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Biodegradable Plastics Market

Biodegradable Plastics Market

Biodegradable Plastics Market - Global Industry Assessment & Forecast

Number Of Pages # Pages:

180

Base Year:

2022

Date

Jul - 2023

Format:

PDF XLS PPT

Report Code:

VMR-1191

Segments Covered
  • By Product By Product PLA, Starch Based, PHA, PBS, PBAT, Other Products
  • By Application By Application Packaging, Consumer Goods, Agriculture, Other Applications
  • By Region By Region North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Snapshot
Base YearBase Year: 2022
Forecast YearsForecast Years: 2023 - 2030
Historical YearsHistorical Years: 2017 - 2021
Revenue 2022Revenue 2022: USD 7.9 Million
Revenue 2030Revenue 2030: USD 19.5 Million
Revenue CAGRRevenue CAGR (2023 - 2030): 13.8%
Fastest Growing Region Fastest Growing Region (2023 - 2030) Asia Pacific
Largest Region Largest Region (2022): Europe
Customization Offered
  • Cross-segment Market Size and Analysis for Mentioned Segments Cross-segment Market Size and Analysis for Mentioned Segments
  • Additional Company Profiles (Upto 5 With No Cost) Additional Company Profiles (Upto 5 With No Cost)
  • Additional Countries (Apart From Mentioned Countries) Additional Countries (Apart From Mentioned Countries)
  • Country/Region-specific Report Country/Region-specific Report
  • Go To Market Strategy Go To Market Strategy
  • Region Specific Market Dynamics Region Specific Market Dynamics
  • Region Level Market Share Region Level Market Share
  • Import Export Analysis Import Export Analysis
  • Production Analysis Production Analysis
  • Other Others Request Customization Speak To Analyst
Biodegradable Plastics Market Share

The global Biodegradable Plastics Market is valued at USD 7.9 Million in 2022 and is projected to reach a value of USD 19.5 Million by 2030 at a CAGR (Compound Annual Growth Rate) of 13.8% between 2023 and 2030.

Premium Insights

Biodegradable Plastics break down into natural substances like water, carbon dioxide, and biomass when exposed to natural environmental conditions like sunlight, air, and water. These plastics are becoming increasingly popular as a sustainable alternative to traditional plastics that are not biodegradable and can cause significant damage to the environment. Due to the rising demand for sustainable packaging solutions, the Biodegradable Plastics industry is expected to grow significantly in the coming years. The industry is also driven by the increasing focus on decreasing carbon footprint, growing awareness regarding environmental issues, and stringent regulations concerning plastic waste.

Biodegradable Plastics Market Size, 2022 To 2030 (USD Million)

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One of the significant drivers of the Biodegradable Plastics market is the growing demand for eco-friendly and sustainable materials from various industries, such as packaging, textiles, and agriculture. Biodegradable Plastics are preferred over traditional petroleum-based plastics because they do not contribute to the accumulation of plastic waste in landfills or oceans and are less harmful to the environment. Another factor shaping the Biodegradable Plastics market is the increased investment in research and development of new materials and processes that improve the performance and sustainability of Biodegradable Plastics. This includes using renewable resources, such as plant-based compounds, to create bioplastics that have properties like traditional plastics, such as strength, durability, and flexibility.

Economic Insights

Report Coverage & Deliverables

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The transportation of goods can be severely disrupted during a war. Roadblocks, curfews, and other logistical issues can cause significant delays impacting the Biodegradable Plastics industry. The transportation of raw materials, manufacturing equipment, and finished products may be delayed or disrupted depending on the location of the sector. Biodegradable Plastics are made from a variety of raw materials. During a war, the supply chains are disrupted, and access to raw materials can become challenging. This can lead to a shortage of materials which, in turn, can affect the production of these plastics. If the Biodegradable Plastics industry relies on raw materials from Russia or Ukraine, the conflict can cause significant disruption.

Top Market Trends

1. Increased demand for sustainable packaging: With consumers becoming more environmentally conscious, there has been a surge in demand for sustainable packaging solutions. Biodegradable Plastics offer a way to reduce waste and improve the environmental impact of packaging. For example, companies like Starbucks and McDonald's have replaced traditional plastic straws with biodegradable alternatives, reducing plastic waste in the food industry.

