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Biodegradable Plastics Market Exceed Valuation of USD 22.28 Billion with a Potential Growth Rate of 14.20% by 2029

Global Biodegradable Plastics Market

Global Biodegradable Plastics Market

The Biodegradable Plastics Market report includes global market size, demand, consumption, price, import, export, macroeconomic analysis, segment information by product type (Polylactic Acid (PLA), Starch Blends, Biodegradable Polyesters, Polyhydroxyalkanoates (PHA)), application (Packaging and Bags, Consumer Goods, Agriculture and Horticulture, Textile). Industry chain analysis, raw material, and end-user information are also incorporated in this Biodegradable Plastics report.

Biodegradable plastics are made from petroleum and renewable raw materials like corn, wheat, bamboo, and sugarcane. Microorganisms such as fungi and bacteria degrade them into water, biomass, and carbon dioxide (CO2). As a result, they are used in a variety of ways, ranging from flexible packing materials for various food products to extruded, injection-molded in traditional machines.

Recent Development

In February 2020, BASF and the Fabbri Group (Italy) formed a joint venture to develop a sustainable cling film solution for fresh-food packaging. Meat, seafood, and fresh fruits and vegetables will all be wrapped in the film. The Fabbri group will produce it using BASF's Ecovio bioplastic, which will increase demand for biodegradable plastics in packaging applications.

In April 2021, IMA Coffee, a market leader in coffee handling, processing, and packaging, has announced a new strategic partnership with NatureWorks. This collaboration aims to expand North America's market for high-performance compostable K-cups.

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Some of the Major Players Operating in the Biodegradable Plastics Market Are:

BASF SE (Germany)
NatureWorks LLC (U.S.)
TT Global Chemical Public Company Limited (Thailand)
Total Energies (Netherlands)
Novamont S.p.a. (Italy)
Fkur (Germany), Dupont (U.S.)
Biome Bioplastics (U.K.)
Mitsubishi Chemical Holding Corporation (Japan)
Toray Industries Inc., (Japan)
Dow (U.S.)
Plantic (Australia)
TianAn Biologic Materials Co., Ltd. (China)
Danimer Scientific (U.S.)
Evonik Industries AG (Germany)
Eastman Chemical Company (U.S.)
DAIKIN (Japan)
SOLVAY (Belgium)

Market Analysis and Size

Over the last few years, governments have increasingly focused on green procurement policies, which is also acting as a key determinant favoring the growth of the biodegradable plastics market. For instance, the German government announced in 2020 that from July 2021, single-use plastic products such as cutlery, straws, food containers, and other similar products will be prohibited from being sold in the country. Moreover, the various advantages of biodegradable plastic over non-degradable and non-decomposable plastic as non-degradable plastic creates major waste management problems such as water and land air pollution, largely contributing to the expansion of biodegradable plastics market.

Global biodegradable plastics market was valued at USD 7.70 billion in 2021 and is expected to reach USD 22.28 billion by 2029, registering a CAGR of 14.20% during the forecast period of 2022-2029. Over the last few years, governments have increasingly focused on green procurement policies, which is also acting as a key determinant favoring the growth of the biodegradable plastics market. For instance, the German government announced in 2020 that from July 2021, single-use plastic products such as cutlery, straws, food containers, and other similar products will be prohibited from being sold in the country. Moreover, the various advantages of biodegradable plastic over non-degradable and non-decomposable plastic as non-degradable plastic creates major waste management problems such as water and land air pollution, largely contributing to the expansion of biodegradable plastics market.

The Study Is Segmented By Following:

The biodegradable plastics market is segmented on the basis of product type and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product Type

Polylactic Acid (PLA)
Starch Blends
Biodegradable Polyesters
Polyhydroxyalkanoates (PHA)

Application

Packaging and Bags
Consumer Goods
Agriculture and Horticulture
Textile

Biodegradable Plastics Market Regional Analysis/Insights

The biodegradable plastics market is analyzed and market size insights and trends are provided by country, product type and application as referenced above.

