Overview and Scope
Biodegradable plastics are made from petrochemicals that contain biodegradable additives and are degraded into carbon dioxide, water, and biomass by microorganisms. The biodegradable plastics are used in organic waste collection and diversion, food packaging, the agricultural and horticultural sectors, and disposable tableware. These can be used in packing materials, injection-molded products, and others.
Sizing and Forecast
The biodegradable plastics market size has grown rapidly in recent years. It will grow from $5.8 billion in 2023 to $6.83 billion in 2024 at a compound annual growth rate (CAGR) of 17.7%. The growth in the historic period can be attributed to growing concerns for the environment, increasing use of biodegradable plastic and emerging markets growth.
The biodegradable plastics market size is expected to see rapid growth in the next few years. It will grow to $12.88 billion in 2028 at a compound annual growth rate (CAGR) of 17.2%. The growth in the forecast period can be attributed to new product launches, a rise in environmental awareness and government initiatives. Major trends in the forecast period include product innovation, integrating antimicrobial technology in biodegradable polymers, use of biodegradable plastics lightweighting, increasing mergers and acquisitions, use of artificial intelligence and upcycled packaging materials.
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Segmentation & Regional Insights
The biodegradable plastics market covered in this report is segmented –
1) By Type: Polylactic Acid (PLA), Polybutylene Adipate Terephthalate (PBAT), Polybutylene Succinate (PBS), PHA (Polyhydroxyalkanoates), Starch Blends, Other Types
2) By End User: Packaging, Agriculture, Consumer Goods, Others
North America was the largest region in the biodegradable plastics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the biodegradable plastics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
Growth in concerns for the environment is expected to increase the growth of the biodegradable plastics market. The major growing concern for the environment is plastics. The increase in the use of plastics is a growing concern for the environment. In January 2021, according to the data published by the European Environment Agency, the COVID-19 pandemic caused changes in the consumption, waste, and production of plastics. A recent BCG survey involving 3,000 people across eight countries found that in the wake of the pandemic, people were now more concerned about addressing environmental challenges and were committed to changing their own behaviors to advance sustainability. Almost 40% of respondents said they plan to engage in more sustainable behavior in the future. Therefore, growth in concerns for the environment is expected to drive the biodegradable plastics market.
Key Industry Players
Major companies operating in the biodegradable plastics market report are BASF SE, Mitsubishi Chemical Holding Corporation, Kaneka Corporation, Novamont SpA, Corbion N.V. (Total Corbion PLA), Eastman Chemical Company, Danimer Scientific, NatureWorks LLC, Biome Technologies PLC, Fkur Kunstsoff, BioPak, UFlex, EsselPropack, Balson Industries, Kingfa Sci. & Tech Co. Ltd., GuangDong Huazhilu Biological Material Co. Ltd., Plantic Technologies Limited, Huhtamaki, Greatview Aseptic Packaging, Shanghai PRECISE Packaging Co, Qingdao Likang Packing, Tidetron, CB Material, Red Avenue New Materials, Bio-On, RadiciGroup, Tetra Pak, GOGLIO, Biochemtex, Mondi Group, Gualapack Group, NOVAMONT S.p.A, AVANTIUM N.V, SULAPAC, AMSilk GmBH, CARBIOS, Amcor, Sealed Air, Plastic Suppliers, International Paper, Smurfit Kappa, DS Smith, Green Dot Bioplastics, Kruger Inc., Klabin SA, BioBag, Nova Envirocom Inc., Braskem, Biocycle, Minima, Brazilian Plastics, Rotopak LLC, Gulf East Paper and Plastic Industries LLC, Arabian Packaging LLC, Amber Packaging Industries LLC, Diamond Packaging Industries LLC, Corys Packaging LLC, Astrapak Ltd (RPC Group), Nampak Ltd., Mpact Pty Ltd., Bonpak (Pty) Ltd., bioplastics Egypt, Al Ahram Plastic Co.
The biodegradable plastics market report table of contents includes:
1. Executive Summary
2. Biodegradable Plastics Market Characteristics
3. Biodegradable Plastics Market Trends And Strategies
4. Biodegradable Plastics Market – Macro Economic Scenario
5. Global Biodegradable Plastics Market Size and Growth
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31. Biodegradable Plastics Market Other Major And Innovative Companies
32. Global Biodegradable Plastics Market Competitive Benchmarking
33. Global Biodegradable Plastics Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Biodegradable Plastics Market
35. Biodegradable Plastics Market Future Outlook and Potential Analysis
36.Appendix
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