2. Development of innovative materials: Researchers and manufacturers are constantly developing new biodegradable materials that are eco-friendlier and more versatile than traditional plastics. These materials are used in various applications, from packaging to medical implants. One example is PHA (Polyhydroxyalkanoate), a biodegradable plastic made from renewable resources like sugarcane and corn. PHA is already used to produce compostable cutlery, food packaging, and biodegradable sutures.

3. Government regulations: Governments are increasingly passing laws and regulations to promote the use of Biodegradable Plastics. For instance, the European Union has set a goal to have all plastic packaging be recyclable or reusable by 2030. Similarly, California has recently passed a law banning single-use plastic straws in restaurants unless requested by customers.

4. Collaboration between companies and organizations: Collaboration between companies and organizations is driving innovation and research into new biodegradable materials and technologies. For example, the Ellen MacArthur Foundation's New Plastics Economy initiative brings together businesses, governments, and other stakeholders to create a circular economy for plastics.

Market Segmentation

The global Biodegradable Plastics market can be categorized as Product, Application, and Region. Based on Product, the market can be categorized into Starch-Based, PLA, PBS, PBAT, PHA, and Other Products. Furthermore, based on Application, the market is sub-segmented into Packaging, Agriculture, Consumer Goods, and Other Applications. Likewise, based on Region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Below tree is interactive. You can click the nodes to get more information.

Based on Product

PLA Product to Mention Maximum Market Share Due to the Rising Demand for Sustainable Packaging

In 2022, the PLA product segment dominated the market. The increasing consumer demand for eco-friendly packaging solutions has propelled the demand for Biodegradable Plastics like PLA. This is due to their ability to decompose naturally in the environment, leading to a reduced carbon footprint. In addition, increasing awareness about the environmental impact of plastic waste has led to a shift towards sustainable and eco-friendly products. Biodegradable Plastics like PLA have gained popularity due to their ability to degrade into harmless components, reducing environmental impact.

Based on Application

Packaging Application to Express Dominion owing to the Sustainable Packaging Solution

In 2022, the food and beverage application segment dominated the market. The increasing demand for sustainable packaging solutions primarily drives the growth factor of the packaging application segment in the Biodegradable Plastics industry. With growing environmental concerns and stringent regulations against non-biodegradable plastic waste, there is a significant shift in consumer preferences towards eco-friendly packaging solutions. In addition, the increasing adoption of biodegradable packaging by various end-use industries, such as food and beverage, pharmaceuticals, and personal care, is also driving the growth of the packaging application segment in the Biodegradable Plastics industry.

Based on Region

Europe to Dominate Global Sales Owing to Favourable Government Initiatives

Some European governments have incentivized the adoption of sustainable materials like Biodegradable Plastics in their policies. For example, the French government has banned single-use plastics in the food industry and encouraged using biodegradable and compostable plastics to replace them. In addition, increasing awareness among the public about the adverse effects of plastic waste disposal on the environment has led to a surge in demand for eco-friendly products. Biodegradable Plastics have gained popularity as environmentally friendly substitutes, driving the market's growth.

The Biodegradable Plastics industry in the Asia Pacific region has seen significant growth in recent years. This is due to increasing environmental concerns about the pollution caused by traditional plastics and the implementation of stringent regulations on their use. Biodegradable Plastics offer a viable solution to this problem as they are designed to break down more quickly and effectively than traditional plastics, reducing their environmental impact. In addition, the Asia Pacific region has also seen significant investment in research and development for Biodegradable Plastics. Companies continually develop new products and technologies to meet the growing demand for sustainable materials. The industry is expected to grow in the coming years, driven by increasing awareness of the environmental impact of traditional plastics and the need for more sustainable alternatives.

Competitive Landscape

Biodegradable Plastics manufacturers provide innovative and sustainable solutions to the global plastic pollution problem. They invest heavily in research and development to create new materials that are environmentally friendly and biodegradable while also having similar properties to conventional plastics. These manufacturers also produce high-quality Biodegradable Plastics in large quantities to meet the growing end-user demand.

