Biodegradable Plastics Market Forecast Report 2023-2028: Changing Consumer Preference Toward Eco Friendly Plastic Products and Increasing Use of Packaging and Compostable Bags

DUBLIN, Nov. 21, 2023 /PRNewswire/ -- The "Biodegradable Plastics Market by Type (PLA, Starch Blends, PHA, Biodegradable Polyesters), End Use Industry (Packaging, Consumer Goods, Textile, Agriculture & Horticulture), and Region - Global Forecast to 2028" report has been added to  ResearchAndMarkets.com's offering.

The Biodegradable plastic market is projected to reach USD 20.9 billion by 2028, at a CAGR of 21.3% from USD 7.9 billion in 2023. The combination of environmental concerns, regulatory actions, consumer demand, corporate sustainability efforts, and advancements in biodegradable plastics technology are driving the adoption and use of biodegradable plastics.

Packaging application accounted for the fastest growth during the forecast period

Packaging is the largest end-use industry of biodegradable plastics. Increasing environmental regulations and changing lifestyles of consumers have increased the demand for biodegradable plastics in the packaging industry. The high durability and impermeability to water has encouraged plastic usage in packaging. Food & beverage manufacturers are increasingly switching to biodegradable plastics to mitigate environmental and economic issues. In many regions, especially Europe and North America, stringent governmental regulations are forcing industries to reduce their carbon footprint, which has increased the demand for bio-based products.

PLA biodegradable plastic is expected to be the largest type during the forecast period, in terms of value

PLA) is a biodegradable plastic that has gained significant attention and popularity in recent years. PLA has a wide range of applications, including packaging materials, disposable cutlery, food containers, films, fibers, and 3D printing filaments. It offers good clarity, strength, and printability, making it suitable for various uses. PLA's biodegradability and renewable nature make it a promising alternative to conventional plastics.

Based on region, Asia Pacific is the second fastest growing market for biodegradable plastic in 2022, in terms of value

Based on region, Asia Pacific is a key market to produce biodegradable plastics. The availability of low-cost raw materials and labor, coupled with growing awareness among people, makes the region an attractive investment destination for biodegradable plastic manufacturers. The rising population, urbanization, and industrialization are some of the factors that will drive the biodegradable plastic market in this region.

Key Topics Covered:

Executive Summary

• PLA Biodegradable Plastics to Witness Fastest-Growth in Type
• Packaging to Lead Overall Market During Forecast Period
• Europe to be Fastest-Growing Market During Forecast Period

Premium Insights

• Attractive Opportunities for Players in Biodegradable Plastics Market - Europe to Witness High Growth in Biodegradable Plastics Market During Forecast Period
• Europe: Biodegradable Plastics Market, by End-Use Industry and Country - Packaging Segment and Germany Led Market in Europe
• Biodegradable Plastics Market, by Type - PLA Biodegradable Plastics to Register Highest CAGR During Forecast Period
• Biodegradable Plastics Market, by End-Use Industry - Packaging to Lead Market by 2028
• Biodegradable Plastics Market, by Region - India to Register Highest CAGR in Biodegradable Plastics Market

Market Dynamics

Drivers

• Changing Consumer Preference Toward Eco Friendly Plastic Products
• Increasing Use of Packaging and Compostable Bags
• Government Focus on Green Procurement Policies and Regulations

Restraints

• Higher Price of Biodegradable Plastics Compared to Conventional Plastics

Opportunities

• Development of New Applications
• High Potential in Emerging Economies of Asia-Pacific

Challenges

• Performance Issues
• Expensive and Complex Production Process
• Limited Regulations Related to Biodegradable Plastics in Emerging Economies

Technology Analysis

• Enzymatic Recycling of Polybutylene Adipate Terephthalate
• PHA Biodegradable Bioplastic
• Biodegradable Plastic Made from Red Fruit
• 3D Printing of Polybutylene Adipate Terephthalate
• Biomedical Applications of Polybutylene Adipate Terephthalate

Case Study Analysis

• Ecovio, a Biodegradable Polyester Developed by BASF SE
• Adoption of PBAT Resin to Produce Bags
• Development of Polyhydroxyalkanoates by Danimer Scientific

Company Profiles

• Agrana
• Basf Se
• Bio-On
• Bio-Fed
• Biome Bioplastics
• Carbiolice
• Danimer Scientific
• Eastman Chemical Company
• Fkur Kunststoff GmbH
• Futerro
• Green Dot Bioplastics
• Ingevity
• Mitsubishi Chemical Group Corporation
• Natureworks LLC
• Novamont
• Plantic Technologies
• Ptt Mcc Biochem
• Sphere
• Succinity
• Synbra Technology
• Tianan Biologic Materials
• Totalenergies Corbion
• Toray Industries
• Yield 10 Bioscience
• Zhejiang Hisun Biomaterials

For more information about this report visit https://www.researchandmarkets.com/r/r6cy1z

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