The Global Biodegradable Plastics Market Size is valued at 8850.0 Million in 2022 and is predicted to reach 40974.7 Million by the year 2031 at a 18.60% CAGR during the forecast period for 2023-2031.
Biodegradable plastics are a type of plastic material that can break down, decompose, and return to natural elements relatively quickly through the action of biological processes, such as the activities of microorganisms like bacteria, fungi, and other natural environmental factors. Unlike traditional plastics, which can persist in the environment for long tenure without breaking down, biodegradable plastics are designed to degrade more rapidly, reducing their impact on the environment.
Developing waste dumps and landfills has contributed to a severe environmental catastrophe with several detrimental effects on ecosystem flora and animals. The usage of biodegradable plastics is encouraged by rising consumer awareness of the consequences. As a result, the biodegradable plastics market is driven by a shift in customer preference toward utilizing ecologically friendly plastic products. Mulching films and plant pots are made with biopolymers for farming and agriculture. This is one of the primary drivers of market expansion, along with the rising use of agricultural products in the expanding (F&B) industry.
Market competition in the Biodegradable Plastics industry is intense, with various companies vying to lead in sustainable solutions. Established players and startups are innovating to develop high-performance biodegradable materials that meet diverse application needs. Differentiated product offerings, cost-effective production methods, and strategic partnerships are key factors driving competitive advantage.
An increase in biodegradable plastics market revenue is anticipated during the forecast period due to the potential role that biodegradable plastics might play in developing a fully sustainable and circular economy. Compared to traditional plastics, biodegradable plastics have a lower carbon footprint and less intensive resource depletion than those made from fossil fuels. This is because renewable resources are used instead of fossil fuels.
The market is likely to increase due to rising federal programs, such as supporting legislation and subsidies to promote susainable alternatives to plastics made of fossil fuels. Producers of biodegradable plastics can provide their goods at lower prices thanks to the favorable regulations and subsidies provided by governments of various nations.
Recent Developments:
- In June 2023, BASF announced the official opening of a Biodegradation and Microplastics Center of Excellence at the company’s Michigan site for helping regional customers in meeting their sustainability and circularity objectives. Focus areas will include understanding disintegration performance of compostable materials, biodegradation performance of novel chemistries, and gathering novel insights on microplastics.
-
In December 2022, Futerro announced its plans to construct the first-ever vertically integrated biorefinery in Europe at Normandy, France, for the production and recycling of PLA. The biorefinery aims to include a PLA conversion unit, a lactic acid unit for transforming raw materials sourced from agriculture, and a unit for the molecular recycling of PLA.
Competitive Landscape
Some of the biodegradable plastics market players are:
- ABMcomposite
- Agrana
- Akro-Plastic
- ALPLA Werke Alwin Lehner GmbH & Co KG
- Amcor limited
- Anellotech, Inc.
- AVA Biochem
- Avani Eco
- BASF (Germany)
- Biobent Polymers
- Biome Bioplastics (UK)
- Biome Technologies
- Bio-On
- BIOplastics
- Biosphere Plastic LLP
- Braskem
- Carbiolice
- Cardia Bioplastics
- Danimer Scientific
- Eastman Chemical Company
- Eranova
- Fkur Kunstsoff (Germany)
- FlexSea
- Floreon Transforming
- Futerro
- Genecis Bioindustries
- Green Dot Bioplastics
- Ingevity
- Kruger Inc.
- Mitsubishi Chemical Holding Corporation (Japan)
- Mondi Group
- NatureWorks (US)
- NEC Corporation
- Newlight Technologies
- Novamont (Italy)
- Polymateria
- Plantic Technologies (Australia)
- Plastic Suppliers Inc.
- PTT MCC Biochem
- Sphere
- Succinity
- Synbra Technology
- TECNARO GmbH
- TerraVerdae Bioworks Inc
- Tianan Biologic Materials
- Toray Industries (Japan)
- Total Corbion (Netherlands)
- Venvirotech
- Yield10 Bioscience, Inc.
