InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the “Global Biodegradable Plastics Market– Trends, Industry Competition Analysis, Revenue and Forecast To 2030.”
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According to the latest research by InsightAce Analytic, the global biodegradable plastics market is valued at US$ 7.17 Billion in 2021, and it is expected to reach US$ 65.92 Billion by 2030, with a CAGR of 28.0% during a forecast period of 2021-2030. By region, Europe region dominated the global market with a share of 42% in 2021.
Biodegradable plastic is the best green alternative to conventional plastic materials. These biodegradable polymers under certain conditions can be wholly converted into water, CO2, and biomass through microorganisms present in the environment. They can be made with different biodegradable additives to enhance the process of biodegradation. Biodegradable plastics offer many environmental benefits and have various applications in the food and agriculture sectors.
Growing awareness regarding the harmful effects of plastic materials and increasing consumer preference toward bioplastic materials is projected to drive the market over the forecast period.
Because of the Covid-19 pandemic, demand for food packaging and online delivery has increased. Several companies have started shifting from plastic materials toward biodegradable materials for agriculture practices, food packaging, and single-use plastic cutlery, which is expected to uptick the demand for biodegradable plastics in the coming years. In addition, other factors such as changing lifestyle standards, growing packaging sector of food and pharmaceuticals industries, increasing environmental concerns, and the implementation of plastic restriction policies also boost the market growth.
However, the high cost of biodegradable plastic, lack of standards and tests to measure the biodegradability of plastics, significant technical challenges faced by manufacturers, and the complexity of the processes involved in biodegradable plastic designing hinder the market development.
Geographically, the Asia-Pacific market is anticipated to witness the fastest growth in the next few years due to the increasing disposable income and the high demand for biodegradable plastic by the packaging industries. Apart from this, the implemention of strict restrictions on plastic use in developing countries such as India and China further fuels market growth.
Turning the phrase “eco-friendly plastic” into reality is a big challenge to this industry. Currently, there are very few companies that are commercializing bioplastic on a large scale.
Hence, market players have enormous opportunities to strengthen their foothold in this market.
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Major market players operating in the biodegradable plastics market include 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, Mondi Group, Kruger Inc. among others.
Key developments in the market:
- In January 2021, Biome’s Bioplastics (UK) successfully completed its three-month feasibility project to develop and test a new generation of biodegradable tree shelters.
- In May 2020, BASF (Germany) and Red Avenue New Materials Group (China) signed a joint agreement. As per the agreement Red Avenue New Materials Group will produce and sell certified compostable aliphatic-aromatic co-polyester (PBAT) according to high BASF quality standards.
- In April 2019, Amcor launched a unique, recyclable, high-barrier flexible package product that can reduce a pack’s carbon footprint by up to 64%.
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Global Biodegradable Plastics Market, by Type, 2020-2030 (Value US$ Bn)
- Polylactic acid (PLA)
- Starch Blends
- Polyhydroxyalkanoates (PHA)
- Biodegradable Polyesters
- Polycaprolactone (PCL)
- Polybutylene adipate terephthalate (PBAT)
- Polybutylene succinate (PBS)
- Regenerative Cellulose
- Cellulose Derivative
Global Biodegradable Plastics Market, by End-Users, 2020-2030 (Value US$ Bn)
- Rigid Packaging
- Flexible Packaging
- Consumer Goods
- Electrical Appliances
- Domestic Appliances
- Medical & Healthcare Textile
- Personal care, clothes & other textiles
- Agriculture & Horticulture
- Tapes & Mulch Films
Global Biodegradable Plastics Market, by Region, 2020-2030 (Value US$ Bn)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
North America Biodegradable Plastics Market, by Country, 2020-2030 (Value US$ Bn)
Europe Biodegradable Plastics Market, by Country, 2020-2030 (Value US$ Bn)
- Rest of Europe
Asia Pacific Biodegradable Plastics Market, by Country, 2020-2030 (Value US$ Bn)
- South Korea
- Australia & New Zealand
Latin America Biodegradable Plastics Market, by Country, 2020-2030 (Value US$ Bn)
- Rest of Latin America
Middle East & Africa Biodegradable Plastics Market, by Country, 2020-2030 (Value US$ Bn)
- GCC Countries
- South Africa
- Rest of Middle East & Africa
Why should buy this report:
- To receive a comprehensive analysis of the prospects for the global biodegradable plastics market
- To receive an industry overview and future trends in the biodegradable plastics market
- To analyze the biodegradable plastics market drivers and challenges
- To get information on the biodegradable plastics market (value US$ Bn) forecast to 2030
- Significant Investments, Mergers & Acquisition in biodegradable plastics market industry
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