New York, March 09, 2023 (GLOBE NEWSWIRE) -- According to The Insight Partners, “Biodegradable Plastics Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, End User, and Geography," the biodegradable plastics market size is expected to grow from US$ 7.33 Billion in 2022 to US$ 20.84 Billion by 2028; it is estimated to record a CAGR of 19.0% from 2022 to 2028. The projected growth of the market is attributed to the growing awareness among customers about the adverse effects of conventional plastics and initiatives taken by the government.
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Global Biodegradable Plastics Market – Report Scope:
| Market Size Value in | USD 7.33 Billion in 2022 |
| Market Size Value by | USD 20.84 Billion by 2028 |
| Growth rate | CAGR of 19.0% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
| No. of Pages | 188 |
| No. of Tables | 56 |
| No. of Charts & Figures | 73 |
| Historical data available | Yes |
| Segments covered | Type and End User |
Biodegradable Plastics Market: Competition Landscape
API SpA.; BASF S.E.; FKuR Kunststoff GmbH; Green Dot Bioplastics; Novamont S.p.A.; Kingfa Sci. & Tech. Co., Ltd.; NatureWorks LLC.; Mitsubishi Chemical Corporation; Plantic Technologies Limited; and Total Corbion PLA are a few key players operating in the global biodegradable plastics market. Market players focus on providing high-quality products to fulfill customer demand. They also focus on strategies such as research and development investments, new product launches, and production capacity expansion.
Key Developments
- In 2021, Danimer Scientific acquired Novomer, a biodegradable polymer producer. This acquisition supported the production of PHA-based resins and other biodegradable materials.
- In 2021, Novamont acquired BioBag Group, a leading Norway-based waste collection and packaging bag supplier. The acquisition allowed Novamont to expand further, strengthening its business in various other regions.
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In 2022, Europe held the largest share of the global biodegradable plastics market. The Europe biodegradable plastics market is segmented into Germany, France, Italy, the UK, Russia, and the rest of Europe. The rising adoption of biodegradable plastics owing to their eco-friendly nature drives the market in the region. Biodegradable plastics have the potential to reduce carbon dioxide emissions by 30–70%, as compared to conventional synthetic plastic. On the other hand, it does not adversely affect the environment, as the material has no toxicity and degrades quickly. Consumers prefer bioplastic packaging over synthetic plastic packaging since it can be decomposed with food. Benefits such as high biodegradation, zero toxicity, environmentally friendly , and direct substitute to conventional plastic bolster the use of biodegradable plastic, which boosts the Europe biodegradable plastics market growth.
Packaging is one of the fastest-growing industries. Most of the packaging is done with the help of conventional plastics. However, the increasing use of plastics severely threatens the environment. Manufacturers and consumers have shifted their preference toward recyclable and eco-friendly materials with the advent of digital media. Also, the US FDA imposes stringent regulations on recycling plastic materials used for food contact. All these factors are expected to offer opportunities for the biodegradable plastics market in the coming years. Furthermore, the surge in demand for environment-friendly food packaging is shifting the focus of crucial plastic manufacturers and packaging companies to biodegradable plastics. This factor is also bolstering the market growth.
Based on type, the global biodegradable plastics market is segmented into PLA, PHA, starch blends, PBS, PBAT, and others. The starch blends segment is expected to account for the largest market share during the forecast period. The starch blend polymers are biodegradable polymeric materials composed of cellulosic-based biomaterials that enzymes and microorganisms can degrade. The combination of starch and polyolefin gives a single material carrying the biodegradation properties of starch with the thermal, mechanical, and barrier properties of polyolefin. Common starches used are rice starch, sago, and tapioca starch, and polypropylene and polyolefin are also used. Cellulose has received increasing attention compared to other polymers owing to its consumption by many microorganisms and increasing demand in the application of textiles. Starch is a naturally occurring polymer found in plants such as corn, rice, and potatoes as water-insoluble granules. Starch has been receiving growing attention as raw material for the production of films due to the lack of availability of conventional film-forming resins. The low permeability of starch films has favored its application in food packaging. In the granular state, starch blends are used as a component in synthetic polymer blends and as a filling agent for polyolefin. The starches can be modified using grafting with vinyl monomers such as methyl acrylate.
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Based on end user, the biodegradable plastics market is segmented into packaging and bags, agriculture & horticulture, consumer goods, and others. The packaging and bags segment is expected to account for the largest market share during the forecast period. In the packaging & bags sector, the demand for biodegradable plastic is increasing owing to its properties such as high strength and convenience compared to conventional plastics. Manufacturers of cosmetic goods and beverage bottles execute rigid packaging. Materials, including bio-PE, PLA, or bio-PET, are commonly used in rigid biodegradable plastic packaging. As a potentially recyclable material, the adoption of PLA is surging for rigid packaging. Flexible packaging solutions, including trays and films, are most suitable for packaging fresh fruits and vegetables as they allow an extended shelf life. In the present scenario, packaging processes and materials are highly sophisticated and flexible to meet application and preservation requirements. The biodegradable plastic industry continuously develops products with barrier properties, such as antimicrobial coating to improve food product preservation.
The global biodegradable plastics market is segmented into five regions—North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. Europe held the largest revenue share of the global biodegradable plastics market in 2022. Major factors driving the biodegradable plastics market in Europe are the increasing use of biodegradable plastics in various end-use industries, growing awareness among customers about the adverse effects of conventional plastics, rising initiatives taken by governments, and the presence of prominent players in the region.
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Based on the type, the starch blends segment accounted for the largest revenue share. Starch has been receiving growing attention as raw material for the production of films due to the lack of the availability of the conventional film-forming resins. Therefore, this factor is expected to boost the starch blends’ segment, leading to largest revenue share.
Europe biodegradable plastics market is expected to surge as strict government legislations are limiting the utilization of customary plastics. Therefore, several FMCG companies are adopting biodegradable packaging so to conform to the standards, which in turn, is propelling the growth of this market. Therefore, Europe accounts for the largest share of the global biodegradable plastics market.
Based on end-user, consumer goods is the fastest-growing segment. The utilization of biodegradable plastics in consumer goods on a large scale globally due to high tensile strength, transparency, and other mechanical properties, is driving the segment’s growth.
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