Pune, India, June 29, 2023 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Biodegradable Plastics Market Size Report, Share, Demand, Growth Strategy, Industry Trends and Forecast to 2028- COVID-19 Impact and Global Analysis by Type, End User, and Geography,” The biodegradable plastics market was valued at USD 7.33 Billion in 2022 to USD 20.84 Billion by 2028; it is estimated to grow at a CAGR of 19.0% from 2022 to 2028. It includes the factors governing the market growth, revenue estimation and forecast, and market share analysis. It also entails the identification of significant market players and their key developments.
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Biodegradable Plastics Market Report Scope, Segmentations, Regional & Country Scope:
| Report Coverage | Details |
| 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 |
| 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 |
| Companies Covered | BASF SE, FKuR Kunststoff GmbH, Green Dot Bioplastics Inc, Novamont SpA, Kingfa Science and Technology Co Ltd, NatureWorks LLC, Mitsubishi Chemical Holdings Corp, Plantic Technologies Ltd, TotalEnergies Corbion BV, and API SpA |
Global Biodegradable Plastics Market: Competitive Landscape and Key Developments
BASF SE, FKuR Kunststoff GmbH, Green Dot Bioplastics Inc, Novamont SpA, Kingfa Science and Technology Co Ltd, NatureWorks LLC, Mitsubishi Chemical Holdings Corp, Plantic Technologies Ltd, TotalEnergies Corbion BV, and API SpA, are key players operating in the global Biodegradable Plastics market. Market players focus on providing high-quality products to fulfill customer demand. They are also adopting strategies such as investments in research and development activities and new product launches.
Biodegradable plastics have the ability to be degraded by microorganisms present in the environment by entering the microbial food chain. These highly compostable polymers can be degraded because of the action of naturally occurring microorganisms such as algae, bacteria, and fungi. Favorable government policies and initiatives taken by governments in both developing and developed regions to reduce greenhouse gas emissions are among the major factor contributing to the growth of the biodegradable plastics market.
Biodegradable Plastics Market: Segmental Overview
Based on type, the biodegradable plastics market is segmented into PLA, PHA, starch blends, PBS, PBAT, and others. In 2022, the starch blends segment dominated the market. Furthermore, the PHA segment is expected to grow at the highest CAGR during the forecast period. The starch blend polymers bio-blends are recyclable polymeric materials that can be degraded by enzymes and microorganisms. In the granular state, starch blends are used as a component in synthetic polymer blends and as a filling agent for polyolefin. The PHA are produced by the microorganisms like Cupriavidus necator and Pseudomonas putida that synthesize the compounds present in the cell. It has found a vital place in the medical applications owing to its biocompatibility. PHAs are easy to produce and can be molded, blown, processed and foamed into yarns. They serve to be excellent as packaging materials for food & beverage and consumer goods sector.
The biodegradable plastics market is segmented into five main regions—North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America. In 2022, Europe dominated the global biodegradable plastics market, and is expected to register the significant CAGR during the forecast period. Biodegradable plastics market in Asia Pacific driven by increasing demand for biodegradable plastics products from various end-use industries, including agriculture, food & beverage, consumer goods and automotive. Consumers are increasingly shifting towards biodegradable plastics due to increasing environment-related regulations and government initiatives to encourage environmental awareness. As countries such as India, Japan, Thailand and China are environmentally concerned, companies are shifting to biodegradable plastics, which helps them acquire a higher consumer market share. The aforementioned factors are expected to fuel the demand for biodegradable plastics products during the forecast period.
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Impact of COVID-19 Pandemic on Biodegradable Plastics Market
The onset of the COVID-19 pandemic resulted in the imposition of a domestic lockdown by governments of several countries globally, which led to an immediate decline in the economy, a slowdown in the global demand for trade, expansion strategies, and disruption in the supply chain. Subsequently, these factors hampered the manufacturing, delivery schedules, and sales of various goods. The shortage of manpower and a temporary drop in sales, caused due to lockdowns and government restrictions, adversely impacted the biodegradable plastics market. All these factors hampered the progress of the chemicals & materials industry. However, a resurgence in the demand for agriculture, and food packaging industry supported the growth of biodegradable plastics.
In 2022, the global marketplace began recovering from the losses incurred in 2020 as governments of different countries announced relaxation in social restrictions. Manufacturers were permitted to operate at full capacities, which helped them overcome the demand-supply gap. Moreover, rising vaccination rates contributed to improvements in the overall conditions in different countries, which led to conducive environments for industrial and commercial progress. Furthermore, as travel bans were lifted in many countries in 2021, the demand for aircraft fleets surged with the increase in passenger traffic. The presence of established food and beverages manufacturers in the emerging regions is expected to boost the demand for biodegradable plastics in the country in the coming years.
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