Global Biodegradable Plastics Market is expected to reach revenue of US$ 12 Billion by 2028: Ken Research

According to Ken Research Analysis, the Global Biodegradable Plastics Market was valued at ~US$ 5 billion in 2017. It is estimated to be ~US$ 7 billion in 2022 and is forecasted to reach a market size of ~US$ 12 billion by 2028, growing at a CAGR of ~9% due to the shifting consumer preference towards eco-friendly plastic solutions.

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Key Growth Drivers

Increasing consumer awareness regarding eco-friendly plastic solutions and rising efforts to reduce the use of conventional plastics are expected to drive the biodegradable plastics market growth.
Biodegradable plastics break down faster than conventional plastics and degrade 60% in less than 180 days, compared to traditional plastics which take about 1,000 years to decompose.
Growing piles of garbage and landfills have become a major environmental disaster, with many negative impacts on ecosystem flora and fauna. Growing consumer awareness of the effects encourage the use of biodegradable plastics. Hence, shifting consumer preference toward using environmentally friendly plastic products, driving the market for biodegradable plastics.
The major challenge faced by the market is the high price of biodegradable plastics as compared to traditional polymers. Biodegradable plastics are typically 20-80% more expensive to manufacture than conventional plastics, due to the high polymerization cost of such plastics. Higher costs of these plastics hinder the market growth.
The COVID-19 pandemic and resulting lockdowns have disrupted supply chains on both supply and demand sides, which negatively impacted many manufacturing and service industries such as consumer goods, packaging, textiles, agriculture, and horticulture. The closure of biodegradable plastic manufacturing plants and the irregular supply of raw materials required for production hindered the industry growth in 2019-2020.

Key Trends by Market Segment

By Product Type: The starch-based segment held the largest market share in the global biodegradable plastics market in 2021, owing to its wide area of applications such as packaging, automobiles, and agriculture.

Starch-based biodegradable plastics are widely used for tires in the automotive industry as it helps in reducing fuel consumption.
Rising demand for starch-based bioplastics in the packaging industry due to their low toxicity and versatile behavior. This type of bio-based plastic is the perfect substitute for petroleum-based polymers.

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By End-User: The packaging segment held the largest market share in the global biodegradable plastics market in 2021, due to rising consumer demand for durable green packaging materials for food, beverages, and other products.

In the packaging industry, conventional plastics are being replaced by bio-based plastics for making boxes, wraps, cups, and plates, which is supporting the growth of the biodegradable plastic market.
New product launch by the companies positively impacts the biodegradable plastics for the packaging segment. For instance, EnviGreen, an Indian manufacturer of edible and 100% biodegradable plastic bags, innovated 'EnviGreen bags' to have the capability to break down completely in 15 seconds if placed in the boiling water.

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By Region: Europe held the largest market share among all other regions within the Global Biodegradable Plastics Market in 2021, due to high awareness among people toward plastic waste.

A complete ban imposed on single-use plastics by the European government is the major reason for the bio-based plastic materials to grow in the region.
The region is expected to lead the biodegradable plastics market over the forecast period owing to the fast implementation of plastic restriction policies, and the presence of advanced standards and certification systems to check the biodegradability of plastic materials.
Growing economies like China and India have implemented severe regulations on conventional plastics utilization and major manufacturers in the countries are introducing sustainable packaging solutions like bio-based products, which is estimated to drive market growth.

Competitive Landscape

The Global Biodegradable Plastics Market is highly competitive with ~300 players, including globally diversified players, regional players, and many country-niche players. Most of the country-niche players are suppliers of raw materials for biodegradable plastics used in various end-user industries.

Regional players control about 45% of the market, while country-niche players hold the second largest share. Some of the major players in the market include BASF SE, Belmont Packaging Ltd., Danimer Scientific, Eastman Chemical Company, Mitsubishi Chemical Corporation, NatureWorks LLC, Novamont S.p.A., Plantic, TORAY INDUSTRIES, INC., TotalEnergies Corbion, PTT Global Chemical Public Company Limited, FKuR, among others.

For more insights on the market intelligence, refer to the link below:-
https://www.kenresearch.com/business-research/global-biodegradable-plastics-market-outlook-2028/

Recent Developments Related to Major Players and Organizations

In July 2021, Solvay acquired the global coating business of Bayer AG, having facilities in France, Brazil, and the U.S. The acquisition strengthened the sustainable and bio-based solutions in the company's portfolio. The whole product portfolio and research & development projects from Bayer AG have been shifted to Solvay.
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.

Conclusion

The global biodegradable plastics market witnessed slow growth for the year 2020, owing to the COVID-19 pandemic. A complete ban on imports and export disrupted the supply chain and hampered the market globally. However, the market condition is expected to get better in 2022, thereby restoring growth over the forecast period. The market is primarily driven by the increasing usage of Biodegradable Plastics in packaging, automotive, and other industries. Though the market is moderately competitive with over ~300 participants, few regional players control the dominant share and country-niche players also hold a significant share.

Note: This is an upcoming/planned report, so the figures quoted here for market size estimate, forecast, growth, segment share, and competitive landscape are based on initial findings and might vary slightly in the actual report. Also, any required customizations can be covered to the best feasible extent for Pre-booking clients and report delivered within a maximum of 2 working weeks.

Ken Research has recently published report titled, Global Biodegradable Plastics Market Size, Segments, Outlook, and Revenue Forecast 2022-2028, market is segmented by Product Type, End-User, and Geography. In addition, the report also covers the market size for each of the five regions' Biodegradable Plastics Market. The revenue used to size and forecast the market for each segment is USD billion.

Market Taxonomy

By Product Type

Starch Based
Polylactic acid (PLA)
Polyhydroxyalkanoates (PHA)
Polybutylene Adipate Co-terephthalate (PBAT)
Poly Butylene Succinate (PBS)
Others

By End-User Segment

Packaging
Agriculture
Consumer Goods
Textiles
Healthcare
Others

By Region

North America
USA
Canada
Mexico
Europe
Germany
UK
France
Spain
Italy
Rest of Europe
Asia Pacific
China
Japan
South Korea
India
Indonesia
Australia Rest of Asia Pacific
LAMEA
Latin America
Middle East
Africa

Key Players

BASF SE
Belmont Packaging Ltd.
Danimer Scientific
Eastman Chemical Company
Mitsubishi Chemical Corporation
NatureWorks LLC
Novamont S.p.A.
Plantic
TORAY INDUSTRIES, INC.
TotalEnergies Corbion
PTT Global Chemical Public Company Limited
FKuR

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