Biodegradable Plastics Market Insights Emerging Opportunities in Industry by 2033

Allied Market Research published a report titled "Biodegradable Plastic Market by Type (Polylactic Acid (PLA), Polybutylene Adipate Terephthalate (PBAT), Polybutylene Succinate (PBS), Polyhydroxyalkanoates (PHA), Starch Blends, and Others), and Application (Packaging, Agriculture, Consumer Durable, Textile, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2033." According to the report, the biodegradable plastic market was valued at $3.9 billion in 2023 and is estimated to reach $9.1 billion by 2033, growing at a CAGR of 8.8% from 2023 to 2033.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 𝐨𝐟 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰: https://www.alliedmarketresearch.com/request-sample/6136

Prime Determinants of Growth

The global biodegradable plastic market is driven by rising consumer demand for biodegradable plastics. Increasing awareness among consumers about environmental issues has led to a shift in preferences toward eco-friendly products. Many consumers are actively seeking biodegradable alternatives to traditional plastics, particularly for single-use items such as packaging, utensils, and bags. Manufacturers and retailers are responding to this demand by incorporating biodegradable plastics into their product lines, thus driving market growth. However, the high costs of biodegradable plastics are expected to restrain the market's growth.

Key Drivers

- Rise in environmental concerns
- Growth in regulatory pressures
- Increase in consumer demand

Opportunities

- Rise in corporate sustainability goals
- Technological advancements

Restraints

- High costs of biodegradable plastic

Market Segment Insights

By Type

The polylactic acid (PLA) segment held the largest share in 2023, contributing to one-third of the global biodegradable plastic market revenue. PLA is a biodegradable polymer made from renewable resources such as corn starch or sugarcane. As concerns about plastic pollution and environmental sustainability rise, there is growing demand for alternatives to traditional petroleum-based plastics. PLA's ability to break down into harmless byproducts under certain conditions makes it attractive for various applications, particularly in single-use products such as packaging and food containers.

By Application

The packaging segment accounted for the largest market share in 2023, contributing to more than three-fifths of the global biodegradable plastic market revenue. Packaging is a major contributor to plastic pollution, as most of it ends up in landfills or as litter. Consumers, governments, and businesses are increasingly aware of the environmental impact of traditional plastic packaging and are seeking more sustainable alternatives. Biodegradable plastics offer a solution by breaking down into natural components, reducing plastic waste accumulation in the environment.

Regional Insights

Asia-Pacific

Europe held the highest market share in terms of revenue in 2023, accounting for more than two-fifths of the biodegradable plastic market and is projected to register the highest CAGR of 8.7% during the forecast period. Europe has been at the forefront of environmental awareness and action, with strong public concern over plastic pollution and its impact on ecosystems. Increasing pressure from consumers, environmental organizations, and policymakers to reduce plastic waste and transition to more sustainable alternatives drives the market. The European Union (EU) has implemented stringent regulations aimed at reducing plastic waste and promoting biodegradable materials. For example, the EU's Single-Use Plastics Directive restricts the sale and use of certain single-use plastic products, while the Circular Economy Action Plan sets targets for recycling and waste reduction. These regulations create a favorable market environment for biodegradable plastics and drive demand for compliant products.

Leading Market Players

- BASF SE
- NatureWorks
- Total Corbion
- Novamont
- Biome Bioplastics
- Mitsubishi Chemical Holding Corporation
- Toray Industries
- Plantic Technologies
- Danimer Scientific
- Fkur Kunstsoff

The report provides a detailed analysis of these key players in the global biodegradable plastic market. These players have adopted different strategies such as new product launches, collaborations, expansions, joint ventures, agreements, and others to increase their market share and maintain dominant positions in different regions. The report is valuable in highlighting business performance, operating segments, product portfolios, and strategic moves of market players to showcase the competitive scenario.

𝐎𝐛𝐭𝐚𝐢𝐧 𝐑𝐞𝐩𝐨𝐫𝐭 𝐃𝐞𝐭𝐚𝐢𝐥𝐬: https://www.alliedmarketresearch.com/biodegradable-plastic-market

Contact:

David Correa

United States

1209 Orange Street,

Corporation Trust Center,

Wilmington, New Castle,

Delaware 19801 USA.

Int'l: +1-503-894-6022

Toll Free: +1-800-792-5285

Fax: +1-800-792-5285

help@alliedmarketresearch.com

About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

This release was published on openPR.