Compostable Plastics Market Scope and Size by 2031
The Compostable Plastics Market is expected to register a CAGR of 12% from 2024 to 2031, with a market size expanding from US$ XX million in 2023 to US$ XX Million by 2031.
The report is segmented by Type (PLA, Starch Blends, PHA, Biodegradable Polyesters, and Others). The report is also segmented by End-Use Industry (Packaging, Consumer Goods, Textile, Agriculture and Horticulture, and Others). The report scope covers 5 regions: North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America and key countries under each region. The global analysis is further broken-down at regional level and major countries. The Report Offers the Value in USD for the above analysis and segments.
Purpose of the ReportThe report Compostable Plastics Market by The Insight Partners aims to describe the present landscape and future growth, top driving factors, challenges, and opportunities. This will provide insights to various business stakeholders, such as:
- Technology Providers/Manufacturers: To understand the evolving market dynamics and know the potential growth opportunities, enabling them to make informed strategic decisions.
- Investors: To conduct a comprehensive trend analysis regarding the market growth rate, market financial projections, and opportunities that exist across the value chain.
- Regulatory bodies: To regulate policies and police activities in the market with the aim of minimizing abuse, preserving investor trust and confidence, and upholding the integrity and stability of the market.
Compostable Plastics Market Segmentation
Type- PLA
- Starch Blends
- PHA
- Biodegradable Polyesters
- Packaging
- Consumer Goods
- Textile
- Agriculture
- Horticulture
Strategic Insights
Compostable Plastics Market Growth Drivers- Growing Consumer Demand for Eco-Friendly Solutions: : Growing consumer awareness and demand for the environmentally friendly biodegradable products are the major factors that are aiding the growth of the compostable plastic market. With the high level of environmental awareness amongst the consumers, they are in search of solutions that are innovative and do not involve the use of the conventional plastics. Eco-friendly plastics, which effectively resolve the issue of waste disposal are gaining acceptance in many industries such as packaging and food service among others, owing to the provision of consumers’ needs.
- Government Policies and Regulatory Support: Government policies and campaigns that encourage implementation of the biodegradable materials are important factors responsible for the increasing demand for compostable plastics. In most countries, bans on the use of single-use products are being enforced while the use of biodegradable snacks and food packaging is being promoted. This type of regulatory support encourages not only extra growth of the market but also pushes the manufacturers to come up with more and more of the compostable materials.
- Focus on Food Packaging: The supply of compostable plastics is mainly focused on food packaging. In view of the growing pressures of providing corporate social responsibility, food packaging is among the primary areas where biodegradable materials are being embraced. This is because there is a growing need to have wise solutions that address food safety, reduction of wastes and thus the healthy economy, which presents great possibilities in the market.
- Shift Towards Sustainable Packaging: There is a profound change taking place in the compostable plastic market; there is a shift towards using more sustainable packaging alternatives. With most companies adopting environmentally friendly models, such compostable plastics are beginning to be used more often when packaging food items and consumer goods. Although these changes are in response to the need by the consumers to have more sustainable options, it also helps in fulfilling the corporate social responsibility objectives hence the growth of the market.
- Innovation in Compostable Bioplastics: The recent trends in material innovation came to enhance the performance and economics of compostable bioplastics. Thanks to recent breakthroughs, the materials have now competed favorably with conventional polymers in toughness and ease of handling. Given the ongoing technological advancements, a wider adoption, and application of the market is expected in the near future.
- Supportive Policies and Regulations: Policies favoring the use of eco-friendly biodegradable materials are affecting the growth of the compostable plastic market. Governments all over the world are enforcing bans against the use of single-use plastics while promoting the use of compostable materials instead. Such missed regulatory opportunity creates not only a positive environment for development but also challenges the suppliers to embark on research and development ensuring the consumers’ demands on green products are met.
- Expansion into New Verticals: The market for compostable plastics has potential for growth in new verticals such as agriculture and apparel. With constant developments made by market players in their bid to find eco-friendly substitutes, compostable plastics can also be their options for use in agribusiness films and even garments. This of course would help in growing the market and venturing to areas that have not been explored before.
- Product Innovation and Consumer-Specific Solutions: There is growing trend among firms to think outside the box and come up with a new line of products that contains compostable plastic. It is also possible to target the specific needs of the consumers by a provision of a compostable food grade plastic container or cutlery. This in turn broadens the range of products available in the market and enhances the competitiveness of the company in providing sustainable options.
- Integration with Waste Management Systems: There also exist great possibilities between the manufacturers of bioplastics and waste management. Cities can integrate waste management with bioplastic encourage composting and waste diversion by lan introducing these flexible plastics in the cities. Compostable paper products consumption in this case does not only encourage self-sustaining growth of the products but also healthy augmentation of the entire community's economy.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Compostable Plastics Market, providing a holistic landscape.
