Biodegradable Plastics Market Size and Global Growth Analysis by 2028
[Research Report] The biodegradable plastics market size is expected to grow from US$ 7,331.11 million in 2022 to US$ 20,840.29 million by 2028; it is estimated to record a CAGR of 19.0% from 2022 to 2028.
MARKET ANALYSIS
Biodegradable plastic can be decomposed naturally in the environment by the action of living organisms, usually microbes, into water, carbon dioxide, and biomass. It can be synthesized using renewable raw materials, microorganisms, and petrochemicals. They are designed to mineralize in a controlled waste management environment and also provide an effective and environment-friendly alternative to the synthetic polymers. Government bodies and manufacturers across the globe have taken efforts for improving the efficiency of recycling and upcycling plastic wastage. Growing awareness among customers about adverse effects of conventional plastics is anticipated to boost the product demand.
GROWTH DRIVERS AND CHALLENGES
The customers in developed and developing countries have been educated of the ill effects of conventional plastics on their lifestyle and the environment. As a result, they demand more environmentally friendly products, which leads to a depreciation in the use of crude oil and natural gas, that results in the reduction carbon footprints. . Biodegradable plastic is a surrogate for nearly all conventional plastics used in a diverse range of applications. These plastics offer innovative alternatives with enhanced properties, along with distinctive ability to lessen the emissions as well as provide the same qualities and functionalities as that of conventional plastics. The biodegradable plastics are synthesized using renewable resources as well as fossil raw materials, such as cellulose ester, PLA, PHA, starch derivatives, and copolyesters. Various organizations are engaged in bringing transformation in the handling of plastics, through strategic planning, communication, consumer awareness campaigns, documentary films, education, clean up campaigns, raising business awareness, scientific research, entrepreneurial innovation, legislation, and sustainability. The key aim is to educate the users regarding plastic pollution, thereby encouraging the invention of more sustainable solutions, and empowerment of more people and business organizations to take action to stop plastic pollution. Therefore, the revolution in consumer demand on the basis of environmental awareness, packaging convenience, and sustainable plastic production systems is boosting the biodegradable plastic market growth.
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Biodegradable Plastics Market: Strategic Insights
Biodegradable Plastics Market
-
CAGR (2022 - 2028)
19.0%
-
Market Size 2022
US$ 7.33 Billion
-
Market Size 2028
US$ 20.84 Billion
Market Dynamics
GROWTH DRIVERS
- Growing awareness among customers about adverse effects of conventional plastics
- Clean up efforts taken up by the governments Resources
FUTURE TRENDS
- Emerging Use of Biodegradable Plastic in Biomedical Applications
OPPORTUNITIES
- Implementation of biodegradable plastics in biomedical applications
Key Players
- BASF SE
- Novamont SpA
- NatureWorks LLC
- Mitsubishi Chemical Corporation
- Total Corbion PLA
- Plantic Technologies Limited
- Kingfa Sci Tech Co Ltd
- Green Dot Bioplastics
- FKuR Kunststoff GmbH
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
Geography
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- South and Central America
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Biodegradable Plastics Market: Strategic Insights
-
CAGR (2022 - 2028)19.0% -
Market Size 2022
US$ 7.33 Billion -
Market Size 2028
US$ 20.84 Billion
Market Dynamics
- Growing awareness among customers about adverse effects of conventional plastics
- Clean up efforts taken up by the governments Resources
- Emerging Use of Biodegradable Plastic in Biomedical Applications
- Implementation of biodegradable plastics in biomedical applications
Key Players
- BASF SE
- Novamont SpA
- NatureWorks LLC
- Mitsubishi Chemical Corporation
- Total Corbion PLA
- Plantic Technologies Limited
- Kingfa Sci Tech Co Ltd
- Green Dot Bioplastics
- FKuR Kunststoff GmbH
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- South and Central America
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
REPORT SEGMENTATION AND SCOPE
The "Global Biodegradable Plastics Market Analysis to 2030" is a specialized and in-depth study with a major focus on the global market trends and growth opportunities. The report aims to provide an overview of the global market with detailed market segmentation by type, end user, and geography. The global biodegradable plastics market has been witnessing high growth over the recent past and is expected to continue this trend during the forecast period. The report provides key statistics on the consumption of biodegradable plastics worldwide along with their demand in major regions and countries. In addition, the report provides the qualitative assessment of various factors affecting the biodegradable plastics market performance in major regions and countries. The report also includes a comprehensive analysis of the leading players in the biodegradable plastics market and their key strategic developments. Several analyses on the market dynamics are also included to help identify the key driving factors, market trends, and lucrative opportunities that would, in turn, aid in identifying the major revenue pockets.
