Biodegradable Plastic Market is expected to reach $12.85 billion by 2030 : Cognitive Market Research

Market Overview:
What are Biodegradable Plastics?
- Plastics that can be broken down by living organisms, typically microorganisms, into carbon dioxide, water, and biomass are known as biodegradable plastics. Biodegradable plastics are frequently made from petrochemicals, microorganisms, renewable raw materials, or mixtures of all three. Some of these plastics are entirely petroleum-based, and not all bioplastics are biodegradable. Due to its environmental advantages over conventional plastics, which are difficult to dispute, biodegradable plastics are thought to be more environmentally benign. This sort of plastic is clearly a better option to reduce environmental pollution, but it still has drawbacks.

Summary:
- The Global Biodegradable Plastic market was valued at $4.71 billion in 2022 and is expected to reach $12.85 billion by 2030, growing at a CAGR of 14.7% from 2023 to 2030.

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Market Dynamics:
• What are the driving factors for the biodegradable plastics market?
The major factors behind the growth of the biodegradable market are rising environmental concerns about plastic usage, rising consumer demand for environmentally friendly products, and government initiatives to reduce plastic usage. Floating plastic waste that can last hundreds of years in water can be used by invasive animals to move and damage habitats. The aforementioned cause is causing the market to grow.
Increasing environmental product development research and development efforts can open up profitable market opportunities. The market's expansion may be hampered by the high cost of biodegradable plastics, though.

Biodegradable Plastic Market Segmentation
Type
• Polyhydroxyalkanoate (PHA)
• Polylactic Acid (PLA)
• Starch-based
• Polybutylene Succinate (PBS)
• Others
Based on type, the market is segmented into, Polylactic Acid (PLA), Starch-based, Polyhydroxyalkanoate (PHA), Polybutylene Succinate (PBS), and others. Starch-based biodegradable plastic holds the largest market share, owing to its low toxicity, and its versatile behavior.

Application
• Textiles
• Consumer Goods
• Building & Construction
• Agriculture & Horticulture
• Packaging
• Others
The market is divided into textiles, building & construction, packaging, consumer goods, agriculture & horticulture, and others based on applications. Of all the applications, the packaging sector is growing at the fastest rate. Biodegradable plastic is being employed in a variety of food packaging applications and has a promising functionality, which is boosting the market's expansion.

The Major Players in Biodegradable Plastic Market are:
BASF, Mitsubishi Chemical, Kuraray, Corbion, Metabolix, NatureWorks, Biome Technologies, Bio-On SpA, Meredian Holdings Group, Tianan Biologic Materials

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Regional Analysis:
Which region is dominating the global biodegradable plastic market?
- According to a CMR study, Europe is the region that contributes most to the market for biodegradable plastic because of the region's strict laws and regulations governing the use of plastic, increased public awareness of plastic waste, and growing demand for bioplastics. Yet, the second-largest market for biodegradable plastic is thought to be in APAC. The market in this region is expanding as a result of the substantial presence of key industry players, expanding technical improvements, and rising research and development efforts for plastic alternatives.

Browse here for Full TOC:
Table of Content (Revenue USD Edition), (Enquire about Volume/Consumption Edition Data)
Chapter 1 Industrial Insight and Market Scope
• 1.1 Global Biodegradable Plastic Industry Introduction
• 1.2 Objectives of the Study
• 1.3 USP of the Report
• 1.4 Who is this report for?
• 1.5 Designing of Market Scope
1.5.1 Biodegradable Plastic Market Segmentation
1.5.1 Biodegradable Plastic Market Regional Fragmentation
1.5.1 Biodegradable Plastic Market Players
• 1.6 Report Duration
• 1.7 List of Stakeholders
Chapter 2 Research Methodology Review Complete Research Methodology
Chapter 3 Executive Summary of Biodegradable Plastic Market
Chapter 4 Global Biodegradable Plastic Market Overview
Chapter 5 Competitive Analysis (Subject to Availability)
Chapter 6 Environmental, Social, and Governance (ESG) Analysis
Chapter 7 Qualitative Analysis
Chapter 8 Company Profiling (Subject to Availability)
Chapter 9 Global Biodegradable Plastic Market by Type Segmentation Analysis (2018-2030)
Chapter 10 Global Biodegradable Plastic Market by Application Segmentation Analysis (2018-2030)
Chapter 11 Global Biodegradable Plastic Market Regional Analysis
• 11.1 Detailed Qualitative Analysis
• 11.2 Global Biodegradable Plastic Market Revenue by Region (2018-2030)
• 11.2 Global Biodegradable Plastic Market Share (%) by Region (2018-2030)
Chapter 12 North America Biodegradable Plastic Market Outlook (2018 - 2030)
Chapter 13 Europe Biodegradable Plastic Market Outlook (2018 - 2030)
Chapter 14 Asia Pacific Biodegradable Plastic Market Outlook (2018 - 2030)
Chapter 15 Latin America Biodegradable Plastic Market Outlook (2018 - 2030)
Chapter 16 Middle East and Africa Biodegradable Plastic Market Outlook (2018 - 2030)
Chapter 17 Research Findings
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