The Global Biodegradable Plastics Market Size is valued at 7.08 billion in 2022 and is predicted to reach 31.53 billion by the year 2031 at a 18.25% CAGR during the forecast period for 2023-2031.
Biodegradable plastics can be degraded by microorganisms present in the environment in a specific medium and under certain conditions. They can be easily disposed of through waste management processes and have various innovative applications in the food and agriculture industries. Therefore, biodegradable plastic is the finest green alternative to conventional plastic materials.
The market for biodegradable plastics is anticipated to rise due to rising initiatives to limit the usage of traditional plastics and increase consumer awareness of eco-friendly alternatives.
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.
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 April 2021-new strategic alliance with Nature Works was launched by IMA Coffee, a world leader in the handling, processing, and packaging coffee. This partnership aims to increase the market for high-performance biodegradable K-cups in North America.
- In February 2020-A joint venture between BASF and the Fabric Group (Italy) was established to provide a sustainable cling film alternative for fresh food packaging. Fresh fruits, vegetables, meat, and seafood will all be wrapped in the film. It will be created by the Fabric company utilizing Ecevit bioplastic from BASF, raising the need for biodegradable plastics in packaging applications.
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:
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Report Attribute |
Specifications |
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Market size value in 2022 |
USD 7.08 Bn |
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Revenue forecast in 2031 |
USD 31.53 Bn |
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Growth rate CAGR |
CAGR of 18.2 % from 2023 to 2031 |
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Quantitative units |
Representation of revenue in US$ Billion, Volume (KT) and CAGR from 2023 to 2031 |
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Historic Year |
2019 to 2022 |
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Forecast Year |
2023-2031 |
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Report coverage |
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
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Segments covered |
Types, End-Users |
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Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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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 |
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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. |
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Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