The countries covered in the biodegradable plastics market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period of 2022-2029. The market growth over this region is attributed to the high demand for biodegradable plastics due to rising environmental concerns and stringent regulations on petroleum-based plastics within the region.

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COVID-19 Impact on Biodegradable Plastics Market

The coronavirus had an adverse impact on the biodegradable plastics market. The consumer goods, packaging, textiles, agriculture, and horticulture are all industries that use biodegradable plastics, which were all negatively affected by the pandemic. The global suspension of vehicle movement is expected to disrupt the logistics of various companies, affecting market growth over the forecast period. The total shutdown of downstream operations results in high inventory costs. Furthermore, future project delays and investment cuts will have a negative impact on growth. The rapid growth of single-use plastics in the mask and glove industry will have an impact on biodegradable plastics market growth. Delays in key approvals, such as the resolution of new plants due to a travel advisory, currency risks, and weak demand in emerging markets, may stymie growth. The supply chain disruptions led to the reduction in revenue targets of almost 75% of the businesses as per the Institute for Supply Management Research. Moreover, consumer demand has decreased as people are now more focused on removing non-essential expenses from their budgets since the general economic situation of most people has been badly impacted by the outbreak.

Opportunities

Surging Consumer Awareness
Furthermore, rising consumer awareness of eco-friendly plastic solutions and increased efforts to reduce the use of conventional plastics extend profitable opportunities to the market players in the forecast period of 2022 to 2029.

Favourable Regulations and Policies

Additionally, the biodegradable plastic producers have significant growth opportunities in various end-use industries such as electronics, automotive, and medical, thanks to favorable government regulations and a growing focus on eco-friendly plastics for green procurement policies. The biodegradable plastics converters are heavily investing in research and development for eco-friendly plastics in biomedical applications such as screws, stitching materials, and implants, which will further expand the future growth of the biodegradable plastics market.

Restraints/Challenges

High Costs

The high cost of biodegradable plastics is one of the most significant factors impeding the biodegradable plastic market. The increased prices are due to the complex engineering processes as well as the instability of raw materials used in the fabrication of biodegradable plastics.

Issues Associated with Performance

The key performance issues with biodegradable plastics include low heat resistance and low barrier properties to water, air, and oxygen. As a result, penetration in several industries, including automotive and electronics, has been limited. Furthermore, poor mechanical properties such as low tensile and impact strength and processing capabilities are preventing biodegradable plastics from being used in a variety of applications. Biodegradable plastics' limitations pose a significant barrier to market expansion. These performance issues will further challenge the biodegradable plastics market growth rate.

This Biodegradable Plastics market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on Data Bridge Market Research In Biodegradable Plastics market contacts us for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

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Research Methodology: Global Biodegradable Plastics Market

Data collection and base year analysis is done using data collection modules with large sample sizes. The stage includes the obtainment of market information or related data through various sources and strategies. It includes examining and planning all the data acquired from the past advance. It likewise envelops the examination of information inconsistencies seen across different information sources. The market data is analyzed and estimated using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more, please request an analyst call or drop down your inquiry.

The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Patent Analysis, Pricing Analysis, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.

TOC of Global Biodegradable Plastics Market:

Part 01: Executive Summary

Part 02: Scope of the Report

Part 03: Research Methodology

Part 04: Market Landscape

Part 05: Pipeline Analysis

Part 06: Market Sizing

Part 07: Five Forces Analysis

Part 08: Market Segmentation

Part 09: Customer Landscape

Part 10: Regional Landscape

Part 11: Decision Framework

Part 12: Drivers and Challenges

Part 13: Market Trends

Part 14: Vendor Landscape

Part 15: Vendor Analysis

Part 16: Appendix

To check the complete Table of Content click here: @ https://www.databridgemarketresearch.com/toc/?dbmr=global-biodegradable-plastics-market

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