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Global Biodegradable Plastics Market to Grow with a CAGR of 20.03% from 2022 to 2032.
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Biodegradable Plastics Market Size by Product (Polybutylene Adipate Terephthalate [PBAT], Polylactic Acid [PLA], Polyhydroxyalkanoates [PHA], Polybutylene Succinate [PBS], Starch Blends, and Others), Application (Consumer Durable, Agriculture, Packaging, Textile, and Others), Regions, Global Industry Analysis, Share, Growth, Trends, and Forecast 2022 to 2030
Leading companies in the industry include PTT MCC Biochem Co., Ltd., Cargill Incorporated, Biome Technologies plc, Synbra Technology BV, Plantic Technologies Limited, Futerro, BASF SE, NatureWorks LLC, Total Corbion PLA, Eastman Chemical Company, Novamont SpA, FKuR Kunststoff GmbH, Danimer Scientific, Trineso, and among others which are offering greater opportunities and are continuously focused on new product developments and venture capital investments to obtain market share.
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The product segment is divided into polybutylene adipate terephthalate [PBAT], polylactic acid [PLA], polyhydroxyalkanoates [PHA], polybutylene succinate [PBS], starch blends, and others. The polylactic acid [PLA] segment led the market with a market share of 26.17% in 2022. This growth is attributed to the increasing flexible packaging industry. The application segment is divided into consumer durable, agriculture, packaging, textile, and others. The packaging segment led the market with a market share of 31.12% in 2022. This growth is attributed to the increasing demand for packaging in the food, beverages, and pharmaceutical sectors.
The eco-friendly nature, rise in consumer adoption of biodegradable plastics, and favorable government policies toward bio-plastic propel the biodegradable plastics market's growth. Further, the stringent regulations and sustainability mandates globally expanded development of new applications, and increased demand for environment-friendly & sustainable packaging solutions among the young generation is helping to stimulate the biodegradable plastics market growth during the forecast period.
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