Press release
Biodegradable Plastics Market Projected To Surpass USD 9.55 Billion By 2030 | CAGR: 9.8%
Biodegradable Plastics Market
The increasing environmental concerns and investments by governments in environmental protection and energy optimization programs drive the growth of the market. An increase in disposable income of consumers coupled with rising demand for fast-moving consumer goods and significant growth in e-commerce has increased the application of biodegradable plastics in packaging.
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Europe is expected to grow at a significant rate during the forecast period. There has been greater use of biodegradable plastics in the packaging and consumer goods sectors in the region. Rising environmental awareness, stringent government regulations, and the introduction of programs to support the adoption of biodegradable and sustainable materials across various industries support the plastics industry growth in this region.
Consumers in the region are also turning toward sustainable solutions due to greater awareness and high purchasing power. Industry players in the region are developing innovative and environmentally friendly solutions to address the growing industry demands.
The packaging segment accounted for a major share in 2021. The increasing population, rising environmental concerns, and stringent regulations aimed at reducing packaging waste augment industry growth. Increasing demand for sustainable packaging solutions, growing retail industry, modern retail practices, and increasing initiatives taken by retailers to improve logistics and distribution efficiency further support the growth of this segment. The increasing need to minimize industrial packaging will offer growth opportunities during the forecast period.
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The COVID-19 outbreak has impacted the biodegradable plastics industry owing to operational challenges, transportation delays, and travel restrictions. The automotive and agriculture industries have been severely affected by the pandemic and have experienced disruption of the supply chain and workforce impairment. However, greater use of medical equipment and growth in e-commerce during the pandemic maintained steady market demand. Some trends expected to drive the industry growth post COVID-19 include the adoption of eco-friendly and sustainable materials, supportive government regulations, and favorable environmental policies.
Biodegradable Plastics Market Report Highlights
• Polylactic Acid (PLA) accounted for a significant share in 2021 owing to its wide use in packaging, agriculture, and textiles
• The packaging segment contributed majorly to the market revenue owing to increasing disposable income of consumers, growth in e-commerce platforms, and concerns regarding packaging waste
• Europe is expected to grow at a significant rate during the forecast period on account of increasing environmental concerns and stringent government regulations
• The biodegradable plastics industry is highly competitive owing to the existence of large market players with global presence including Amcor Limited, BASF, BioGreen, Cargill Incorporated, Cereplast Inc., Eastman Chemical Company, Mitsubishi Chemical Holding Corporation, and NatureWorks
Biodegradable Plastics Market Report with depth TOC@ https://www.polarismarketresearch.com/industry-analysis/biodegradable-plastics-market
Polaris Market Research has segmented the biodegradable plastics market report based on type, end-use industry, and region:
Biodegradable Plastics, Type Outlook (Revenue - USD Billion, 2018 - 2030)
• Polylactic Acid [PLA]
• Polybutylene Succinate [PBS]
• Starch Blends, Polybutylene Adipate
Terephthalate [PBAT]
• Polyhydroxyalkanoates [PHA]
• Others
Biodegradable Plastics, End-Use Industry Outlook (Revenue - USD Billion, 2018 - 2030)
• Packaging
• Textile
• Consumer Goods
• Agriculture
• Others
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