Latest Report - Biodegradable Plastics Market to Grow $22.12 Bn, at 14.2% CAGR by 2030, Reports Insights

United States, New York, Jan. 26, 2023 (GLOBE NEWSWIRE) -- As per the research report Biodegradable Plastics Market published by Reports Insights, the market was worth USD 7.65 Billion in 2022 and is projected to exceed USD 22.12 Billion by the year 2030, growing at a CAGR of 14.2%.

Recent Developments

• ·In May 2021, a leading performance bioplastics business, TerraVerdae Bioworks, announced the global introduction of the latest range of PHA-based resins made according to customer evaluations. This launch is not only focused on biodegradation of resins, but also attain the high performance properties for customers’ use. These new resin formulations will be available in three versions: injection moulding, blown/cast films, and thermoforming.
• ·In March 2022, ABB technology is set to automate NatureWorks’ latest bioplastics plant located in Thailand. This initiative is expected to help the business meet the rising global market demand in terms of sustainable materials.
• In October 2022, the Germany-based firm named the international Röchling Group introduced two new sustainable product relatives named Röchling-BioBoom® and Röchling-ReLoop®. These concepts are expected to strengthen the sustainability activities for recycled materials and bioplastics..

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Biodegradable plastics also referred to as bioplastics, are designed to break down, decompose, and return to nature in a relatively short period through the action of naturally occurring microorganisms such as bacteria, fungi, and algae. These plastics are made from natural materials such as starch, cellulose, and biopolymers. They are intended to be an environment-friendly alternative to traditional plastics, which can take hundreds of years to break down in the environment. Thus, biodegradable plastics are used in a variety of products, including packaging materials, disposable cutlery, straws, shopping bags, and food containers. They are also used in agriculture and horticulture as mulch films and in non-food applications such as disposable razors and toothbrushes.

Further, one of the main drivers for the growth of the biodegradable plastics market is the increasing demand for eco-friendly and sustainable packaging solutions. Biodegradable plastics are increasingly being used in packaging materials, such as bags, films, and containers, as a way to reduce plastic waste. Governments and municipalities around the world are also implementing policies and regulations to encourage the use of biodegradable plastics and reduce the use of traditional plastics. Moreover, bioplastics are also widely being adopted among manufacturers as they can be made from low-cost feedstocks than traditional plastics, resulting in low production costs. Additionally, bioplastics can be composted, reducing the need for expensive disposal methods. Those saved expenditures could further be used in new opportunities by manufacturers to innovate and develop new products and applications, such as bioplastics for 3D printing or in electronic devices.

Major Biodegradable Plastics Market Research Coverage:- 

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Key Market Highlights

• The global biodegradable plastics market size is estimated to reach over USD 22.12 billion by 2030 and grow at a CAGR of 14.2% during the forecast period (2022-2030).
• Globally, biodegradable plastics are divided based on the type into starch blends, polyhydroxyalkanoates [PHA], polybutylene succinate [PBS], polybutylene adipate terephthalate [PBAT], polylactic acid [PLA], and others.
• In the context of the degradation method, the market is separated into oxo-biodegradable, hydro-biodegradable, and photo-biodegradable.
• The market is also categorized as per the application: disposable Items (cutlery, food service containers, and others), packaging (flexible packaging and rigid packaging), FMCG (bags, bottles, disposable bags, cups, and bins) agricultural & horticultural, and others.
• Based on the end user, the market share is segmented into four groups: the packaging industry, the textile industry, the agriculture industry, and others.
• The market is geographically segregated into five regions: North America, the Asia-Pacific, South America, Europe, and the Middle East and Africa.
• Europe and North America are expected to support industry growth during the forecast period in terms of large expenditures on bioplastic innovations to promote environmental sustainability.

Biodegradable Plastics Market Segmentation Details:

Based on type, the starch blend segment is expected to contribute the largest share to the biodegradable plastics market statistics. The bioplastics made of this blend offer improved physical properties as compared to others in terms of heat tolerance and tensile strength. Additionally, the starch blend bioplastics are widely used as composite materials which can be injection molded or extruded through standard processing machinery.

Based on the degradation method, the oxo-biodegradable segment is anticipated to account for the largest market share in terms of volume. This method is largely adopted by major waste management services when it comes to bioplastics. Waste bioplastics are exposed to extreme heat or ultraviolet light (UV) which helps in breaking the polymer chains of plastic. The resultant compound is easily degraded by microorganisms. Thus, manufacturers highly prefer this degradation method for waste management of such bio-plastics.

Based on application, the packaging segment is anticipated to support the market growth in terms of the largest market share. The bioplastic materials such as bio polyethylene (bio-PE), polylactic acid (PLA), or bio polyethylene terephthalate (bio-PET) are widely used for food packaging, beverage bottles, cosmetic packaging, and many more. These types of packaging are highly preferred over conventional plastic for packaging due to the non-availability of a toxic compound named bisphenol A (BPA). Such toxic chemical compounds pose risks to human health when blended with packaged food products. Thus, BPA-free packaging is offered by packaging made of bioplastics, which act as favorable

Based on end use, the packaging segment is again anticipated to contribute significant shares to the market growth in terms of volume. Bioplastic-based packaging is primarily used in food & beverage packaging in terms of trays, cups, and lids along with medical, industrial, agricultural, and other as product packaging. Large volumes of plastic waste are generated due to such packaging with unguaranteed waste management. Thus, major businesses have started to shift towards such bioplastics as packaging material to improve the overall brand image in terms of environmental sustainability.

Based on region, Europe is expected to offer lucrative opportunities for market growth in terms of revenue. The strict regulations by the government in terms of using conventional plastics are the major reason for the increased demand for bioplastics as disposables and packaging in several applications. Further, the awareness among the European population in terms of environmental impacts caused by plastics and growing disposable income among consumers result in favorable demand for such bioplastics as an alternative to conventional ones.

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List of Major Biodegradable Plastics Market Players

Further, the research report analyzes several market dynamics to sketch out detailed drivers, restraints, and opportunities of the market along with an in-depth regional analysis. Such examination helps in generating growth insights across multiple product applications, technologies, innovative launches, and business strategies for understanding the latest market trends or circumstances. Mentioned are the major market players currently operating in the market—

• Tetra Pak International SA
• Plastic Suppliers Inc.
• Bioplastics International
• Kruger Inc.
• Amcor Limited Mondi PLC
• BASF SE
• Total Corbion
• Mitsubishi Chemical Corporation
• Biome Bioplastics Ltd.
• Plantic Technologies
• Toray Industries Inc.
• Novamont S.p.A

Global Biodegradable Plastics Market Segmentation: 

By Type

• Polylactic Acid [PLA]
• Polybutylene Succinate [PBS]
• Starch Blends
• Polybutylene Adipate Terephthalate[PBAT]
• Polyhydroxyalkanoates [PHA]
• Others

By Degradation Method

• Oxo-Biodegradable
• Hydro-Biodegradable
• Photo-Biodegradable

By Application

• Disposable Items
  • Cutlery
  • Food Service Container
  • Others
• Packaging
  • Flexible Packaging
  • Rigid Packaging
• FMCG
  • Bags
  • Bottles
  • Disposable Bags
  • Cups And Bins
• Agricultural & Horticultural
• Others

By End Use

• Packaging
• Textile
• Consumer Goods
• Agriculture  
• Others

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