The key players in the global Biodegradable Plastics market include - Cargill Incorporated (U.S.), PTT MCC Biochem Co. Ltd. (Thailand), Biome Technologies PLC (UK), Plantic Technologies Ltd. (Australia), BASF SE (Germany), Total Corbion PLA (Netherlands), Synbra Technology BV (Netherlands), Futerro BV (Belgium), Novamont SPA (Italy), NatureWorks LLC (U.S.), Eastman Chemical Company (U.S.), Trineso (U.S.), Danimer Scientific (U.S.), FKuR Kunststoff GmbH (Germany) among others.

Recent Market Developments

  • February 2022: Bioplastics International introduced water-soluble PVA. The material is developed to be used as a replacement to plastics. It can be used for manufacturing water-soluble PVA bags and packaging films. The material is being used in the healthcare sector for drug delivery systems, artificial organs, wound management, and contact lenses owing to its biodegradability, biocompatibility, and non-toxicity.
  • January 2022: Terra Verdae Bioworks Inc. announced the acquisition of PolyFerm Canada. The acquisition is aimed at enhancing the company's PHA technology portfolio. The acquisition enabled the company to develop advanced biodegradable bioplastic products to cater to the growing Biodegradable Plastics market demand for sustainable alternatives to products.
  • January 2022: Vikas Ecotech Limited announced investing in environment-friendly BioPlastics (PHA) technology. The company is also in the process of collaborating with Aurapha Private Ltd. for the manufacturing of Biodegradable Plastics. PHAS would be manufactured using renewable resources and will be bio-degradable in nature.
  • August 2022: Danimer Scientific acquired November, a biodegradable polymer producer. This development will be helpful in the production of PHA-based resins and other biodegradable materials.

Segmentation of the Global Biodegradable Plastics Market

Parameter Details
Segments Covered

By Product

  • PLA
  • Starch Based
  • PHA
  • PBS
  • PBAT
  • Other Products

By Application

  • Packaging
  • Consumer Goods
  • Agriculture
  • Other Applications

By Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

Regions & Countries Covered
  • North America - (U.S., Canada, Mexico)
  • Europe - (U.K., France, Germany, Italy, Spain, Rest Of Europe)
  • Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)
  • Latin America - (Brazil, Argentina, Rest Of Latin America)
  • Middle East & Africa - (GCC Countries, South Africa, Rest Of Middle East & Africa)
Companies Covered
  • Cargill Incorporated (U.S.)
  • PTT MCC Biochem Co. Ltd. (Thailand)
  • Biome Technologies PLC (UK)
  • Plantic Technologies Ltd. (Australia)
  • BASF SE (Germany)
  • Total Corbion PLA (Netherlands)
  • Synbra Technology BV (Netherlands)
  • Futerro BV (Belgium)
  • Novamont SPA (Italy)
  • NatureWorks LLC (U.S.)
  • Eastman Chemical Company (U.S.)
  • Trineso (U.S.)
  • Danimer Scientific (U.S.)
  • FKuR Kunststoff GmbH (Germany)
Report Coverage Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis
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FAQ
Frequently Asked Question
  • The global Biodegradable Plastics valued at USD 7.9 Million in 2022 and is expected to reach USD 19.5 Million in 2030 growing at a CAGR of 13.8%.

  • The prominent players in the market are Cargill Incorporated (U.S.), PTT MCC Biochem Co. Ltd. (Thailand), Biome Technologies PLC (UK), Plantic Technologies Ltd. (Australia), BASF SE (Germany), Total Corbion PLA (Netherlands), Synbra Technology BV (Netherlands), Futerro BV (Belgium), Novamont SPA (Italy), NatureWorks LLC (U.S.), Eastman Chemical Company (U.S.), Trineso (U.S.), Danimer Scientific (U.S.), FKuR Kunststoff GmbH (Germany).

  • The market is project to grow at a CAGR of 13.8% between 2023 and 2030.

  • The driving factors of the Biodegradable Plastics include

    • Growing demand for biodegradable plastics across end-use categories to drive the market growth

  • Europe was the leading regional segment of the Biodegradable Plastics in 2022.