New York, Dec. 15, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Biodegradable Plastic Market Size, Industry Trends and Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (PHA, PLA, Starch Blends, PBS, PBAT, and Others), End User (Packaging & Bags, Agriculture & Horticulture, Consumer Goods, and Others),” the biodegradable plastic market is expected to grow from USD 5.11 billion in 2022 to USD 11.56 billion by 2028; it is estimated to grow at a CAGR of 14.5% from 2022 to 2028
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Global Biodegradable Plastic Market Report Scope, Segmentations, Regional & Country Scope:
| Market Size Value in | USD 5.11 Billion in 2022 |
| Market Size Value by | USD 11.56 Billion by 2028 |
| Growth rate | CAGR of 14.5% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
| No. of Pages | 167 |
| Historical data available | Yes |
| Segments covered | Type, End User |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Key Research Capabilities | Global Market Assessment, Business Development Strategies, Competitive Landscape, Opportunity Analysis, Regional and Country Level Market Analysis, Market Entry Strategies, Market Dynamics, Risk and Return Assessments, Pricing Analysis, Market Size and Forecasting, Company Profiling, Value Chain Analysis, Expansion Strategies, SWOT Analysis, New Product Development |
| Global Biodegradable Plastic Market Forecast to 2028 - Latest COVID-19 Analysis | https://www.theinsightpartners.com/covid-analysis-sample/TIPRE00003197/ |
Global Biodegradable Plastic Market: Competitive Landscape
A few players operating in the global biodegradable plastic market include API SpA; BASF SE; FKuR Kunststoff GmbH; Green Dot Bioplastics; Novamont S.p.A.; Kingfa Sci. & Tech. Co., Ltd.; GuangDong Huazhilu Biological Material Co., Ltd.; Mitsubishi Chemical Corporation; Plantic Technologies Limited; and Total Corbion PLA. Market players are focusing on providing high-quality products to fulfill customer demand. They are also focusing on strategies such as investments in research and development activities and new product launches.
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Increasing Awareness among Customers about Adverse Effects of Conventional Plastics:
Customers in developed and developing countries have become more aware of the adverse effects of conventional plastics on their lifestyles and the environment. As a result, the demand for environmentally friendly products among such consumers increased, which lowered the use of crude oil and natural gas, thereby reducing carbon footprints. Biodegradable plastics are synthesized using renewable resources and fossil raw materials, such as cellulose ester, PLA, PHA, starch derivatives, and copolyesters (PBS, PBAT, etc.). Biodegradable plastics are an alternative to nearly all conventional plastics used in a diverse range of applications. These plastics offer innovative solutions with enhanced properties, along with a distinctive ability to reduce emissions as well as provide the same qualities and functionalities as that conventional plastics. These factors led to the biodegradable plastic market growth.
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Biodegradable Plastic Market: Segmental Overview
Based on type, the biodegradable plastic market is segmented into PLA, PHA, starch blends, PBS, PBAT, and others. The starch blends segment held the largest share of the market in 2021. Cellulose is widely used as compared to other polymers due to its biodegradation by many microorganisms and a surge in demand in the application of textiles. All these factors led to the dominance of the starch blends segment in 2021.
Based on end user, the biodegradable plastic market is segmented into packaging & bags, agriculture & horticulture, consumer goods, and others. The packaging & bags segment held the largest market share in 2021. Biodegradable plastics have found a profound place in the packaging & bags sector, considering the rising demand for biodegradable plastic from the packaging sector due to its properties, such as being stronger and more convenient to use than traditional plastics. The rigid packaging of cosmetic goods and beverage bottles is increasing the demand for biodegradable plastics. Materials, including bio-PE, PLA, or bio-PET, are commonly used in rigid biodegradable plastic packaging. The adoption of PLA, a potentially recyclable material, is gaining an upsurge in the biodegradable plastic rigid packaging market.
The biodegradable plastic market in Europe is segmented into Germany, France, the UK, Italy, Russia, and the rest of Europe. In 2021, Europe held the largest share of the global biodegradable plastic market. Europe is considered to be a well-established and mature market for biodegradable plastics. Europe is a hub for the bioplastics industry; it ranks highest in the field of research and development and is the industry’s largest market worldwide. Governments of various countries in the region are focused more on reducing plastic pollution and aim to promote sustainable alternatives for a greener future. For instance, in 2018, the European Commission adopted the ‘European Strategy for Plastics’ to eradicate plastic pollution and transform the method of production and consumption of plastics in the European Union. These factors led to the biodegradable plastic market growth in Europe.
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Global Biodegradable Plastic Market - Key Developments
- In 2020, Toraphene, a UK-based biotech company, launched a biodegradable, compostable, and commercially viable alternative to plastic packaging, which contains graphene.
- In 2021, in collaboration with Kolon Industries, SK Geo Centric (SKGC), a subsidiary of SK Innovation, launched PBAT, an eco-friendly biodegradable plastic material.
- In 2021, Danimer Scientific, a bioplastics company, introduced its new biodegradable plastic manufacturing facility in Georgia, US. The company will construct a new 2 million square feet facility for the production of polyhydroxyalkanoate, a biodegradable plastic.
Browse Adjoining Reports:
Bio Based Resins Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Biodegradable Starch Blends, Polylactic Acid (PLA), Bio-polyethylene Terephthalate (Bio-PET), Polyhydroxyalkanoate (PHA), Bio-polyethylene (Bio-PE), Others); Application (Packaging, Automotive, Construction, Others) and Geography
Recycled Plastics Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Polyethylene Terephthalate, Polyvinyl Chloride, Polyethylene, Polystyrene, and Others), Source (Plastic Bottles, Plastic Films, Plastic Foams, Plastic Fibers, and Others), and Application (Packaging, Textile, Automotive, Building and Construction, Electrical and Electronics, and Others)
Plastic Films and Sheets Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Type (LLDPE, LDPE, HDPE, BOPP, CPP, Others); Application (Packaging, Non-packaging) and Geography
Plastic Pallets Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type (Nestable, Stackable, Rackable, Drum Pallets, Others); Raw Material (HDPE, PP) and Geography
Antimicrobial Plastic Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Commodity Plastics, Engineering Plastics, High Performance Plastics, Others); Application (Packaging, Automotive, Consumer Goods, Medical and Healthcare, Building and Construction, Others) and Geography
Plastic Processing Machinery Market Forecast to 2028 - Covid-19 Impact and Global Analysis - by Product Type (Injection Molding Machine, Blow Molding Machine, Compression Molding Machine, Extrusion Molding Machine, Others); Industry Vertical (Automotive, Construction, Packaging, Consumer Goods, Others) and Geography
Bioplastics Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Biodegradable and Non-Biodegradable) and Application (Packaging, Agriculture, Consumer Goods, Automotive & Transportation, Textiles, Building & Construction, and Others)
Biopolymers Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Type [Bio-Polyethylene (Bio-PE), Polylactic Acid (PLA), Bio-based Polyethylene Terephthalate (PET), Bio-Polyesters, and Others], Application (Packaging, Medical Implants, Automotive, Seed Coating, and Others), and Geography
Biodegradable Mulch Film Market Forecast to 2028 - Covid-19 Impact and Global Analysis - by Biodegradable Plastics (Thermoplastic Starch (TPS), Aliphatic-Aromatic Copolyesters (AAC), Controlled Degradation Masterbatches); Composition (Starch, Starch Blended With Polylactic Acid (PLA), Starch Blended With Polyhydroxyalkanoate (PHA), Others); Type of Crop (Onion, Strawberry Crops, Flowers and Plants, Tomato, Others)
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