, dentistry, medication delivery systems, orthopedic devices, and wound care. Because it is biocompatible and dissolves naturally in the body, PLA is frequently employed in medicinal applications. But when e-commerce grew throughout the epidemic, there was a rise in the need for packaging-related goods. During the forecast period, the market for biodegradable plastics is anticipated to grow, propelled by elements including supporting governmental laws, advantageous environmental policies, and rising environmental concerns.
Challenges:
Market expansion is anticipated to be restricted by degradable plastics' high cost. The increased production costs of biodegradable plastics would be much higher than those of fossil fuels, and it has a detrimental impact on demand. The development of feedstock price trends significantly impacts how much biodegradable polymers cost to produce.
Regional Trends:
The North American region market is projected to register a tremendous market share. Due to the increased demand for microbial packaging in the food and consumer products industries, the U.S. market is anticipated to grow significantly over the projected period. Compared to traditional plastics, bio bags and bio-based plastics have a higher tensile strength, are more environmentally friendly, and are easier to use. As a result, it is anticipated that during the projection period, demand for biodegradable plastics will increase. Besides, Asia Pacific had a substantial share of the market.
Market participants have built new manufacturing facilities to meet the area's growing demand for biodegradable plastic. Consumers are gravitating more and more toward buying sustainable goods. The uptake of biodegradable products in the area is boosted by a notable rise in customers' environmental awareness, favorable environmental protection laws, and informed customers with a considerable money supply. During the forecast period, factors such as technological advancement and sizable investments in the research & development of biodegradable plastics are anticipated to provide growth possibilities.
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Segmentation of Biodegradable plastics Market-
Based on the type:
- Polylactic acid (PLA)
- Starch Blends
- Polyhydroxyalkanoates (PHA)
- Biodegradable Polyesters
- Polycaprolactone (PCL)
- Polybutylene adipate terephthalate (PBAT)
- Polybutylene succinate (PBS)
- Other Types
- Regenerative Cellulose
- Cellulose Derivative
Based on the end-use industry:
- Packaging
- Rigid Packaging
- Flexible Packaging
- Consumer Goods
- Electrical Appliances
- Domestic Appliances
- Others
- Textiles
- Medical & Healthcare Textile
- Personal care, clothes and other textiles
- Agriculture & Horticulture
- Tapes & Mulch Films
- Others
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of Middle East and Africa
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