Description
Biodegradable Plastics market to surpass USD 12.62 billion by 2030 from USD 3.83 billion in 2020 at a CAGR of 12.67% in the coming years, i.e., 2021-30.
Product Overview
Biodegradable plastics are also known as eco-friendly plastics with no adverse impact on the environment. It degrades in a reasonable amount of time in natural base compounds. As a result, biodegradable plastic is composed up of molecules that can degrade naturally due to the action of microorganisms. Polylactic acid (PLA), Polybutylene adipate terephthalate (PBAT), Polybutylene Succinate (PBS), Polyhydroxyalkanoates (PHA), and starch blends are some of the most common biodegradable plastics.
Market Highlights
Biodegradable Plastics market is expected to project a notable CAGR of 12.67% in 2030
One of the main reasons driving the market’s growth is governments banning the use of single-use plastics, as well as growing public awareness of the negative impacts of plastic waste. Increased usage of biodegradable plastics in packaging and agriculture is also expected to contribute to market development.
Biodegradable Plastics Market: Segments
Starch Blends segment to grow with the highest CAGR during 2020-30
Biodegradable Plastics Market is segmented by Type PLA, Starch Blends, Biodegradable Polyesters, PHA, Others Among these the starch-based segment is expected to lead the market in terms of revenue and volume throughout the forecast period. End-use sectors such as packaging, cars, and agriculture utilize starch-based plastics.
Packaging and bags segment to grow with the highest CAGR during 2020-30
Biodegradable Plastics market is segmented by Application into Packaging & Bags, Consumer Goods, Agriculture & Horticulture, Textile, Others. Among these Packaging and bags is the largest and fastest-growing biodegradable plastics end-use industry. Diaper banking, adult incontinence products, and landfill covers are some of the emerging biodegradable plastics use in the packaging industry. With many new goods on the way, the usage of biodegradable plastics in packaging is anticipated to grow even further.
Market Dynamics
Drivers
Increasing use of biodegradable plastic in automotive industry
Due to a growing need for lightweight materials, the automobile industry has been compelled to abandon petroleum plastic in favor of biodegradable plastics in order to reduce carbon emissions and preserve the environment. The biodegradable plastics market is projected to increase as a result of the rising usage of biodegradable plastics in the automobile sector.
Government initiatives and public awareness
One of the key factors driving the biodegradable plastics market growth is government restrictions on the use of single-use plastic, along with a growing public awareness of plastic waste’s negative impact. Increases in the usage of biodegradable plastics in packaging and agriculture are also predicted to contribute to the industry’s growth.
Restraint
Difficulty in decomposing
Despite their environmental benefits, biodegradable plastics have significant drawbacks. Because there is no apparent distinction between conventional and biodegradable plastics, segregation is a major drawback. The presence of conventional plastic in biodegradable plastic landfills might cause decomposition difficulties. Furthermore, not all biodegradable plastics degrade quickly in the natural environment, since they demand a certain moisture and temperature condition. Some biodegradable plastics emit greenhouse gases during decomposition, which is harmful to the environment and restrains market growth.
Biodegradable Plastics Market: Key Players
NatureWorks
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
BASF
Total Corbion PLA
Mitsubishi Chemical
Biome Bioplastics
Plantic Technologies
Bio-On
Danimer Scientific
Novamont S.p. A
Toray Industries
Global Biodegradable Plastics Market: Regions
Global Biodegradable Plastics market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, and the Middle East, and Africa. In 2019, Europe was the most important regional market for biodegradable plastics. Over the forecast period, the market is expected to grow due to increased public awareness about plastic waste and the European Union’s ban on single-use plastics. On the other hand, Asia Pacific is anticipated to become the world’s fastest-growing market. Rising disposable income and rising living standards in developing nations such as China and India are expected to boost the regional market growth. Also, the cheap availability of raw materials required to produce biodegradable plastics is associated with the rise of the biodegradable plastics market in APAC.
Global Biodegradable Plastics market is further segmented by region into:
North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, and Rest of Europe
Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – China, Japan, Australia, and Rest of APAC
Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA
Biodegradable Plastics report also contains analysis on:
Biodegradable Plastics Market Segments:
By Types
PLA
Starch Blends
Biodegradable Polyesters
PHA
Others (Cellulose Derivatives and Regenerated Cellulose)
By Application
Packaging & Bags
Consumer Goods
Agriculture & Horticulture
Textile
Others (Automotive and Building & Construction)
Biodegradable Plastics Market Dynamics
Biodegradable Plastics Market Size
Supply & Demand
Current Market Trends/Issues/Challenges
Competition & Companies Involved in the Market
Value Chain of the Market
Market Drivers and Restraints
Biodegradable Plastics Market Report Scope and Segmentation
Report Attribute Details
Market size value in 2021 USD 4.31 billion
Revenue forecast in 2030 USD 12.62 billion
Growth Rate CAGR of 12.67% from 2021 to 2030
Base year for estimation 2020
Quantitative units Revenue in USD billion and CAGR from 2021 to 2030
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments covered Type, Application, End-user, and Region
Regional scope North America; Europe; Asia Pacific; Latin America; Middle East & Africa (MEA)
Key companies profiled NatureWorks, BASF, Total Corbion PLA, Mitsubishi Chemical, Biome Bioplastics, Plantic Technologies, Bio-On, Danimer Scientific, Novamont S.p. A, Toray Industries, and Other Prominent Players.
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