- Zhejiang Hisun Biomaterials
Market Segmentation:
The biodegradable plastics market is segmented on the basis of types, end-users, and region. The types segment comprises polylactic acid (PLA), starch blends, polyhydroxyalkanoates (PHA), biodegradable polyesters [polycaprolactone (PCL), polybutylene adipate terephthalate (PBAT), Polybutylene succinate (PBS)], and other types [regenerative cellulose, cellulose derivative]. The PLA segment is anticipated to hold the largest market share during the forecast period due to its several attractive mechanical properties and low cost.
By end-users, the market is divided into packaging [rigid packaging, flexible packaging], consumer goods [electrical appliances, domestic appliances, and others], textiles [medical & healthcare textile, personal care, clothes & other textiles], agriculture & horticulture [tapes & mulch films, and others].
Based On Type, The PLA Segment Is A Major Contributor To The Biodegradable Plastics Market
The PLA category is expected to hold the highest share of the global market in 2021 due to its expanding use across various terminal industries, including goods and services and packaging. Significant growth rates and higher PLA manufacturing investments are predicted for this market in the United States and Europe. Because it is made of bio-based ingredients, PLA is marketed as an eco-friendly material. It is less costly and has various attractive mechanical properties compared to other biopolymers. The demand for PLA is rising because it degrades quickly without releasing dangerous chemicals into the ground and water supply. In addition to making transparent and transparent hard plastics for containers, bottles, and durable products, PLA can also be used to make fibers and films for various purposes.
The Packaging Segment Witnessed Growth At A Rapid Rate
The packaging segment is projected to grow rapidly in the global biodegradable plastics market. The usage of biodegradable polymers in the packaging industry for the manufacturing of water and juice bottles, bakery goods, processed food, dry snacks & sweets, and meat trays is growing as consumer preferences for environment-conscious products shift. In the packaging industry, the need for biodegradable plastic is rising due to strict laws surrounding plastic and plastic products. Both rigid and flexible packaging uses biodegradable polymers. Over 500,000 tons of bioplastics are used in flexible packaging. To create more sustainable packaging solutions and reduce their carbon.
Europe Biodegradable Plastics Market Holds A Significant Regional Revenue Share
Europe region's biodegradable plastics market is expected to witness the highest market share in revenue soon. The rising use of biodegradable plastics in a broad range of industries, notably food and beverage, personal care, packaging, automotive, and others, can be ascribed to the region's strong environmental focus. The region's chemical sector also makes biodegradable polymers to create environmentally friendly and long-term solutions. The region's target market is expected to increase due to rising demand for bio-based components across sectors and the growing use of biodegradable polymers in manufacturing intermediates chemicals.
In addition, due to escalating environmental concerns, fast industrialization, social programs, and rising financing in numerous industries, Asia Pacific is anticipated to grow quickly in the global biodegradable plastics market. Due to the adoption of health promotion and the resulting pressure on customers to choose fresh products, plant-based food items are becoming increasingly popular in the Asia Pacific area. This should increase the demand for plant-based foods. Due to increased consumer health worries about animal-based protein sources, ethical concerns, and environmental misgivings, plant-based meat products are also anticipated to see a rise in popularity in the upcoming years.
Biodegradable Plastics Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2022 |
USD 7.08 Bn |
|
Revenue forecast in 2031 |
USD 31.53 Bn |
|
Growth rate CAGR |
CAGR of 18.2 % from 2023 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Billion, Volume (KT) and CAGR from 2023 to 2031 |
|
Historic Year |
2019 to 2022 |
|
Forecast Year |
2023-2031 |
|
Report coverage |
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
|
Segments covered |
Types, End-Users |
|
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
|
Competitive Landscape |
BASF (Germany), NatureWorks (US), Total Corbion (Netherlands), Novamont (Italy), Biome Bioplastics (UK), Mitsubishi, Chemical Holding Corporation (Japan), Toray Industries (Japan), Plantic Technologies (Australia), Danimer Scientific (US), Fkur Kunstsoff (Germany), Amcor limited (Switzerland), Mondi Group (UK), Kruger Inc. (Canada), and others. |
|
Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
