Press release
Biodegradable Plastics Market is anticipated to grow at a CAGR of 25% in the forecast period to reach USD 43.95 billion by 2029
Biodegradable Plastics Market Overview:The global biodegradable plastic market is in the introductory phase of the industry life cycle and is expected to explore new growth opportunities during the coming years. Some of the basic factors driving the demand for the market include governmental initiatives to eliminate single use plastic and strict regulatory outlook against the use of conventional plastic products. Industry trends are shifting toward biobased products to reduce dependence on conventional plastics. Moreover, most of the manufacturers in industries such as packaging, textile and agriculture are shifting toward biobased plastic due to stringent regulations from the government. Such factors are largely impacting the biodegradable plastic market growth.
The global biodegradable plastic market was valued at USD 5.9 billion in 2020 is expected to reach USD 43.95 billion by 2029, growing at a CAGR of 25% from 2022-2029.
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Biodegradable Plastics Market Key Players
The study of the growth of the top market player for in the target sector includes new projects with speculative returns, innovations and study of the accessibility of companies. some of the profiled players are Cargill Incorporated, Mitsubishi Chemical Corporation and NatureWorks, Biome, Plantic, BIO-ON, Danimer Scientific, Novamont S.p.A., TORAY INDUSTRIES, INC., NatureWorks LLC, BASF SE, Total Corbion PLA, Perstorp, K.D. FEDDERSEN, UrthPact, LLC, Indochine Bio and Others
Recent Developments
In April 2021, NatureWorks announced a new strategic partnership with IMA Coffee, which is a market leader in coffee handling processing and packaging. This partnership aims at increasing the market reach for high-performing compostable K-cup in North America.
In February 2020, BASF and Fabbri Group (Italy) formed a joint venture to develop a sustainable solution for cling film used in fresh-food packaging. The film will be used in wrapping meat, seafood, and fresh fruits & vegetables. It will be made by the Fabbri group with BASF's Ecovio bioplastic and will boost the demand for biodegradable plastics in packaging applications.
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Biodegradable Plastics Market Segmentation:
Biodegradable Plastics Market by Type, 2020-2029, (USD Million) (Kilotons)
PLA
Starch Blends
PHA
PBAT
PBS
Biodegradable Polyesters
Biodegradable Plastics Market by End Use Industry, 2020-2029, (USD Million) (Kilotons)
Packaging
Consumer Goods
Textile
Agriculture & Horticulture
Growth Factors:
Increasing demand from the Biodegradable Plastics industries
The growing use of Biodegradable Plastics in Chemical and Material Sectors.
Rising demand for products
Technological advancements in production processes
Growing applications in Biodegradable Plastics Market
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Biodegradable Plastics Market Regional Analysis
Geographically, this report is segmented into several key regions, with sales, revenue, market share and growth Rate of Fiberglass Storage Tank (Fiberglass Tank) Professional in these regions, from 2022-2029, covering
North America (United States, Canada and Mexico)
Europe (Germany, UK, France, Italy, Russia and Turkey etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
Key Biodegradable Plastics Market Trends
- The report identifies, determines, and forecasts the Global Biodegradable Plastics Market segments based on their type, sub-type, technology used, applications, end-users, and regions.
- Industry to Industry Holds Largest Share in the Biodegradable Plastics Market
- It examines the micro-markets based on their growth trends, development patterns, future prospects, and contribution to the overall market.
- Demand from Regional / geographical is expected to drive the Growth
- Rising Adoption of Market Segments in the Biodegradable Plastics Growth
- It studies the competitive developments such as partnerships and collaborations, mergers and acquisitions (M&A), research and development (R&D) activities, product developments, and expansions in the Global Biodegradable Plastics Market.
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