- Expert Analysis: The report is compiled based on the in-depth understanding of industry experts and analysts.
- Up-to-date Information: The report assures business relevance due to its coverage of recent information and data trends.
- Customization Options: This report can be customized to cater to specific client requirements and suit the business strategies aptly.
The research report on the Compostable Plastics Market can, therefore, help spearhead the trail of decoding and understanding the industry scenario and growth prospects. Although there can be a few valid concerns, the overall benefits of this report tend to outweigh the disadvantages.
REGIONAL FRAMEWORK
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
Frequently Asked Questions
Based on geography, North America held the largest share of the compostable plastics market.
The report can be delivered in PDF/Word format, we can also share excel data sheet based on request.
Accelerated growth in sustainable packaging is likely to remain the key trend in the market.
BASF SE, NatureWorks, Corbion, Novamont, Biome Bioplastics, Mitsubishi Chemical Holding Corporation, Toray Industries, Plantic Technologies, and Danimer Scientific are among the leading players operating in the compostable plastics market.
Rising consumer demand for sustainable products is driving the market growth
The Compostable Plastics Market is estimated to witness a CAGR of 12% from 2023 to 2031
1. INTRODUCTION
1.1. SCOPE OF THE STUDY
1.2. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
1.3. MARKET SEGMENTATION
1.3.1 Compostable Plastics Market - By Type
1.3.2 Compostable Plastics Market - By Application
1.3.3 Compostable Plastics Market - By Region
1.3.3.1 By Country
2. KEY TAKEAWAYS
3. RESEARCH METHODOLOGY
4. COMPOSTABLE PLASTICS MARKET LANDSCAPE
4.1. OVERVIEW
4.2. PORTER'S FIVE FORCES ANALYSIS
4.2.1 Bargaining Power of Buyers
4.2.1 Bargaining Power of Suppliers
4.2.1 Threat of Substitute
4.2.1 Threat of New Entrants
4.2.1 Competitive Rivalry
4.3. EXPERT OPINIONS
5. COMPOSTABLE PLASTICS MARKET - KEY MARKET DYNAMICS
5.1. KEY MARKET DRIVERS
5.2. KEY MARKET RESTRAINTS
5.3. KEY MARKET OPPORTUNITIES
5.4. FUTURE TRENDS
5.5. IMPACT ANALYSIS OF DRIVERS AND RESTRAINTS
6. COMPOSTABLE PLASTICS MARKET - GLOBAL MARKET ANALYSIS
6.1. COMPOSTABLE PLASTICS - GLOBAL MARKET OVERVIEW
6.2. COMPOSTABLE PLASTICS - GLOBAL MARKET AND FORECAST TO 2028
6.3. MARKET POSITIONING/MARKET SHARE
7. COMPOSTABLE PLASTICS MARKET - REVENUE AND FORECASTS TO 2028 - TYPE
7.1. OVERVIEW
7.2. TYPE MARKET FORECASTS AND ANALYSIS
7.3. PLA
7.3.1. Overview
7.3.2. PLA Market Forecast and Analysis
7.4. STARCH BLENDS
7.4.1. Overview
7.4.2. Starch Blends Market Forecast and Analysis
7.5. BIODEGRADABLE POLYESTERS
7.5.1. Overview
7.5.2. Biodegradable Polyesters Market Forecast and Analysis
7.6. PHA
7.6.1. Overview
7.6.2. PHA Market Forecast and Analysis
7.7. OTHERS
7.7.1. Overview
7.7.2. Others Market Forecast and Analysis
8. COMPOSTABLE PLASTICS MARKET - REVENUE AND FORECASTS TO 2028 - APPLICATION
8.1. OVERVIEW
8.2. APPLICATION MARKET FORECASTS AND ANALYSIS
8.3. PACKAGING AND BAGS
8.3.1. Overview
8.3.2. Packaging And Bags Market Forecast and Analysis
8.4. CONSUMER GOODS
8.4.1. Overview
8.4.2. Consumer Goods Market Forecast and Analysis
8.5. AGRICULTURE AND HORTICULTURE
8.5.1. Overview
8.5.2. Agriculture And Horticulture Market Forecast and Analysis
8.6. TEXTILE
8.6.1. Overview
8.6.2. Textile Market Forecast and Analysis
8.7. OTHERS
8.7.1. Overview
8.7.2. Others Market Forecast and Analysis
9. COMPOSTABLE PLASTICS MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
9.1. NORTH AMERICA
9.1.1 North America Compostable Plastics Market Overview
9.1.2 North America Compostable Plastics Market Forecasts and Analysis
9.1.3 North America Compostable Plastics Market Forecasts and Analysis - By Type
9.1.4 North America Compostable Plastics Market Forecasts and Analysis - By Application
