Biodegradable Plastics Market

GMI Research analysis indicates that the Biodegradable Plastic Market size was estimated at USD 5.8 billion in 2021 and is slated to register a double digit CAGR of 10.3% over the period 2022-2029 and is projected to reach USD 12.7 billion in 2029

To have an edge over the competition by knowing the market dynamics and current trends of “Biodegradable Plastics Market”, request for Sample Report here

Market Dynamic

Key Drivers and Emerging Trends

The factors driving the global biodegradable plastics market include increasing demand for biodegradable plastics in the packaging industry to meet societal and environmental demand. There is a high demand for packaging made from biodegradable to be used for wrapping organic food and premium and branded products with requirements. According to the European Bioplastics, in 2019, global production capacities of biodegradable plastics is estimated around 1.17 million tons, with more than 53% of the volume destined for the packaging industry. The various national and regional regulatory approaches to address plastic pollution will boost the biodegradable plastic market during the forecast period. In 2018, United Nations summarized those 127 countries had introduced legislation to regulate plastic bags, 27 countries have banned specific single-use plastics, material, or production levels, and 63 countries have mandates for extended producer responsibility for single-use plastics. For instance, in 2021, the United States Federal lawmaker introduced the break free from plastic pollution Act to curb U.S. plastic pollution.

Restraint in the Biodegradable Plastics Market

However, high cost is associated with biodegradable plastics in comparison to ordinary plastics. This factor can act as a restraint and hamper market growth.

Do you want to know more about the Research process and detailed Methodology, Request Research Methodology of this report

Type – Segment Analysis

Based on the type, the starch blends are anticipated to grow at higher CAGR during the forecast period. Starch is affordable and readily available compared to other organic polymers with additional biodegradability, making it a favored material to develop biodegradable plastics. According to Greenpeace, in 2019, the production capacity of starch blends was approximately 4,50,000 tonnes.

End-Users – Segment Analysis

Based on the end-users, the packaging segment is predicted to grow at higher CAGR during the forecast period. Biodegradable plastics use resources as efficiently as possible while keeping food safe, enduring high heat, reducing CO2, and offering new recovery options. In short, biodegradable packaging offers the same qualities as conventional packaging while exposing much greater sustainability features. According to Greenpeace, in 2019, the packaging is the primary user of biodegradable plastics and accounted for 59% of the biodegradable plastics produced.

In case, any of your pain points areas are not covered in the current scope of this report, Request for Free Customization here

Regional – Segment Analysis:

Based on the region, the Asia Pacific region is expected to grow at a higher CAGR during the forecast period. Companies in Europe and United States have commercialized the production of biodegradable polymers, and production moved to Asia due to the convenience and low cost of feedstock purchase. Many companies such as BASF SE, NatureWorks LLC, among others, have emerged in Asian Countries. For instance, in 2020, BASF SE announced a collaboration with Chinese chemical manufacturer Red Avenue New Material Group to build another 60,000 tonnes plant in Shanghai, China.

Top Market Players

Various notable players operating in the market, include, BASF SE, Novamont S.p.A., NatureWorks LLC, Mitsubishi Chemical Corporation, Biome Bioplastics, Danimer Scientific, Plantic, Dow, Amcor plc, FKuR, among others.

Key Developments:

• • In 2021, Mitsubishi Chemical Corporation announced that their biodegradable compound FORZEAS has earned “OK biodegradable Marine certification. OK biodegradable Marine is a marine biodegradable certification scheme created by TUV Austria, a European institution that certifies biodegradable products. FORZEAS utilizes BioPBS, a biodegradable and plant-driven plastic developed by Mitsubishi Chemical Corporation.
  • In 2020, Dow and Thong Guan introduced a new range of bio-based polyethylene in Asia-Pacific. This marks a landmark in the region’s commercialization of a plastics offering made from renewable feedstock, allowing the manufacturer to produce high-performance plastics while reducing their carbon footprint.

Segments covered in the Report:

The global biodegradable plastics market has been segmented on the basis of type, end-users and regions. Based on type, the market is segmented into starch blends, PLA, PBS/PBAT, and PHS. Based on end-users, the market is segmented into packaging, Consumer Goods, Textile, agriculture, and others.

For detailed scope of the “Biodegradable Plastics Market” report request a Sample Copy of the report

Key questions answered in this research report:

• • At what pace is global biodegradable plastics market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in biodegradable plastics market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global biodegradable plastics market?
  • Which type generated maximum revenues in 2021 and identify the most promising type during the forecast period?
  • What are the various end-users of global biodegradable plastics market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global Biodegradable Plastics Market by Type

• • Starch Blends
  • PLA
  • PBS/PBAT
  • PHS

Global Biodegradable Plastics Market by End-Users

• • Packaging
  • Consumer Goods
  • Textile
  • Agriculture
  • Others

Global Biodegradable Plastics Market by Region

• • North America Biodegradable Plastics Market (Option 1: As a part of the free 25% customization)
    • By Type
    • By End-Users
    • US Market All-Up
    • Canada Market All-Up
  • Europe Biodegradable Plastics Market (Option 2: As a part of the free 25% customization)
    • By Type
    • By End-Users
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Biodegradable Plastics Market (Option 3: As a part of the free 25% customization)
    • By Type
    • By End-Users
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Biodegradable Plastics Market (Option 4: As a part of the free 25% customization)
    • By Type
    • By End-Users
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Biodegradable Plastics (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • BASF SE
  • Novamont S.p.A.
  • NatureWorks LLC
  • Mitsubishi Chemical Corporation
  • Biome Bioplastics
  • Danimer Scientific
  • Plantic
  • Dow
  • Amcor plc
  • FKuR