From Crisis to Solution: Biodegradable Plastics Market - A Sustainable Answer to Plastic Pollution

Biodegradable Plastics Market to reach over USD 31.53 billion by the year 2031 - Exclusive Report by InsightAce Analytic

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Biodegradable Plastics Market Size, Share & Trends Analysis Report By Types (polylactic acid (PLA), starch blends,

polyhydroxyalkanoates (PHA), biodegradable polyesters [polycaprolactone (PCL), polybutylene adipate terephthalate (PBAT), Polybutylene succinate (PBS)]), End-user (packaging [rigid packaging, flexible packaging], consumer goods [electrical appliances, domestic appliances, and others], textiles [medical & healthcare textile, personal care, clothes & other textiles], agriculture & horticulture [tapes & mulch films])- Market Outlook And Industry Analysis 2031"

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The biodegradable plastics market is poised for significant growth, with a projected compound annual growth rate (CAGR) of 18.25%. By 2031, it's expected to reach a substantial value of USD 31.53 billion, indicating a bright future for this eco-friendly alternative.

Biodegradable polymers offer a solution to the global plastic waste issue. Unlike traditional plastics, they can be broken down by ambient bacteria under specific conditions. This makes them easily disposable through composting or industrial processes, and suitable for innovative applications in the food and agriculture industries.

Several factors are driving market expansion. Government regulations banning single-use plastics and a growing public awareness of plastic pollution are creating a strong push for sustainable alternatives. Additionally, the increasing use of bioplastics in agriculture and packaging is fueling segment growth.

Consumers are also willing to pay a premium for eco-friendly options like biodegradable plastics. However, some challenges remain. Not all biodegradable plastics decompose quickly, often requiring specific temperature and humidity conditions. Additionally, the decomposition process of certain biopolymers can release harmful greenhouse gases.

These limitations act as potential barriers to market growth. Further research and development are needed to create faster-decomposing bioplastics with minimal environmental impact.

List of Prominent Players in the Biodegradable plastics Market:
• ABMcomposite
• Agrana
• Akro-Plastic
• ALPLA Werke Alwin Lehner GmbH & Co KG
• Amcor limited
• Anellotech, Inc.
• AVA Biochem
• Avani Eco
• BASF (Germany)
• Biobent Polymers
• Biome Bioplastics (UK)
• Biome Technologies
• Bio-On
• BIOplastics
• Biosphere Plastic LLP
• Braskem
• Carbiolice
• Cardia Bioplastics
• Danimer Scientific
• Eastman Chemical Company
• Eranova
• Fkur Kunstsoff (Germany)
• FlexSea
• Floreon Transforming
• Futerro
• Genecis Bioindustries
• Green Dot Bioplastics
• Ingevity
• Kruger Inc.
• Mitsubishi Chemical Holding Corporation (Japan)
• Mondi Group
• NatureWorks (US)
• NEC Corporation
• Newlight Technologies
• Novamont (Italy)
• Polymateria
• Plantic Technologies (Australia)
• Plastic Suppliers Inc.
• PTT MCC Biochem
• Sphere
• Succinity
• Synbra Technology
• TECNARO GmbH
• TerraVerdae Bioworks Inc
• Tianan Biologic Materials
• Toray Industries (Japan)
• Total Corbion (Netherlands)
• Venvirotech
• Yield10 Bioscience, Inc.
• Zhejiang Hisun Biomaterials

Market Dynamics:
Drivers-
The healthcare sector is anticipated to have a growth in industry adoption. These are employed in various applications, including synthetic biology, dentistry, medication delivery systems, orthopedic devices, and wound care. Because it is biocompatible and dissolves naturally in the body, PLA is frequently employed in medicinal applications.

But when e-commerce grew throughout the epidemic, there was a rise in the need for packaging-related goods. During the forecast period, the market for biodegradable plastics is anticipated to grow, propelled by elements including supporting governmental laws, advantageous environmental policies, and rising environmental concerns.

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Challenges:
Market expansion is anticipated to be restricted by degradable plastics' high cost. The increased production costs of biodegradable plastics would be much higher than those of fossil fuels, and it has a detrimental impact on demand. The development of feedstock price trends significantly impacts how much biodegradable polymers cost to produce.

Regional Trends:
The North American region market is projected to register a tremendous market share. Due to the increased demand for microbial packaging in the food and consumer products industries, the U.S. market is anticipated to grow significantly over the projected period. Compared to traditional plastics, bio bags and bio-based plastics have a higher tensile strength, are more environmentally friendly, and are easier to use.

As a result, it is anticipated that during the projection period, demand for biodegradable plastics will increase. Besides, Asia Pacific had a substantial share of the market. Market participants have built new manufacturing facilities to meet the area's growing demand for biodegradable plastic. Consumers are gravitating more and more toward buying sustainable goods.

The uptake of biodegradable products in the area is boosted by a notable rise in customers' environmental awareness, favorable environmental protection laws, and informed customers with a considerable money supply. During the forecast period, factors such as technological advancement and sizable investments in the research & development of biodegradable plastics are anticipated to
provide growth possibilities.

Recent Developments:
• In April 2021-new strategic alliance with Nature Works was launched by IMA Coffee, a world leader in the handling, processing, and packaging coffee. This partnership aims to increase the market for high-performance biodegradable K-cups in North America.

• In February 2020-A joint venture between BASF and the Fabric Group (Italy) was established to provide a sustainable cling film alternative for fresh food packaging. Fresh fruits, vegetables, meat, and seafood will all be wrapped in the film. It will be created by the Fabric company utilizing Ecevit bioplastic from BASF, raising the need for biodegradable plastics in packaging applications.

Segmentation of Biodegradable plastics Market-
Based on the type:
• Polylactic acid (PLA)
• Starch Blends
• Polyhydroxyalkanoates (PHA)
• Biodegradable Polyesters
o Polycaprolactone (PCL)
o Polybutylene adipate terephthalate (PBAT)
o Polybutylene succinate (PBS)
• Other Types
o Regenerative Cellulose
o Cellulose Derivative

Based on the end-use industry:
• Packaging
o Rigid Packaging
o Flexible Packaging
• Consumer Goods
o Electrical Appliances
o Domestic Appliances
o Others
• Textiles
o Medical & Healthcare Textile
o Personal care, clothes and other textiles
• Agriculture & Horticulture
o Tapes & Mulch Films
o Others

By Region-
North America-
• The US
• Canada
• Mexico

Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe

Asia-Pacific-
• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific

Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-

• GCC Countries
• South Africa
• Rest of Middle East and Africa

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This release was published on openPR.