Wilmington, Delaware, United States, Feb. 26, 2024 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global biodegradable plastics market was projected to attain US$ 3.66 billion in 2020. It is anticipated to garner a 6.5% CAGR from 2021 to 2031 and by 2031, the market is likely to attain US$ 7.1 billion by 2031.
Consumers are increasingly choosing a healthier lifestyle. They are better knowledgeable of the benefits of a green environment. This is boosting the sales of natural, sustainable, and green products, which have the ability to alleviate the strain on the ecosystem. As a result, customers are increasingly demanding sustainable and eco-friendly packaging, which is driving the biodegradable polymers market.
The contemporary bioplastics market is marked by its rapid development rate and broad variety. Bioplastics have a wide range of uses, including beverage bottles in the packaging industry, hardware parts in consumer electronics, and interior elements in automobiles.
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The food packaging industry is experiencing an increase in demand for biodegradable polymers. Consumers are increasingly choosing long-lasting food packaging choices. The preference for longevity in these product categories encourages vendors to use greener technology and techniques to reach a bigger consumer base. As a result, rising consumer demand for long-lasting packaging and environmentally friendly products is directly boosting the biodegradable plastics market.
Key Findings of the Market Report
- The global biodegradable polymers market is being pushed by the growth of renewable resources, biomass, and bio-based raw materials including starch and vegetable crop byproducts.
- Biodegradable plastics account for a significant portion of the worldwide biodegradable polymers industry. Biodegradable plastics are being used in a variety of applications, including packaging and retail items, which is driving the biodegradable plastics market forward.
- Polymer makers are turning their attention to bio-based raw ingredients. This is excellent for the worldwide perspective of the bio-based raw material sector.
Market Trends for Biodegradable Plastics
- Governments throughout the world are focused on plastic waste management as the use of single-use plastic goods increases. The quantity of non-biodegradable garbage is rising. This garbage harms the environment and takes up a lot of space. Biodegradable polymers are being promoted and adopted by governments everywhere. The need for biodegradable polymers is being driven by this.
- The quantity of bio-based garbage produced now can be recycled alongside traditional waste. The application of compostable and biodegradable plastic items enhances the potential of industrial composting as a waste management technique.
- The rise of plastic pollution throughout the world is a big problem. The problem can be solved using biodegradable polymers. This is anticipated to fuel the market for polymers that degrade naturally.
- It is crucial for the environment that waste management systems for biodegradable waste products are properly designed and implemented. Reuse, mechanical recycling, and biological recycling are all acceptable for bioplastics.
Global Market for Biodegradable Plastics: Regional Outlook
- The market for biodegradable plastics in North America is largely being driven by rising environmental laws and growing worries about plastic pollution. The growing demand from consumers for environmentally friendly substitutes for conventional plastics is driving advancements in biodegradable plastic technologies.
- The adoption of sustainable practices by corporations and the emergence of circular economy models serve as further drivers of market expansion. Growing market potential are also aided by innovations in bioplastic production techniques and the creation of new biodegradable polymers.
- Overall, the rapid growth of the biodegradable plastics market in North America is being driven by the confluence of environmental consciousness, governmental backing, and technical breakthroughs.
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Global Biodegradable Plastics Market: Key Players
In order to increase their product portfolio and business operations, significant biodegradable plastics suppliers like Mitsubishi Chemical Corporation and BASF SE are concentrating on a variety of organic and inorganic growth strategies, including mergers and acquisitions, new product launches, strategic collaborations, expansion, and joint ventures. The following companies are well-known participants in the global biodegradable plastics market:
- BASF SE
- Total Corbion
- Mitsubishi Chemical Corporation
- Biome Bioplastics Ltd.
- Plantic Technologies
- Toray Industries Inc.
- Novamont S.p.A.
- Bioplastics International
Key developments by the players in this market are:
- On January 31, 2020, BASF SE completed its acquisition of Solvay's polyamide business (PA 6.6). The corporation was able to increase its market share in North and South America, as well as Asia, owing to the purchase.
- Eight production facilities in Germany, France, China, India, South Korea, Brazil, and Mexico were part of the transaction between BASF SE and Solvay. It also assisted the business in setting up R&D facilities throughout the Americas and Asia.
Global Biodegradable Plastics Market Segmentation
Type
- Polylactic Acid (PLA)
- Polyhydroxyalkanoate (PHA)
- Polybutylene Succinate (PBS)
- Starch-based
- Others
Application
- Packaging
- Textiles
- Agriculture & Horticulture
- Consumer Goods
- Building & Construction
- Others
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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