Further, ecosystem analysis and Porter’s five forces analysis provide a 360-degree view of the global biodegradable plastics market, which helps understand the entire supply chain and various factors affecting the market growth.
SEGMENTAL ANALYSIS
The global biodegradable plastics market is segmented on the basis of type, and end user. Based on type, the biodegradable plastics market is segmented as PLA, PHA, starch blends, PBS, PBAT, and others. On the basis of end user, the market is classified as, packaging and bags, agriculture and horticulture, consumer goods, and others. Based on type, the starch blends accounted for a significant share. Starch is a naturally occurring polymer that is found in plants such as corn, rice and potatoes in the form of water-insoluble granules. Starch has been receiving growing attention as raw material for the production of films due to the lack of the availability of the conventional film-forming resins. Polyhydroxyalkanoates (PHA) belongs to the family of naturally occurring polymers. The PHA has found a vital place in the medical applications owing to its biocompatibility. It has a good ultraviolet resistance but resists poorly to acids and bases and is also soluble in chloroform and other chlorinated hydrocarbons. PBS is known to naturally decompose in water and carbon dioxide. PBS is widely used in the manufacturing of packaging films and boxes and also in cosmetic packaging. Based on end user, packaging and bags segment accounted for a major share. The biodegradable plastics have found a vital place in the packaging and bags sector owing to its properties like high tensile strength and convenience of usage as compared to the conventional plastics. Surging demand for environmentally friendly food packaging is shifting the focus of crucial polymer manufacturers and packaging companies to decomposable plastics. The use of sustainable plastics in everyday life has been included in the manufacturing of consumer goods including toys, combs, tool handles and other goods. The PLA and PHA polymers have found widescale applications in production of toys. Italeri, one of the leading Italian toy manufacturing companies, has implemented the use of PHA and PLA plastic for the production of toys.
REGIONAL ANALYSIS
The report provides a detailed overview of the global biodegradable plastics market with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America. Europe accounted for a significant share of the market and valued at more than US$ 2,600 million in 2022. The dominance is attributed to increasing environmental concerns among consumer and rising adoption of biodegradable plastics owing to its eco-friendly nature. Moreover, stringent regulations imposed on single use plastic band coupled with government initiatives towards adoption of recyclable packaging will drive the regional industry size. North America is also expected to witness considerable growth valued at approximately US$ 4,900 million in 2028, attributed to the to increasing awareness among people for environment-friendly products. Growing awareness about global warming and plastic pollution propels consumers to opt for environmentally friendly packaging’s. Asia Pacific is growing considerably with CAGR with more than 20.5%. The rising number of bans on traditional plastics proves to be the primary driver for the growth of this market. Besides, the growing demand for flexible packaging from the consumer goods industry and the adoption of various technological innovations in packaging will boost the regional growth.
INDUSTRY DEVELOPMENTS AND FUTURE OPPORTUNITIES
The report provides a detailed overview of the global biodegradable plastics market with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America.
In 2022, Kaneka announced to invest 15 billion Japanese yen to increase its production capacity for KANEKA Biodegradable Polymer Green Planet in Japan. The investment is aimed to increase the production capacity from 5,000 metric tons to around 20,000 metric tons per year, with operations set to commence in January 2024.
In 2021, South Korea based SK Group, announced to form strategic partnership with local trading company LX International and food firm Daesang to launch a joint venture (JV) for production of PBAT with an investment worth US$ 151.3 million.
