Biodegradable Plastics Market worth $20.9 billion by 2028
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07 Jul, 2023, 03:00 ET
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CHICAGO, July 7, 2023 /PRNewswire/ -- The report "Biodegradable Plastics Market by Type (PLA, Starch Blends, PHA, Biodegradable Polyesters), End Use Industry (Packaging, Consumer Goods, Textile, Agriculture & Horticulture), and Region (APAC, Europe, NA, South America, MEA) - Global Forecast to 2028", is projected to reach USD 20.9 billion by 2028, at a CAGR of 21.3% from USD 7.9 billion in 2023.
The Biodegradable plastic market is driven by the demand for green based plastics in various industries, including packaging, consumer goods, textiles, and agriculture & horticulture among other end-use industries. The biodegradable plastics market includes both bio-based biodegradable plastics and synthetic/petrochemical-based biodegradable plastics. The market is witnessing significant growth across the world due to the increasing awareness and stringent government regulations about the use of non-biodegradable plastics.
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"PLA based biodegradable plastic is projected to grow at fastest CAGR, in terms of value, during the forecast period."
PLA is the most used type of biodegradable plastic. As the world becomes more aware of the environmental impact of traditional plastics derived from fossil fuels, there has been a growing demand for sustainable and eco-friendly alternatives. PLA offers a solution by reducing dependence on non-renewable resources and minimizing plastic waste. There is a growing demand for eco-friendly packaging, disposable cutlery, food containers, and other consumer goods made from biodegradable materials. PLA satisfies this demand by offering a renewable and biodegradable alternative to conventional plastics.
"Consumer goods is projected to be the second largest application type in the biodegradable plastic market, in terms of value."
Consumer goods are the second-largest end-use industry of biodegradable plastics. The major consumer goods considered under this segment are electrical appliances, domestic appliances, and others. The major consumer goods manufacturers are shifting their focus from traditional plastics to biodegradable plastics to reduce the negative impact on the environment. Biodegradable plastics are used for manufacturing consumer goods such as touchscreen computer casings, loudspeakers, mobile casings, and vacuum cleaners.
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"Europe is expected to be the fastest growing market for biodegradable plastics during the forecast period, in terms of value."
Europe is the largest consumer of biodegradable plastics. The packaging industry is the largest end-use industry of biodegradable plastics in Europe. The political and economic conditions have also driven the market penetration of these products. The EU Commission has focused on the Lead Markets Initiative, where bioplastics has been identified as one of the most important potential markets. The strict government norms and economic conditions have also driven the biodegradable plastics market. These factors have been responsible for developing biodegradable plastics, with collaborative research, in the region.
New product launches and expansions are the major growth strategies adopted by the key players in the market. The key global players in the biodegradable plastics market include BASF (Germany), NatureWorks (US), Total Corbion (Netherlands), Novamont (Italy), Biome Bioplastics (UK), Mitsubishi Chemical Holding Corporation (Japan), Toray Industries (Japan), Plantic Technologies (Australia), Danimer Scientific (US), and Fkur Kunstsoff (Germany).
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