Westford, US, Dec. 05, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the global biodegradable plastic market size will reach a value of USD 11.22 Billion by 2031, with a CAGR of 9.5% during the forecast period (2024-2031). One of the factors encouraging growth in the industry is the imposition of government bans on single-use plastic coupled with rising awareness among the public about bad effects from plastic waste. This market is anticipated to grow in line with the increased usage of biodegradable plastic in agriculture and for packaging purposes. Non-biodegradable plastic is a global problem. In this regard, governments all over the world are trying to tackle this issue by advocating the use of biodegradable plastic and banning single-use plastic.
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Biodegradable plastic market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 5.43 Billion |
| Estimated Value by 2031 | USD 11.22 Billion |
| Growth Rate | Poised to grow at a CAGR of 9.5% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Process, End Use, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Awareness of environmental issues grows globally |
| Key Market Opportunities | Development of bioplastics for non-packaging applications |
| Key Market Drivers | Expansion of the bioplastics industry |
Starch Blends to Hold Significant Growth due to Cost-Effectiveness and Abundant Renewable Raw Materials
Starch blends dominate the global biodegradable plastic market due to their cost-effectiveness and abundant renewable raw materials. To meet the rising demand for sustainable packaging, manufacturers are beginning to adopt starch blends, which will deliver performance like that of conventional plastics but in an environmentally friendly way. This has been encouraged by the policies introduced by the government, highlighting the promising global biodegradable plastic market outlook.
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Packaging to Lead Market due to Demand for Sustainable & Eco-Friendly Packaging Solution
The packaging sector leads the global biodegradable plastic market due to rising consumer demand for sustainable, eco-friendly packaging solutions. Increased awareness of plastic waste's environmental impact prompts manufacturers to adopt biodegradable plastics for packaging. The solid waste management acts regulating single-use plastics bans have complemented all the other attributes like consumer inclination towards ecologically sustainable packaging. This further promotes the growth for global biodegradable plastics share in this segment.
Europe to Dominate Market due to Stringent Environmental Regulations and Strong Government Incentives
Europe dominates the global biodegradable plastic market due to stringent environmental regulations and strong government incentives promoting sustainable practices. Interestingly, increasing consumer demand for greener alternatives along with the commitment of this region to eliminate plastic waste encourages the adoption of biodegradable plastics. According to the global biodegradable plastic market analysis, there is a solid network for waste management and recycling efforts within the European region.
Biodegradable plastic market Insight
Drivers:
- Bans on Single-Use Plastics.
- Rising Preference Among Consumers for Biodegradable Packaging.
- Stringent Laws Supporting Biodegradable.
Restraints:
- More Expensive to Produce Biodegradable Plastics.
- Lack of Proper Disposal and Composting Infrastructure.
- Biodegradable Plastics not Degrading Efficiently.
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Prominent Players in Biodegradable plastic market
- Cargill Incorporated (USA)
- PTT MCC Biochem Co., Ltd. (Thailand)
- Biome Technologies plc (UK)
- Plantic Technologies Limited (Australia)
- BASF SE (Germany)
- Total Corbion PLA (Netherlands)
- NatureWorks LLC (USA)
- Eastman Chemical Company (USA)
- Trinseo (USA)
- Danimer Scientific (USA)
- Novamont S.p.A. (Italy)
- FKuR Kunststoff GmbH (Germany)
- Mitsubishi Chemical Corporation (Japan)
- Cardia Bioplastics (Australia)
- TIPA Corporation Ltd. (Israel)
Key Questions Answered in Global Biodegradable plastic market Report
- What are the two major factors driving the expansion of biodegradable plastics?
- Why is the packaging sector leading the market?
- What is the key reason for Europe's dominance in the global biodegradable plastics industry?
This report provides the following insights:
Analysis of key drivers (Innovations in biodegradable plastic production technologies, use of renewable raw materials, advances in biodegradable plastic formulations), restraints (Limited recycling capabilities of biodegradable plastics, traditional plastics remain cheaper) opportunities (Expansion of biodegradable plastic products, biodegradable plastic materials with improved properties) influencing the growth of biodegradable plastic market.
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the biodegradable plastic market.
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the biodegradable plastic market.
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
Related Reports –
Recycled Plastic Market is growing at a CAGR of 4.9% in the forecast period (2024-2031).
Engineering Plastics Market is growing at a CAGR of 5.6% in the forecast period (2024-2031).
Biodegradable Packaging Market is growing at a CAGR of 6.7% in the forecast period (2024-2031).
Commodity Plastics Market is growing at a CAGR of 6.3% in the forecast period (2024-2031).
Medical Plastics Market is growing at a CAGR of 7.8% in the forecast period (2024-2031).
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