Biodegradable Plastics Market Size Growing at 13.1% CAGR Set to Reach USD 12.915 Billion By 2030

BEIJING, Feb. 22, 2023 (GLOBE NEWSWIRE) -- The Global Biodegradable Plastics Market Size accounted for USD 4,345 Million in 2021 and is estimated to achieve a market size of USD 12,915 Million by 2030 growing at a CAGR of 13.1% from 2022 to 2030.

Biodegradable Plastics Market Research Report Highlights and Statistics:

• The Global Biodegradable Plastics Market Size in 2021 stood at USD 4.345 Billion and is set to reach USD 12.915 Billion by 2030, growing at a CAGR of 13.1%
• The Biodegradable Plastics Market is poised for significant growth in the coming years, driven by the increasing demand for eco-friendly alternatives and ongoing advancements in the field.
• The Biodegradable Plastics Market faces challenges such as lack of awareness, high cost compared to traditional plastics, and inconsistent regulations across regions.
• Major players in the biodegradable plastics market include BASF SE, Novamont S.p.A., NatureWorks LLC, Total Corbion PLA, Biome Bioplastics, and FKuR Kunststoff GmbH, among others.
• The growth of the biodegradable plastics market is driven by increasing concerns over plastic waste and environmental pollution.
  

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Biodegradable Plastics Market Report Coverage:

Biodegradable Plastics Market Overview:

The biodegradable plastics market includes a range of sustainable materials that have the ability to naturally decompose into organic matter, reducing the environmental impact of traditional petroleum-based plastics. The market is driven by the increasing demand for eco-friendly alternatives to traditional plastics and stringent regulations aimed at reducing plastic waste. Biodegradable plastics find diverse applications in various industries such as packaging, agriculture, consumer goods, and textiles.

In packaging, biodegradable plastics are used for food and beverage packaging, agricultural film, and shopping bags, among others. In agriculture, biodegradable plastics are used for mulch films, plant pots, and seed trays. Consumer goods made from biodegradable plastics include cutlery, straws, and water bottles. Additionally, biodegradable plastics are also used in textiles to produce fabrics that have a reduced environmental impact.

The biodegradable plastics market has been expanding rapidly due to the growing demand for sustainable solutions and increasing awareness of the negative impact of traditional plastics on the environment. Technological advancements in the field of biodegradable plastics are further fueling market growth, as new materials and applications are constantly being developed. However, despite the many benefits of biodegradable plastics, the market faces several challenges, such as a lack of proper disposal and recycling infrastructure, high costs compared to traditional plastics, and inconsistent regulations across regions.

Trends in the Biodegradable Plastics Market:

• Growing demand for eco-friendly alternatives: Consumers are demanding more sustainable alternatives to traditional petroleum-based plastics, fueling growth in the biodegradable plastics market.
• Growing demand for sustainable packaging solutions: The increasing demand for eco-friendly packaging solutions is a key trend driving growth in the biodegradable plastics market.
• Rise of biodegradable polyesters: Biodegradable polyesters, such as polylactic acid (PLA) and polyhydroxyalkanoates (PHA), are growing in popularity due to their biodegradability and performance similar to traditional petroleum-based plastics.
• Increase in use of biodegradable plastics in agriculture: Biodegradable plastics are increasingly being used in agriculture for mulch films, plant pots, and seed trays, among other applications.
• Growing awareness of the negative impact of traditional plastics: The growing awareness of the negative impact of traditional plastics on the environment is driving demand for biodegradable plastics.
• Increasing use of biodegradable plastics in food and beverage packaging: Biodegradable plastics are being used for food and beverage packaging, as consumers demand more sustainable options.

Biodegradable Plastics Market Dynamics:

• Favorable government policies and regulations: Government policies and regulations aimed at reducing plastic waste are contributing to the growth of the biodegradable plastics market.
• Growing investment in R&D for biodegradable plastics: Companies are investing in research and development for biodegradable plastics to enhance their offerings and stay ahead of the competition.
• Growing use of biodegradable plastics in consumer goods: Biodegradable plastics are being used to produce consumer goods such as cutlery, straws, and water bottles, as consumers demand more sustainable alternatives.
• Rising awareness of the impact of traditional plastics on the environment: The growing awareness of the negative impact of traditional plastics on the environment is driving demand for biodegradable plastics.
• Growing demand for biodegradable plastics in the healthcare sector: Biodegradable plastics are increasingly being used in the healthcare sector, particularly for medical devices and packaging.
• Growing investment in R&D for biodegradable plastics: Companies are investing in research and development for biodegradable plastics to enhance their offerings and stay ahead of the competition.