9.1.5 North America Compostable Plastics Market Forecasts and Analysis - By Countries
9.1.5.1 Canada Compostable Plastics Market
9.1.5.1.1 Canada Compostable Plastics Market by Type
9.1.5.1.2 Canada Compostable Plastics Market by Application
9.1.5.2 Mexico Compostable Plastics Market
9.1.5.2.1 Mexico Compostable Plastics Market by Type
9.1.5.2.2 Mexico Compostable Plastics Market by Application
9.1.5.3 US Compostable Plastics Market
9.1.5.3.1 US Compostable Plastics Market by Type
9.1.5.3.2 US Compostable Plastics Market by Application
9.2. EUROPE
9.2.1 Europe Compostable Plastics Market Overview
9.2.2 Europe Compostable Plastics Market Forecasts and Analysis
9.2.3 Europe Compostable Plastics Market Forecasts and Analysis - By Type
9.2.4 Europe Compostable Plastics Market Forecasts and Analysis - By Application
9.2.5 Europe Compostable Plastics Market Forecasts and Analysis - By Countries
9.2.5.1 Germany Compostable Plastics Market
9.2.5.1.1 Germany Compostable Plastics Market by Type
9.2.5.1.2 Germany Compostable Plastics Market by Application
9.2.5.2 France Compostable Plastics Market
9.2.5.2.1 France Compostable Plastics Market by Type
9.2.5.2.2 France Compostable Plastics Market by Application
9.2.5.3 Italy Compostable Plastics Market
9.2.5.3.1 Italy Compostable Plastics Market by Type
9.2.5.3.2 Italy Compostable Plastics Market by Application
9.2.5.4 United Kingdom Compostable Plastics Market
9.2.5.4.1 United Kingdom Compostable Plastics Market by Type
9.2.5.4.2 United Kingdom Compostable Plastics Market by Application
9.2.5.5 Russia Compostable Plastics Market
9.2.5.5.1 Russia Compostable Plastics Market by Type
9.2.5.5.2 Russia Compostable Plastics Market by Application
9.2.5.6 Rest of Europe Compostable Plastics Market
9.2.5.6.1 Rest of Europe Compostable Plastics Market by Type
9.2.5.6.2 Rest of Europe Compostable Plastics Market by Application
9.3. ASIA-PACIFIC
9.3.1 Asia-Pacific Compostable Plastics Market Overview
9.3.2 Asia-Pacific Compostable Plastics Market Forecasts and Analysis
9.3.3 Asia-Pacific Compostable Plastics Market Forecasts and Analysis - By Type
9.3.4 Asia-Pacific Compostable Plastics Market Forecasts and Analysis - By Application
9.3.5 Asia-Pacific Compostable Plastics Market Forecasts and Analysis - By Countries
9.3.5.1 Australia Compostable Plastics Market
9.3.5.1.1 Australia Compostable Plastics Market by Type
9.3.5.1.2 Australia Compostable Plastics Market by Application
9.3.5.2 China Compostable Plastics Market
9.3.5.2.1 China Compostable Plastics Market by Type
9.3.5.2.2 China Compostable Plastics Market by Application
9.3.5.3 India Compostable Plastics Market
9.3.5.3.1 India Compostable Plastics Market by Type
9.3.5.3.2 India Compostable Plastics Market by Application
9.3.5.4 Japan Compostable Plastics Market
9.3.5.4.1 Japan Compostable Plastics Market by Type
9.3.5.4.2 Japan Compostable Plastics Market by Application
9.3.5.5 South Korea Compostable Plastics Market
9.3.5.5.1 South Korea Compostable Plastics Market by Type
9.3.5.5.2 South Korea Compostable Plastics Market by Application
9.3.5.6 Rest of Asia-Pacific Compostable Plastics Market
9.3.5.6.1 Rest of Asia-Pacific Compostable Plastics Market by Type
9.3.5.6.2 Rest of Asia-Pacific Compostable Plastics Market by Application
9.4. MIDDLE EAST AND AFRICA
9.4.1 Middle East and Africa Compostable Plastics Market Overview
9.4.2 Middle East and Africa Compostable Plastics Market Forecasts and Analysis
9.4.3 Middle East and Africa Compostable Plastics Market Forecasts and Analysis - By Type
9.4.4 Middle East and Africa Compostable Plastics Market Forecasts and Analysis - By Application
9.4.5 Middle East and Africa Compostable Plastics Market Forecasts and Analysis - By Countries
9.4.5.1 South Africa Compostable Plastics Market
9.4.5.1.1 South Africa Compostable Plastics Market by Type
9.4.5.1.2 South Africa Compostable Plastics Market by Application
9.4.5.2 Saudi Arabia Compostable Plastics Market
