Growing Sustainability Initiatives Propel the Global Biodegradable Plastic Market to 2030
DUBLIN, July 28, 2023 /PRNewswire/ -- The "Biodegradable Plastics Market, Size, Global Forecast 2023-2030, Industry Trends, Share, Growth, Insight, Impact of Inflation, Company Analysis" report has been added to ResearchAndMarkets.com's offering.
The global biodegradable plastic market is projected to achieve significant growth, reaching a value of $14.43 Billion by 2030, with a steady compound annual growth rate (CAGR) of 13.38%. In 2022, the market was valued at $5.28 Billion, indicating the rapid expansion and adoption of biodegradable plastics worldwide.
Biodegradable plastics, which degrade via microbial action, have gained popularity through extensive research and development. Industries are investing in sustainable production methods using renewable resources to foster growth. System dynamics modeling is used for market analysis to predict future trends and project global production capacity by 2030.
Public awareness of plastic pollution is driving the demand for improved plastic management, leading to increased usage of bio-based and biodegradable plastics. Governments around the world are enacting legislation to limit single-use plastics and support eco-friendly alternatives. Customers' willingness to spend more for biodegradable plastics is also contributing to market expansion. These bioplastics are finding applications in diverse sectors like packaging, water, beverages, insulation materials, and specialty materials, offering promising opportunities for sustainable solutions globally.
Important advances in biodegradable plastics are being driven by concerns about plastic pollution and environmental preservation. Research to improve their attributes and capabilities, such as toughness and adaptability, is among the most significant advancements. Regulatory activities worldwide are incentivizing and restricting biodegradable substitutes, expanding their market. Consumer demand for sustainability and awareness, coupled with a willingness to pay more for eco-friendly solutions, is driving growth. Collaboration among industry players fosters innovation and market expansion.
Improved waste management infrastructure, including composting facilities and advanced recycling technologies, aids in proper disposal and management. Technological developments like bio-based feedstocks have enabled the use of biodegradable plastics in more applications. Investor funding for research and commercialization initiatives demonstrates the robust market potential. Many nations aim to achieve net-zero emissions globally to prevent a global warming disaster, and businesses are prioritizing sustainable solutions. All necessary packaging materials, from food products to finished items, may be swapped out for biodegradable plastics, contributing to a more sustainable future. The Global Biodegradable Plastics Market was valued at $5.28 Billion in 2022.
Plastics made from PLA are quickly gaining momentum in the Biodegradable Plastics market.
By Material Type, the global biodegradable plastics market is segmented into PBAT, PBS, PLA, PHA, Starch blends, and others. Polylactic acid (PLA), made from plant materials like sugarcane or cornstarch, is an environmentally acceptable substitute for conventional plastics. Its biodegradability and low carbon footprint make it appealing for a variety of uses, such as disposable cutlery, food containers, packaging, and 3D printing. Enterprises and consumers favor PLA due to its versatility and environmentally acceptable qualities.
The market demand for PLA products is growing as sustainability becomes a priority and governments and industries focus on reducing plastic waste. With advancements in PLA production techniques and increasing consumer awareness about environmental issues, the adoption of PLA plastics is expected to continue expanding. This trend not only contributes to a more sustainable future but also creates potential for new product development and a greener, more responsible plastic sector.
Moreover, Starch has gained popularity as a material for developing biodegradable plastics due to its affordability and widespread availability compared to other natural polymers. Starch blends have been developed to enhance degradability and reduce costs. While only partially biodegradable, these starch blends serve as a sustainable substitute for traditional plastics in various industries. With their biodegradability and reduced environmental impact, they contribute to a greener approach.
The packaging industry is pushing the demand for biodegradable polymers.
By Application, the global biodegradable plastics market is divided into Packaging, Agriculture, Consumer goods, and Others. Packaging is a key driver for biodegradable plastics, meeting the growing demand for sustainable alternatives. Biodegradable plastics offer natural degradation and waste reduction, addressing concerns about traditional plastic's environmental impact.
They find applications in food containers, bags, wraps, trays, and bottles, delivering comparable functionality and product protection. Consumer preference for eco-friendly options supports the adoption of biodegradable packaging, enhancing brand reputation and customer loyalty. Government restrictions drive the eco-friendly industry, while material and manufacturing advancements improve biodegradable packaging's performance, such as barrier characteristics and compostability. As sustainability becomes a global issue, the need for biodegradable packaging will rise, decreasing waste and fostering a more sustainable future.
The future of the French biodegradable plastic market looks promising, with upcoming trends and advancements expected to shape the landscape.
The global biodegradable plastics market includes several countries, including the United States, Canada, France, Germany, the United Kingdom, Italy, the Netherlands, Spain, China, South Korea, Japan, India, Indonesia, Malaysia, Argentina, Brazil, Mexico, Colombia, Saudi Arabia, Australia, South Africa, Israel, and the United Arab Emirates.
Due to client demand and environmental goals, France's biodegradable plastic business is predicted to flourish. The country's dedication to sustainability will result in a cleaner future and higher use of biodegradable plastics. Government assistance in the form of incentives, subsidies, and restrictions will boost industrial expansion and encourage technical and manufacturing advances.
Companies Mentioned:
- Total Corbion
- Mitsubishi Chemical Holding Corporation
- Toray Industries
- BASF SE
- Green Dot Bioplastics
- Amcor Limited
- HelloFresh
Key Topics Covered:
1. Introduction
2. Research & Methodology
3. Executive Summary
4. Market Dynamics
5. Biodegradable Plastics
6. Share Analysis
7. Material Type
8. Applications Market
9. Country - Global Biodegradable Plastic Market have been covered from all the 23 Countries:
10. Porter's Five Analysis - Global Biodegradable Plastics Market
11. SWOT Analysis - Global Biodegradable Plastics Market
12. Company Analysis
For more information about this report visit https://www.researchandmarkets.com/r/igb1uq
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