Global Biodegradable Plastic market is growing at a CAGR of ~9% by 2028: Ken Research

Competition Scenario In Global Biodegradable Plastic Market

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.

What Is the Expected Future Outlook for the Overall Global Biodegradable Plastic Market Across the Globe?

The Global Biodegradable Plastic market was valued at USD ~billion in 2022 and is anticipated to reach USD ~billion by the end of 2028F, witnessing a CAGR of ~% during the forecast period 2022-2028F. The realistic growth scenario represents the most likely scenario as per current market conditions. This scenario assumes that there will be no overall impact on the market due to any potential COVID-19 waves in the future.

The Global Biodegradable Plastic market is driven by factors such as increasing consumer awareness regarding eco-friendly plastic solutions and rising efforts to reduce the use of conventional plastics. However, the market is also constantly being influenced by rapid development in technology, product innovation, and diversification in some countries.

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Mergers and acquisitions have also impacted the Global Biodegradable Plastic market. For instance, 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. Furthermore, 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.

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.

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.