Biodegradable Plastics Market Growth Fueled by Demand for Sustainable Packaging Solutions.

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Biodegradable Plastics Market- by Type (Polylactic Acid (PLA), Starch Blends, Polyhydroxyalkanoates (PHA), Biodegradable Polyesters [Polycaprolactone (PCL), Polybutylene Adipate Terephthalate (PBAT), Polybutylene Succinate (PBS)], and Other Types [Regenerative Cellulose, Cellulose Derivative]), End-Users (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, and Others]), Trends, Industry Competition Analysis, Revenue and Forecast To 2030."

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According to the latest research by InsightAce Analytic, the global Biodegradable Plastics market is valued at US$ 7.17 Billion in 2021, and it is expected to reach US$ 65.92 Billion by 2030, with a CAGR of 28% during a forecast period of 2022-2030.

Biodegradable polymers are produced using petroleum and renewable resources such as corn, wheat, bamboo, and sugarcane.They are broken down by fungi, bacteria, and other microorganisms into biomass, carbon dioxide, and water (CO2). They are therefore utilised in a number of applications, from flexible packaging for different food goods to extruded and injection-moulded in conventional machinery. A plant-based plastic known as biodegradable has no adverse environmental effects, and it takes a reasonable length of time for it to break down in base compounds spontaneously. The search for innovative, environmentally friendly products has been sparked by increased environmental rules, public concern, and growing awareness. Biodegradable plastic can close this massive divide between the people and the government, and these polymers can be disposed of in a secure and environmentally friendly way.

The market for biodegradable plastics is therefore anticipated to be driven by growing environmental concerns. Governments are putting more emphasis on green procurement practices, which is also a major factor promoting the expansion of the biodegradable plastics industry. In the horticultural and agriculture sectors, biodegradable polymers are also used to create mulching films and plant pots. The primary forces propelling market expansion include this, as well as the expanding usage of agricultural goods in the expanding food and beverage (F&B) business, increased use in food packaging and biodegradable bag applications, and the quickly expanding glass industry. The industry is anticipated to rise as more biodegradable polymers are used in packaging and agriculture. The forecast period presents lucrative prospects for market participants due to growing consumer awareness of environmentally friendly plastic alternatives and increased attempts to limit the use of traditional plastics.

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North America is anticipated to be the major contributor to the Biodegradable Plastics market over the forecast years. The increased demand for biodegradable plastics in this region is related to rising environmental concerns and stringent controls on petroleum-based plastics within the region. In addition, the Asia Pacific Biodegradable Plastics market is expected to grow significantly during the forecast period because raw materials are readily available in the region. Furthermore, rising awareness of biodegradable plastics as a potential alternative to traditional plastics increases market demand across the area.

Major market players operating in the Biodegradable Plastics market include
Novamont (Italy), Biome Bioplastics (UK), Mitsubishi, BASF (Germany), NatureWorks (US), Total Corbion (Netherlands), Chemical Holding Corporation (Japan), Fkur Kunstsoff (Germany), Amcor Limited (Switzerland), Mondi Group (UK), Kruger Inc. (Canada), Toray Industries (Japan), Plantic Technologies (Australia), Danimer Scientific (US), and others.

Recent collaborations and agreements in the market:
• In April 2021, NatureWorks announced a new strategic relationship with IMA Coffee, an industry leader in coffee handling, processing, and packaging. This alliance intends to grow the market for high-performance biodegradable K-cups in North America.
• In February 2020, BASF and the Fabbri Group (Italy) forged a partnership to provide a sustainable cling film solution for fresh-food packaging. The video will be wrapped around meat, fish, and fresh fruits and vegetables. The Fabbri group will manufacture it with BASF's Ecovio bioplastic, increasing the demand for biodegradable polymers in packaging applications.

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Market Segments
Global Biodegradable Plastics Market, by Type, 2022-2030 (Value US$ Mn)
• Polylactic acid (PLA)
• Starch Blends
• Polyhydroxyalkanoates (PHA)
• Biodegradable Polyesters
o Polycaprolactone (PCL)
o Polybutylene adipate terephthalate (PBAT)
o Polybutylene succinate (PBS)
• Other Types
• Regenerative Cellulose
• Cellulose Derivative
Global Biodegradable Plastics Market, by End-Users, 2022-2030 (Value US$ Mn)
• 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 & other textiles
• Agriculture & Horticulture
o Tapes & Mulch Films
o Others
Global Biodegradable Plastics Market, by Region, 2022-2030 (Value US$ Mn)
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa
North America Biodegradable Plastics Market, by Country, 2022-2030 (Value US$ Mn)
• U.S.
• Canada
Europe Biodegradable Plastics Market, by Country, 2022-2030 (Value US$ Mn)
• Germany
• France
• Italy
• Spain
• Russia
• Rest of Europe
Asia Pacific Biodegradable Plastics Market, by Country, 2022-2030 (Value US$ Mn)
• India
• China
• Japan
• South Korea
• Australia & New Zealand
Latin America Biodegradable Plastics Market, by Country, 2022-2030 (Value US$ Mn)
• Brazil
• Mexico
• Rest of Latin America
Middle East & Africa Biodegradable Plastics Market, by Country, 2022-2030 (Value US$ Mn)
• GCC Countries
• South Africa
• Rest of Middle East & Africa

Why should buy this report:
 To receive a comprehensive analysis of the prospects for the global Biodegradable Plastics market
 To receive an industry overview and future trends of the Biodegradable Plastics market
 To analyze the Biodegradable Plastics market drivers and challenges
 To get information on the Biodegradable Plastics market value (US$Mn) forecast to 2030
 Significant investments, mergers & acquisitions in the Biodegradable Plastics market industry

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InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.

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This release was published on openPR.