Press release
Biodegradable Plastics Industry Growth Outlook: 17.2% CAGR and $14.9 Billion by 2029
Biodegradable Plastics Market Size
What Is the Long-Term Growth Forecast for the Biodegradable Plastics Market Size 2025?
In recent years, the biodegradable plastics market has seen swift expansion. It is projected to increase from $6.79 billion in 2024 to a staggering $7.89 billion in 2025, achieving a compound annual growth rate (CAGR) of 16.2%. The significant growth during the historical period can be accredited to burgeoning environmental concerns, escalating usage of biodegradable plastic, and the expansion of emerging markets.
What CAGR is Forecasted for the Biodegradable Plastics Market Through 2029?
The market for biodegradable plastics is projected to experience accelerated expansion in the forthcoming years, with its valuation predicted to reach $14.9 billion by 2029, a projection compounded by an annual growth rate of 17.2%. Factors fueling this growth during the forecast period are the introduction of new products, heightened environmental consciousness, and government-led initiatives. Other notable trends during the prediction period are innovation in products, integrating antimicrobial capabilities into biodegradable polymers, the employment of lightweight biodegradable plastics, a surge in mergers and acquisitions, the application of artificial intelligence, and the use of upcycled packaging materials.
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What Are the Critical Factors Driving Biodegradable Plastics Market Development?
The biodegradable plastics market is set to benefit from increased consumer interest in sustainable goods. These products, designed to lessen their ecological impact through conscientious sourcing, production, and disposal processes, are seeing higher demand due to a surge in environmental awareness, ethical concerns, and commitment to reducing carbon footprints and endorsing green practices. Biodegradable plastics, which decompose naturally, contribute to lowering environmental pollution and lessening the burden on landfills and ecosystems. Furthermore, a study conducted by PDI Technologies, a U.S. software development firm, in April 2024 revealed the share of consumers ready to pay more for sustainable products soared from 68% in 2023 to 80% in 2024. Hence, burgeoning consumer preference for sustainable goods is expected to boost the biodegradable plastics industry.
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How Does the Biodegradable Plastics Market Break Down Across Major Segments?
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
What Are the Major Trends Transforming the Biodegradable Plastics Industry?
Leading corporations within the field of biodegradable plastics are concentrating on technological advancements such as production conversion. This is intended to boost the quality and effectiveness of biodegradable plastics. Using production conversion technology, traditional plastic production systems can effectively manufacture compostable, environmentally-friendly alternatives without needing significant equipment modifications. To illustrate, Sulzer, an engineering and manufacturing company located in the US, revealed SULAC Technology in December 2023. This unique procedure transforms lactic acid into lactide, a vital component in creating polylactic acid (PLA), a type of biodegradable plastic. This process boosts the quality and efficiency of lactide production, allowing PLA manufacturers to incorporate new abilities into their operations. By facilitating the production of sustainable bioplastics, SULAC Technology is aligned with global sustainability objectives and the growing demand for green materials. This, in return, fortifies Sulzer's dominant position in the biodegradable plastics market.
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Which Players Are Driving Innovation 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.
Which Regions Are Driving Global 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.
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