Press release
Global Biodegradable Plastics Market to Reach $15.26 Billion by 2029, Growing at 17.6% CAGR
Biodegradable Plastics Market Industry
The biodegradable plastics market is primed for growth due to the escalating consumer demand for sustainable products. Such products are those that are crafted, utilized, and manufactured in a manner that minimizes environmental harm, conserves resources, and advocates social responsibility from procurement to disposal. The increasing demand for eco-friendly products can be attributed to heightened environmental consciousness, ethical considerations, and an ambition to lower carbon footprints and endorse earth-friendly actions. Biodegradable plastics are identified as sustainable products on account that they decompose naturally, thus cutting down environmental pollution and diminishing the impact on landfills and ecosystems. For instance, in April 2024, a study of 1,200 US consumers by PDI Technologies, a US software development corporation, witnessed a climb in the percent of consumers ready to pay more for sustainable products, from 68% in 2023 to 80% in 2024. Hence, the escalating demand for sustainable products will propel the biodegradable plastics market.
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What is the future CAGR of the biodegradable plastics market, and how will it impact industry expansion?
The market for biodegradable plastics has seen considerable expansion in the past years. It is projected to increase from $6.79 billion in 2024 to $7.97 billion in 2025, with a compound annual growth rate (CAGR) of 17.4%. Factors contributing to this growth in the historic period include heightened environmental awareness, increased application of biodegradable plastic, and the expansion of emerging markets.
The market for biodegradable plastics is projected to witness substantial expansion in the forthcoming years. It is poised to reach a staggering $15.26 billion valuation by 2029, with an impressive compound annual growth rate (CAGR) of 17.6%. The surge expected in the forecasted period can be credited to the introduction of new products, heightened environmental consciousness, and governmental actions. Key factors that will dominate the forecast period comprise product innovation, the incorporation of antimicrobial technology in biodegradable polymers, the application of lightweight biodegradable plastics, a rise in mergers and acquisitions, the deployment of artificial intelligence, and the adoption of upcycled packaging materials.
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What are the most significant trends transforming the biodegradable plastics market today?
Leading firms in the biodegradable plastics market are prioritizing the development of innovative strategies, such as production conversion technology, to improve the efficiency and standard of biodegradable plastics. Production conversion technology in the field of biodegradable plastics allows traditional plastic production systems to effectively manufacture eco-conscious, compostable substitutes without the need for significant equipment refurbishment. For example, in December 2023, Sulzer, a US-based firm involved in engineering and manufacturing, introduced SULAC Technology, a novel method for converting lactic acid into lactide, an essential component for the creation of polylactic acid (PLA), a type of biodegradable plastic. This technology boosts the efficiency and quality of lactide production, offering PLA producers the opportunity to incorporate new skills into their operations. Sulzer's SULAC technology supports the production of sustainable bioplastics and aligns with international sustainability objectives and the growing demand for environmentally-friendly materials, thereby emphasizing Sulzer's leading role in the bioplastics market.
Which key market segments comprise the biodegradable plastics market and drive its revenue growth?
The biodegradable plastics market covered in this report is segmented -
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
Subsegments:
1) By Polylactic Acid (PLA): Standard PLA, High-Temperature PLA
2) By Polybutylene Adipate Terephthalate (PBAT): Flexible PBAT, Rigid PBAT
3) By Polybutylene Succinate (PBS): Standard PBS, Modified PBS
4) By PHA (Polyhydroxyalkanoates): Medium-Chain Length PHA, Short-Chain Length PHA
5) By Starch Blends: Thermoplastic Starch (TPS), Starch-Based Bioplastics
6) By Other Types: Cellulose-Based Plastics, Protein-Based Plastics, Other Biodegradable Polymers
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What regions are at the forefront of biodegradable plastics market expansion?
North America was the largest region in the biodegradable plastics market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the biodegradable plastics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the leading players fueling growth in the biodegradable plastics market?
Major companies operating 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, UFlex, EsselPropack, Balson Industries, Kingfa Sci. & Tech Co. Ltd, GuangDong Huazhilu Biological Material Co. Ltd, Plantic Technologies Limited, Huhtamaki, Greatview Aseptic Packaging, Shanghai PRECISE Packaging Co, Qingdao Likang Packing, Tidetron, CB Material, Red Avenue New Materials, Bio-On, RadiciGroup, Tetra Pak, GOGLIO, Biochemtex, Mondi Group, Gualapack Group, AVANTIUM N.V, SULAPAC, AMSilk GmBH, CARBIOS, Amcor, Sealed Air, Plastic Suppliers, International Paper, Smurfit Kappa, DS Smith, Green Dot Bioplastics, Kruger Inc, Klabin SA, BioBag, Nova Envirocom Inc, Braskem, Biocycle, Minima, Brazilian Plastics, Rotopak LLC, Gulf East Paper and Plastic Industries LLC, Arabian Packaging LLC, Amber Packaging Industries LLC, Diamond Packaging Industries LLC, Corys Packaging LLC, Astrapak Ltd (RPC Group), Nampak Ltd, Mpact Pty Ltd, Bonpak (Pty) Ltd, bioplastics Egypt, Al Ahram Plastic Co.
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What Is Covered In The Biodegradable Plastics Global Market Report?
•Market Size Forecast: Examine the biodegradable plastics market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the biodegradable plastics market for a structured understanding.
•Key Players Overview: Analyze major players in the biodegradable plastics market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the biodegradable plastics market.
•Segment Contributions: Evaluate how different segments drive overall growth in the biodegradable plastics market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the biodegradable plastics market.
•Industry Challenges: Identify potential risks and obstacles affecting the biodegradable plastics market.
•Competitive Landscape: Review strategic developments in the biodegradable plastics market, including expansions, agreements, and new product launches.
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