Biodegradable Plastic Market estimated to surpass USD 14.68 Billion by 2030, growing at a CAGR of 15.3% during the forecast period of 2023-2030 - claims MarketDigits in its current study.

Richmond, Nov. 27, 2023 (GLOBE NEWSWIRE) -- According to a research report "Biodegradable Plastic Market”, by Type (Polylactic Acid [PLA], Polybutylene Succinate [PBS], Starch Blends, Polybutylene Adipate Terephthalate [PBAT], Polyhydroxyalkanoates [PHA], Others), End-Use Industry (Packaging, Textile, Consumer Goods, Agriculture, Others), and Region.

Global Biodegradable Plastic Market Report Scope:

Download the Sample - https://www.marketdigits.com/request/sample/3639

TOC Covers in Depth & Breath on Biodegradable Plastic Market
175 - Market Data Tables
70 - List of Figures
230 – Pages

The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.

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.

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

Request for Discount @ https://www.marketdigits.com/request/discount/3639

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.

To directly buy this report @ https://www.marketdigits.com/checkout/3639?lic=s

Browse Adjacent Reports:

Bio-plastics Market 2030 By Type, Distribution Channel, End-user and Region - Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional Footprints by MarketDigits

Conductive Plastics Market 2030 By Polymer Matrix (Polyethylene, Polypropylene, Polyurethane, Polyvinyl Chloride, Others), Concentration (Low Carbon Black Content, High Carbon Black Content), Application & Region - Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional Footprints by MarketDigits

Returnable Plastic Crates Market 2030 By Type, Distribution Channel, End-user and Region - Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional Footprints by MarketDigits

About MarketDigits:

MarketDigits is one of the leading business research and consulting companies that helps clients to tap new and emerging opportunities and revenue areas, thereby assisting them in operational and strategic decision-making. We at MarketDigits believe that a market is a small place and an interface between the supplier and the consumer, thus our focus remains mainly on business research that includes the entire value chain and not only the markets.

We offer services that are most relevant and beneficial to the users, which help businesses to sustain themselves in this competitive market. Our detailed and in-depth analysis of the markets catering to strategic, tactical, and operational data analysis & reporting needs of various industries utilize advanced technology so that our clients get better insights into the markets and identify lucrative opportunities and areas of incremental revenues.

Contact Us:
MarketDigits
1248 CarMia Way Richmond,
VA 23235,
United States.
USA: +1 847 450 0808
Email: sales@marketdigits.com
Web: https://www.marketdigits.com
Follow Us on: | Twitter | LinkedIn