9.4.5.2.1 Saudi Arabia Compostable Plastics Market by Type
9.4.5.2.2 Saudi Arabia Compostable Plastics Market by Application
9.4.5.3 U.A.E Compostable Plastics Market
9.4.5.3.1 U.A.E Compostable Plastics Market by Type
9.4.5.3.2 U.A.E Compostable Plastics Market by Application
9.4.5.4 Rest of Middle East and Africa Compostable Plastics Market
9.4.5.4.1 Rest of Middle East and Africa Compostable Plastics Market by Type
9.4.5.4.2 Rest of Middle East and Africa Compostable Plastics Market by Application
9.5. SOUTH AND CENTRAL AMERICA
9.5.1 South and Central America Compostable Plastics Market Overview
9.5.2 South and Central America Compostable Plastics Market Forecasts and Analysis
9.5.3 South and Central America Compostable Plastics Market Forecasts and Analysis - By Type
9.5.4 South and Central America Compostable Plastics Market Forecasts and Analysis - By Application
9.5.5 South and Central America Compostable Plastics Market Forecasts and Analysis - By Countries
9.5.5.1 Brazil Compostable Plastics Market
9.5.5.1.1 Brazil Compostable Plastics Market by Type
9.5.5.1.2 Brazil Compostable Plastics Market by Application
9.5.5.2 Argentina Compostable Plastics Market
9.5.5.2.1 Argentina Compostable Plastics Market by Type
9.5.5.2.2 Argentina Compostable Plastics Market by Application
9.5.5.3 Rest of South and Central America Compostable Plastics Market
9.5.5.3.1 Rest of South and Central America Compostable Plastics Market by Type
9.5.5.3.2 Rest of South and Central America Compostable Plastics Market by Application
10. INDUSTRY LANDSCAPE
10.1. MERGERS AND ACQUISITIONS
10.2. AGREEMENTS, COLLABORATIONS AND JOIN VENTURES
10.3. NEW PRODUCT LAUNCHES
10.4. EXPANSIONS AND OTHER STRATEGIC DEVELOPMENTS
11. COMPOSTABLE PLASTICS MARKET, KEY COMPANY PROFILES
11.1. BASF SE
11.1.1. Key Facts
11.1.2. Business Description
11.1.3. Products and Services
11.1.4. Financial Overview
11.1.5. SWOT Analysis
11.1.6. Key Developments
11.2. BIOME BIOPLASTICS
11.2.1. Key Facts
11.2.2. Business Description
11.2.3. Products and Services
11.2.4. Financial Overview
11.2.5. SWOT Analysis
11.2.6. Key Developments
11.3. BRASKEM
11.3.1. Key Facts
11.3.2. Business Description
11.3.3. Products and Services
11.3.4. Financial Overview
11.3.5. SWOT Analysis
11.3.6. Key Developments
11.4. MITSUBISHI CHEMICAL HOLDING CORPORATION
11.4.1. Key Facts
11.4.2. Business Description
11.4.3. Products and Services
11.4.4. Financial Overview
11.4.5. SWOT Analysis
11.4.6. Key Developments
11.5. NATUREWORKS LLC
11.5.1. Key Facts
11.5.2. Business Description
11.5.3. Products and Services
11.5.4. Financial Overview
11.5.5. SWOT Analysis
11.5.6. Key Developments
11.6. NOVAMONT S.P.A
11.6.1. Key Facts
11.6.2. Business Description
11.6.3. Products and Services
11.6.4. Financial Overview
11.6.5. SWOT Analysis
11.6.6. Key Developments
11.7. PLANTIC TECHNOLOGIES LIMITED
11.7.1. Key Facts
11.7.2. Business Description
11.7.3. Products and Services
11.7.4. Financial Overview
11.7.5. SWOT Analysis
11.7.6. Key Developments
11.8. TORAY INDUSTRIES, INC.
11.8.1. Key Facts
11.8.2. Business Description
11.8.3. Products and Services
11.8.4. Financial Overview
11.8.5. SWOT Analysis
11.8.6. Key Developments
11.9. TOTAL CORBION PLA
11.9.1. Key Facts
11.9.2. Business Description
11.9.3. Products and Services
11.9.4. Financial Overview
11.9.5. SWOT Analysis
11.9.6. Key Developments
11.10. CARDIA BIOPLASTICS
11.10.1. Key Facts
11.10.2. Business Description
11.10.3. Products and Services
11.10.4. Financial Overview
11.10.5. SWOT Analysis
11.10.6. Key Developments
12. APPENDIX
12.1. ABOUT THE INSIGHT PARTNERS
12.2. GLOSSARY OF TERMS
1. BASF SE
2. Biome Bioplastics
3. Braskem
4. Mitsubishi Chemical Holding Corporation
5. NatureWorks LLC
6. Novamont S.p.A
7. Plantic Technologies Limited
8. Toray Industries, Inc.
9. Total Corbion PLA
10. Cardia Bioplastics
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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