Global Biodegradable Plastic market is forecasted to reach a market size of ~US$ 12 billion by 2028: Ken Research

What Is the Size of Global Biodegradable Plastic Industry?

Global Biodegradable Plastic market is growing at a CAGR of ~% in 2017-2022 and is expected to reach ~USD Bn by 2028F. The Biodegradable Plastic Market is largely driven by Increasing consumer awareness regarding eco-friendly plastic solutions and rising efforts to reduce the use of conventional 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.

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 COVID-19 pandemic has 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.

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Global Biodegradable Plastic Market By Product Type

The Global Biodegradable Plastic market is segmented by Product type into Starch Based, Polylactic acid (PLA), Polyhydroxyalkanoates (PHA), Polybutylene Adipate Co-terephthalate (PBAT), Poly Butylene Succinate (PBS) and Others. The starch-based segment held the largest market share in the global biodegradable plastics market in 2022, owing to its wide area of applications such as packaging, automobiles, and agriculture.

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.

Global Biodegradable Plastic Market By End-User

The Global Biodegradable Plastic Market is segmented by End-User into Packaging, Agriculture, Consumer Goods, Textiles, Healthcare and Others. The packaging segment held the largest market share in the global biodegradable plastics market in 2022, 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. For instance, EnviGreen, an Indian manufacturer of edible and 100% biodegradable plastic bags, launched 'EnviGreen bags' which have the capability to break down completely in 15 seconds if placed in the boiling water.

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Global Biodegradable Plastic Market By Geography

The Global Biodegradable Plastic market is segmented by geography into North America, Europe, Asia- pacific and LAMEA. Europe held the largest market share among all other regions within the Global Biodegradable Plastics Market in 2022, 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.

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

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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

For more insights on the market intelligence, refer to below link:-

https://www.kenresearch.com/business-research/global-biodegradable-plastics-market-outlook-2028/

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Ken Research is a Market Research and Consulting Firm, based out of India, Indonesia and UAE. Since 2011, we have been assisting clients globally with our Syndicate and Bespoke Market Research and Advisory Services.

This release was published on openPR.