Jul 10, 2024
InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Biodegradable Plastics Market Size, Share & Trends Analysis Report By Types (Polylactic Acid (PLA), Starch Blends, Polyhydroxyalkanoates (PHA), Biodegradable Polyesters [Polycaprolactone (PCL), Polybutylene Adipate Terephthalate (PBAT), Polybutylene Succinate (PBS)]), By End-user (Packaging, Consumer Goods, Textiles, Agriculture & Horticulture) Region, Market Outlook And Industry Analysis 2031""
The Global Biodegradable Plastics Market is valued at US$ 10,467.4 Mn in 2023, and it is expected to reach US$ 40,974.7 Mn by 2031, with a CAGR of 19.1% during the forecast period of 2024-2031.
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Plastics that break down into water, carbon dioxide (or methane), and biomass under certain circumstances are known as biodegradable plastics. Biodegradable plastics represent an ideal solution for various single- or short-term use applications, particularly in organic waste collection and diversion efforts. They find practical application in the agricultural and horticultural sectors, serving as mulch films or plant pots that can degrade naturally after use. In food packaging and disposable tableware, biodegradable plastics offer a sustainable alternative, reducing environmental impact by breaking down over time, thereby mitigating long-term waste accumulation. These applications demonstrate their versatility and environmental benefits in sectors striving for more sustainable practices.
Biodegradable plastics offer significant environmental advantages as they decompose more quickly when discarded and can be recycled through organic processes. Recycling biodegradable plastics helps alleviate landfill issues, with recycled bio-waste serving purposes such as composting or generating renewable energy like biogas. Although production costs for biodegradable plastics may initially be higher due to specialized materials and processes, the long-term environmental benefits justify the investment. People are becoming increasingly aware of the negative impacts of plastic pollution on the environment. This is leading to a growing demand for sustainable alternatives, such as biodegradable plastics.
Drivers-
Consumers are increasingly demanding eco-friendly products. This is driving the demand for products made with biodegradable plastics. Many governments are enacting bans or restrictions on single-use plastics and other conventional plastics. This is creating a favorable market for biodegradable plastics. Many corporations are setting sustainability goals that include reducing their use of traditional plastics. This is creating a demand for biodegradable alternatives. People are becoming increasingly aware of the negative impacts of plastic pollution on the environment. This is leading to a growing demand for sustainable alternatives, such as biodegradable plastics. Research and development in biodegradable plastics is ongoing, leading to the development of new and improved products that are more cost-effective and have a wider range of applications.
Challenges:
The primary challenge with biodegradable plastics lies in their global adoption. The higher cost of biodegradable plastics discourages many consumers from choosing them. This reluctance is often due to a lack of awareness about the benefits and protective qualities of biodegradable plastics. Consequently, many plastics manufacturers show little interest in conducting economic research to identify cost-effective biodegradable options. This gap in knowledge and investment further hinders the widespread use and acceptance of biodegradable plastics, despite their environmental advantages.
Regional Trends:
Europe region's biodegradable plastics market is expected to witness the highest market share in revenue soon. Europe is leading the way in the adoption of biodegradable plastics, driven by comprehensive legislation such as the European Union's ban on single-use plastics. Countries like Germany, France, and Italy are at the forefront, with significant investments in research and development of biodegradable materials. The European EN 13432 standard also plays a crucial role in defining and promoting biodegradable plastics. In North America, the biodegradable plastics market is growing steadily due to increasing consumer awareness and stringent government regulations aimed at reducing plastic waste.
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