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The global biodegradable plastic market was valued at USD 4.8 billion in 2022 and is expected to grow at a CAGR of 9.75% from 2023 to 2030. The market is driven by government initiatives against single-use plastics, increased public awareness of plastic waste issues, and a growing preference for eco-friendly alternatives. The use of biodegradable plastics in packaging and agriculture is also contributing to market growth. Despite these positive trends, challenges such as the difficulty in segregating conventional and biodegradable plastics, specific environmental requirements for decomposition, and the release of greenhouse gases during decomposition pose hurdles to market expansion.
The U.S. biodegradable plastics market is anticipated to grow significantly, driven by the demand for bio-based packaging in the food and consumer goods sectors. Consumers are increasingly preferring biodegradable plastics due to their eco-friendly nature. The market is expected to experience a notable rise over the forecast period.
Starch-based plastics accounted for over 41.3% of the market share in 2022. The starch-based segment is projected to dominate both in terms of value and volume, followed by PLA. The use of starch-based plastics in packaging, automobiles, and agriculture contributes to their prominence. Despite the environmental advantages of biodegradable plastics, challenges such as the need for specific environmental conditions for decomposition and the release of greenhouse gases during the process may hinder overall market growth.
PHA is expected to register significant growth, particularly in medical applications such as drug encapsulation and medical implants. Other applications include compost bags, agriculture foil and films, and packaging for food and beverages, supporting the global growth of PHA.
Packaging accounted for over 60.3% of the market share in 2022, making it the largest application segment for biodegradable plastics. The replacement of conventional plastics in food packaging, such as boxes, wraps, cups, and plates, is driving the growth of biodegradable plastics in the packaging sector. The agriculture sector also holds a significant share, with the use of biodegradable mulch film promoting water conservation and weed suppression.
Europe dominated the global biodegradable plastics market in 2022, with a revenue share exceeding 43.15%. The region's high awareness of plastic waste and the European Union's ban on single-use plastics contribute to market growth. Asia Pacific is expected to emerge as the fastest-growing market, fueled by rising disposable income and improving living standards in countries like China and India.
Competition in the market varies across regions, with Europe and North America having medium competition due to a larger number of players. In contrast, the Asia Pacific region experiences low competitive rivalry. Key market players, including Cargill Incorporated, PTT MCC Biochem Co., Ltd., and Biome Technologies plc, are investing heavily in research and development to introduce innovative and environmentally friendly biodegradable plastic products.
Several key players have made significant announcements and partnerships to advance biodegradable plastic technologies, addressing concerns related to decomposition and microplastics. Examples include BASF's Biodegradation and Microplastics Center of Excellence and TotalEnergies Corbion's collaboration with Bluepha Co. Ltd. to accelerate the adoption of PLA/PHA-based solutions in the Chinese market.
· Starch Based
· PLA
· PBS
· PBAT
· PHA
· Others
· Packaging
· Agriculture
· Consumer Goods
· Others
· North America
· U.S.
· Canada
· Mexico
· Europe
· Germany
· France
· U.K.
· Italy
· Spain
· Asia Pacific
· China
· India
· Japan
· South Korea
· Central & South America
· Brazil
· Middle East & Africa
· Saudi Arabia
· Cargill Incorporated
· PTT MCC Biochem Co., Ltd.
· Biome Technologies plc
· Plantic Technologies Limited
· BASF SE
· Total Corbion PLA
· Synbra Technology BV
· Futerro
· Novamont SpA
· NatureWorks LLC
· Eastman Chemical Company
· Trineso
· Danimer Scientific
· FKuR Kunststoff GmbH
· BASF opened a Biodegradation and Microplastics Center of Excellence in June 2023.
· TotalEnergies Corbion and Bluepha Co. Ltd. signed an MoU in May 2023 to accelerate the adoption of PLA/PHA-based solutions in China.
· NatureWorks hosted a ceremony in February 2023 for the construction of an Ingeo PLA manufacturing complex in Thailand.
· The report provides a detailed overview, covering market size, revenue forecasts, growth rates, and key market trends from 2018 to 2030, offering valuable insights for industry stakeholders and decision-makers.
The global biodegradable plastic market was valued at USD 4.8 billion in 2022.
The global market is projected to grow at a CAGR of 9.75% during the forecast period, 2023-2030.
Research on the market is done by industry professionals who provide personalized insights on the industry structure, market segmentation, Type assessment, competitive landscape (CL), along with penetration, and emerging trends. In addition to years of professional experience in their various fields and sectors, their analysis is largely based on primary interview (60%) and secondary research (40%) as well as years of professional experience. In addition, our researchers forecast the market's direction over the following seven years by examining past trends and the market's current position. Additionally, various trends of segments and categories that are geographically portrayed are studied and estimated using primary and secondary research.
The key level executives (VP, CEO, Marketing Directors, and Business Development Managers) of the major industry participants who are active and prominent as well as mid-scale businesses operating in this market were interviewed in-depth for this supply-side report by overall Global Market Research.
Extensive primary research was conducted to gain a deeper grasp of the market and industry. Both primary and secondary research, as well as years of pertinent professional experience, are used to support the analysis. By analyzing past and present market patterns, our experts were able to forecast the market's course over the following seven years. For the geographically offered categories in the list of market tables, it differs per category. In connection with the Global Market research report, we also conducted a number of primary interviews with senior level executives (VP, CEO's, Directors, Marketing Directors, Business Development Managers, CFOs, Technical Consultants, Key Opinion Leaders, Industry Experts, Decision Matrix Authorities, and other crucial individuals) of the key industry players who dominated the Global market.
The primary purpose of secondary research was to gather, identify, and validate the information necessary for the thorough, technical, market-focused, and commercial analysis of the global market. With the use of this study, it was also possible to classify and segment the market in accordance with market trends, geographic markets, and regional considerations linked to market type. Analysts have gathered data in the Distribution Channel for the study of the market from reliable sources including annual reports, journals, white papers, corporate presentations, company websites, international organizations of Energy and Power manufacturers, credible paid databases, and many others to gather reliable intel.
Both top-down and bottom-up methodologies were employed to assess the accuracy of the global market size. The market for as a whole was estimated using these methods for a number of different dependent submarkets. Secondary research was used to address the major industry players, and primary and secondary research was used to calculate their market shares in the various regions. This complete intellectual process includes reading the annual and financial reports of the top market participants and conducting in-depth interviews with top industry executives (VP, CEO, Marketing Directors, and Business Development Managers) to gain important industry insights.
Through reliable secondary sources and validated primary sources, the classification of the global markets and their geographic percentage splits were established. To obtain the final qualitative and quantitative data, all relevant variables that might have an impact on the market under investigation have been taken into consideration, inspected in great depth, verified through primary research, and assessed. This information was collected, added to, and thoroughly examined by professional analysts before being provided in this report. The process used to estimate the overall market size for this study is depicted in the following image as an example.
Report Code :
RL65472
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