Press release
Biodegradable Plastics Market: Remarkable Growth and Opportunities, CAGR at 17.6%, Projections for 2024-2029
Biodegradable Plastics Market Size
What Is The Projected Market Size Of The Global Biodegradable Plastics Market And Its Growth Rate?
The biodegradable plastics market has been showing a substantial growth in recent years, greatly influenced by growing awareness towards environment preservation and increasing application of biodegradable plastic. Highlighting key market statistics:
* The market value in 2024 was $6.79 billion, which is projected to reach $7.97 billion in 2025 with a CAGR of 17.4%.
* Expected to accelerate rapidly, the market size is calculated to grow to $15.26 billion by 2029 with a CAGR of 17.6% during the forecast period.
* Major growth drivers include new product launches, increasing environmental awareness, and government initiatives.
What Is Driving The Growth In The Biodegradable Plastics Market?
Rapid surge in consumer demand for sustainable products significantly drives the growth of the biodegradable plastics market. The increasing consciousness regarding environmental issues and a desire to reduce carbon footprints have resulted in increased preference for goods that have minimal environmental impact, conserve resources, and support social responsibly throughout their lifecycle. Biodegradable plastics, which break down naturally reducing environmental pollution and impact on landfills and ecosystems, are regarded as sustainable products. For instance, a survey conducted by PDI Technologies revealed that the percentage of US consumers willing to pay a premium for sustainable products increased from 68% in 2023 to 80% in 2024. Hence, a growing demand for such products will continue to drive the biodegradable plastics market.
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Who Are the Key Players Driving Biodegradable Plastics Market Growth?
Key players influencing growth in the biodegradable plastics market include:
- BASF SE
- Mitsubishi Chemical Holding Corporation
- Kaneka Corporation
- Novamont SpA
- Corbion N.V. (Total Corbion PLA)
- Eastman Chemical Company
- Danimer Scientific
- NatureWorks LLC
- Biome Technologies plc,
- Fkur Kunstsoff
- BioPak among many others.
What Are The Key Trends In The Biodegradable Plastics Market?
Key trends that will shape the growth of the biodegradable plastics market include:
- Product innovation
- Integrating antimicrobial technology in biodegradable polymers
- Usage of biodegradable plastics for lightweighting
- Increasing mergers and acquisitions
- Implementation of artificial intelligence
- Utilization of upcycled packaging materials.
What Are The Segments Of The Global Biodegradable Plastics Market?
Segments providing opportunities for growth in the Biodegradable Plastics Market:
1) By Type: Polylactic Acid (PLA), Polybutylene Adipate Terephthalate (PBAT), Polybutylene Succinate (PBS), PHA (Polyhydroxyalkanoates), Starch Blends, Other Types
2) By End User: Packaging, Agriculture, Consumer Goods, Others
Which Region Leads The Biodegradable Plastics Market?
In 2024, North America was the largest contributor to the biodegradable plastics market. However, Asia-Pacific is expected to be the fastest-growing region during the forecast period. The report covers various regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Biodegradable Plastics Market Global Market Report?
- Market Size Analysis: Analyze the Biodegradable Plastics Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Biodegradable Plastics Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Biodegradable Plastics Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Biodegradable Plastics Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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