Global Biodegradable Plastics Market Report 2022: Increasing Consumer Awareness Around Eco-Friendly Plastic Options Fuels Growth

DUBLIN, Feb. 22, 2023 /PRNewswire/ -- The "Global Biodegradable Plastics Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 by Product Type, End-User, Region" report has been added to  ResearchAndMarkets.com's offering.

According to this analysis, the Global Biodegradable Plastics Market was valued at ~US$ 5 billion in 2017. It is estimated to be ~US$ 7 billion in 2022 and is forecasted to reach a market size of ~US$ 12 billion by 2028, growing at a CAGR of ~9% due to the shifting consumer preference towards eco-friendly plastic solutions.

Increasing consumer awareness regarding eco-friendly plastic solutions and rising efforts to reduce the use of conventional plastics are expected to drive the biodegradable plastics market growth.

Biodegradable plastics break down faster than conventional plastics and degrade 60% in less than 180 days, compared to traditional plastics which take about 1,000 years to decompose.

Growing piles of garbage and landfills have become a major environmental disaster, with many negative impacts on ecosystem flora and fauna. Growing consumer awareness of the effects encourage the use of biodegradable plastics. Hence, shifting consumer preference toward using environmentally friendly plastic products, driving the market for biodegradable plastics.

The major challenge faced by the market is the high price of biodegradable plastics as compared to traditional polymers. Biodegradable plastics are typically 20-80% more expensive to manufacture than conventional plastics, due to the high polymerization cost of such plastics. Higher costs of these plastics hinder the market growth.

Scope of the Report

The Biodegradable Plastics Market is segmented by Product Type, End-User, and Geography. In addition, the report also covers the market size for each of the five regions' Biodegradable Plastics Market. The revenue used to size and forecast the market for each segment is USD billion.

By Product Type

• Starch Based
• Polylactic acid (PLA)
• Polyhydroxyalkanoates (PHA)
• Polybutylene Adipate Co-terephthalate (PBAT)
• Poly Butylene Succinate (PBS)
• Others

By End-User Segment

• Packaging
• Agriculture
• Consumer Goods
• Textiles
• Healthcare
• Others

By Region

• North America
• USA
• Canada
• Mexico
• Europe
• Germany
• UK
• France
• Spain
• Italy
• Rest of Europe
• Asia Pacific
• China
• Japan
• South Korea
• India
• Indonesia
• AustraliaRest of Asia Pacific
• LAMEA
• Latin America
• Middle East
• Africa

Key Players

• BASF SE
• Belmont Packaging Ltd
• Danimer Scientific
• Eastman Chemical Company
• Mitsubishi Chemical Corporation
• NatureWorks LLC
• Novamont S.P.A
• Plantic
• TORAY INDUSTRIES, Inc
• TotalEnergies Corbion
• PTT Global Chemical Public Company Limited
• FKuR

Key Trends by Market Segment

By Product Type: The starch-based segment held the largest market share in the global biodegradable plastics market in 2021, owing to its wide area of applications such as packaging, automobiles, and agriculture

Starch-based biodegradable plastics are widely used for tires in the automotive industry as it helps in reducing fuel consumption

Rising demand for starch-based bioplastics in the packaging industry due to their low toxicity and versatile behavior. This type of bio-based plastic is the perfect substitute for petroleum-based polymers.

By End-User: The packaging segment held the largest market share in the global biodegradable plastics market in 2021, due to rising consumer demand for durable green packaging materials for food, beverages, and other products.

In the packaging industry, conventional plastics are being replaced by bio-based plastics for making boxes, wraps, cups, and plates, which is supporting the growth of the biodegradable plastic market.

New product launch by the companies positively impacts the biodegradable plastics for the packaging segment. For instance, EnviGreen, an Indian manufacturer of edible and 100% biodegradable plastic bags, innovated 'EnviGreen bags' to have the capability to break down completely in 15 seconds if placed in the boiling water.

By Region: Europeheld the largest market share among all other regions within the Global Biodegradable Plastics Market in 2021, due to high awareness among people toward plastic waste.

A complete ban imposed on single-use plastics by the European government is the major reason for the bio-based plastic materials to grow in the region.

The region is expected to lead the biodegradable plastics market over the forecast period owing to the fast implementation of plastic restriction policies, and the presence of advanced standards and certification systems to check the biodegradability of plastic materials.

Growing economies like China and India have implemented severe regulations on conventional plastics utilization and major manufacturers in the countries are introducing sustainable packaging solutions like bio-based products, which is estimated to drive market growth.

Recent Developments Related to Major Players and Organizations

• In July 2021, Solvay acquired the global coating business of Bayer AG, having facilities in France, Brazil, and the U.S. The acquisition strengthened the sustainable and bio-based solutions in the company's portfolio. The whole product portfolio and research & development projects from Bayer AG have been shifted to Solvay
• In April 2021, NatureWorks announced a new strategic partnership with IMA Coffee, which is a market leader in coffee handling processing and packaging. This partnership aims at increasing the market reach for high-performing compostable K-cup in North America

Conclusion

The global biodegradable plastics market witnessed slow growth for the year 2020, owing to the COVID-19 pandemic. A complete ban on imports and export disrupted the supply chain and hampered the market globally. However, the market condition is expected to get better in 2022, thereby restoring growth over the forecast period. The market is primarily driven by the increasing usage of Biodegradable Plastics in packaging, automotive, and other industries. Though the market is moderately competitive with over ~300 participants, few regional players control the dominant share and country-niche players also hold a significant share.

Frequently Asked Questions

• What is the Study Period of this Market Report?
• The Global Biodegradable Plastics Market is covered from 2017-2028 in this report, which includes a forecast for the period (2022-2028)

What is the Future Growth Rate of the Global Biodegradable Plastics Market?

• The Global Biodegradable Plastics Market is expected to witness a CAGR of ~9% over the next 6 years

What are the Key Factors Driving the Global Biodegradable Plastics Market?

• Rising awareness among the public regarding the ill effects of plastic waste and governments prohibiting the use of single-use plastic are expected to be the primary drivers of this market

Which is the Largest End-User Segment within the Global Biodegradable Plastics Market?

• The packaging segment held the largest market share in the global biodegradable plastics market in 2021

A selection of companies mentioned in this report includes

• Key Players
• BASF SE
• Belmont Packaging Ltd.
• Danimer Scientific
• Eastman Chemical Company
• Mitsubishi Chemical Corporation
• NatureWorks LLC
• Novamont S.p.A.
• Plantic
• TORAY INDUSTRIES, INC.
• TotalEnergies Corbion
• PTT Global Chemical Public Company Limited
• FKuR
• Origin Materials
• Notpla Limited
• Ecovative LLC
• Cocoon
• Cruz
• Foam

For more information about this report visit https://www.researchandmarkets.com/r/y9ppvd

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