Growth Hampering Factors in the market for Biodegradable Plastics:

• Limited availability of biodegradable plastics: There may be limited availability of biodegradable plastics, particularly in certain regions, which could hinder their adoption.
• Insufficient infrastructure for biodegradable plastic disposal: There may be insufficient infrastructure for the disposal of biodegradable plastics, which could limit their growth.
• Limited biodegradable plastic processing capacity: There may be limited processing capacity for biodegradable plastics, particularly in certain regions, which could restrict their growth.
• Concerns over biodegradable plastic performance: Some consumers may have concerns over the performance of biodegradable plastics, particularly in certain applications, which could limit their adoption.
• Lack of standardization for biodegradable plastics: There may be a lack of standardization for biodegradable plastics, which could limit their growth.
• Resistance from the traditional plastics industry: The traditional plastics industry may resist the growth of the biodegradable plastics market, as they may see it as a threat to their business.
• Low recycling rates for biodegradable plastics: Biodegradable plastics may have low recycling rates, which could limit their growth, as consumers demand more sustainable alternatives.
• Competition from other sustainable alternatives: Biodegradable plastics may face competition from other sustainable alternatives, such as reusable or recyclable plastics, which could hinder their growth.
• Uncertainty over the biodegradability of some biodegradable plastics: There may be uncertainty over the biodegradability of certain biodegradable plastics, particularly those made from synthetic materials, which could limit their growth.
  

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Market Segmentation:

By Type

• PBS
• Starch Based
• PLA
• PBAT
• PHA
• Others

By End User Industry

• Packaging
• Agriculture
• Consumer Goods
• Others

Biodegradable Plastics Market Overview by Region

European Biodegradable Plastics Market share is the highest globally and is driven by the presence of a large number of companies involved in the production of biodegradable plastics, including Bio-On and FKuR. The European Union has implemented several policies aimed at reducing plastic waste and promoting the use of biodegradable plastics, which is fueling growth in the market. In addition, consumers in Europe are becoming more environmentally conscious, which is driving demand for biodegradable plastics.

The Asia-Pacific region’s Biodegradable Plastics market share is rapidly growing driven by factors such as the increasing demand for sustainable alternatives to traditional plastics and the growing awareness of the impact of plastic waste on the environment. China is a major market for biodegradable plastics in the Asia-Pacific region, driven by the increasing use of biodegradable plastics in sectors such as agriculture, consumer goods, and packaging.

North America’s is another key market for Biodegradable Plastics, driven by the presence of a large number of companies that are involved in the production and sales of biodegradable plastics. The region is also home to several leading manufacturers of biodegradable plastics, including Novamont and BASF. The growth of the biodegradable plastics market in North America is driven by factors such as the increasing demand for sustainable alternatives to traditional petroleum-based plastics and favorable government policies.

The South American and MEA regions have a smaller Biodegradable Plastics market share, driven by factors such as the increasing demand for sustainable alternatives to traditional plastics and the growing awareness of the impact of plastic waste on the environment. The region includes several countries that are experiencing rapid economic growth, such as Brazil, South Africa, etc. which are becoming major markets for biodegradable plastics.

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Biodegradable Plastics Market Key Players

The global biodegradable plastics market is highly competitive, with a large number of companies operating in the industry. Some of the key players in the market include Novamont, BASF, Bio-On, FKuR, NatureWorks, Toray Industries, Synbra Technology, Cardia Bioplastics, BioBag International, BioSphere Plastic, Plantic Technologies, Total Corbion PLA, Mitsubishi Chemical Corporation, Biome Bioplastics, Envirodiverse Solutions, Bio-Flex, Econic Technologies, Danimer Scientific, and Eco-Plastics. These companies are involved in the production and sales of a wide range of biodegradable plastics, including bio-based, compostable, and degradable plastics.

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