Biodegradable Plastics Market Report Scope
Report Attribute
Details
Market size in 2022
US$ 7.33 Billion
Market Size by 2028
US$ 20.84 Billion
Global CAGR (2022 - 2028)
19.0%
Historical Data
2020-2021
Forecast period
2023-2028
Regions and Countries Covered
North America - US
- Canada
- Mexico
Europe - UK
- Germany
- France
- Russia
- Italy
- Rest of Europe
Asia-Pacific - China
- India
- Japan
- Australia
- Rest of Asia-Pacific
South and Central America - Brazil
- Argentina
- Rest of South and Central America
Middle East and Africa - South Africa
- Saudi Arabia
- UAE
- Rest of Middle East and Africa
Market leaders and key company profiles
- BASF SE
- Novamont SpA
- NatureWorks LLC
- Mitsubishi Chemical Corporation
- Total Corbion PLA
- Plantic Technologies Limited
- Kingfa Sci Tech Co Ltd
- Green Dot Bioplastics
- FKuR Kunststoff GmbH
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Report Attribute | Details |
---|---|
Market size in 2022 | US$ 7.33 Billion |
Market Size by 2028 | US$ 20.84 Billion |
Global CAGR (2022 - 2028) | 19.0% |
Historical Data | 2020-2021 |
Forecast period | 2023-2028 |
Regions and Countries Covered | North America
|
Market leaders and key company profiles |
|
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
IMPACT OF COVID/IMPACT OF GEOPOLITICAL SCENARIO/IMPACT OF RECESSION
The report provides a detailed overview of the global biodegradable plastics market with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America. Industries such as packaging and bags, agriculture and horticulture, and consumer goods, and automotive have been the major consumers of biodegradable plastics. In 2020, these industries had to slow down their operations due to disruptions in the value chain caused by the shutdown of national and international boundaries. Moreover, lockdowns imposed by different countries hampered the ability of industries to maintain inventory levels in the same year. The pandemic also wreaked havoc on the automotive and consumer goods industry. The shortage of manpower resulted in the deceleration of biodegradable plastics production and distribution operations. Additionally, government restrictions and other COVID-19 precautions reduced the production capacities of biodegradable plastics manufacturers in the value chain. In 2021, the global marketplace began recovering from the losses incurred in 2020 as governments of different countries announced relaxations in social restrictions. Further, rising government bans for single use plastics, and expanding production capacities in the agriculture and food & beverage packaging industry in different regions of the world resulted in a rise in demand for biodegradable plastics in 2021.
COMPETITIVE LANDSCAPE AND KEY COMPANIES
Some of the key players operating in the biodegradable plastics market include, BASF SE, FKuR Kunststoff GmbH, Green Dot Bioplastics Inc, Novamont SpA, Kingfa Science and Technology Co Ltd, NatureWorks LLC, Mitsubishi Chemical Holdings Corp, Plantic Technologies Ltd, TotalEnergies Corbion BV, and API SpA, among others.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type, and End User
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
Growing awareness among customers about adverse effects of conventional plastics, and supportive government policies for eco-friendly products and biodegradable plastics are some of the key driving factors for the biodegradable plastics market.
Based on the type, the starch blends segment accounted for the largest revenue share. Starch has been receiving growing attention as raw material for the production of films due to the lack of the availability of the conventional film-forming resins. Therefore, this factor is expected to boost the starch blends’ segment, leading to largest revenue share.
The utilization of biodegradable plastics in biomedical applications, is expected to provide lucrative growth opportunities to the global biodegradable plastics market during the forecast period.
The major players operating in the global biodegradable plastics market are BASF SE; Novamont SpA; NatureWorks LLC; Mitsubishi Chemical Corporation; Total Corbion PLA; amongst others.
Europe biodegradable plastics market is expected to surge as strict government legislations are limiting the utilization of customary plastics. Therefore, several FMCG companies are adopting biodegradable packaging so to conform to the standards, which in turn, is propelling the growth of this market. Therefore, Europe accounts for the largest share of the global biodegradable plastics market.
Based on end-user, consumer goods is the fastest-growing segment. The utilization of biodegradable plastics in consumer goods on a large scale globally due to high tensile strength, transparency, and other mechanical properties, is driving the segment’s growth.
The List of Companies - Biodegradable Plastics Market
- BASF SE
- Novamont SpA
- NatureWorks LLC
- Mitsubishi Chemical Corporation
- Total Corbion PLA
- Plantic Technologies Limited
- Kingfa Sci. & Tech. Co., Ltd
- Green Dot Bioplastics
- FKuR Kunststoff GmbH
- API SpA