The global biodegradable plastic market is driven by rise in environmental concerns. Traditional plastics, derived from fossil fuels, pose a significant threat to the environment due to their non-biodegradable nature. They persist in the environment for hundreds of years, accumulating in landfills, oceans, and other ecosystems, leading to pollution and harm to wildlife. Biodegradable plastics offer a solution by breaking down into natural components through biological processes, reducing their environmental impact.
WILMINGTON, Del., May 8, 2024 /PRNewswire/ -- 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.
Prime determinants of growth
The global biodegradable plastic market is driven by rise in consumer demand for biodegradable plastics. Growth in 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 the market growth. However, high costs of biodegradable plastics are expected to restrain the growth of the biodegradable plastic market.
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Report coverage & details:
Report Coverage
| Details
|
Forecast Period
| 2023-2033
|
Base Year
| 2023
|
Market Size in 2022
| $3.9 billion
|
Market Size in 2032
| $9.1 billion
|
CAGR
| 8.5 %
|
No. of Pages in Report
| 350
|
Segments covered
| Type, Application, and Region.
|
Drivers
| Rise in environmental concerns Growth in regulatory pressures Growth in consumer demand
|
Opportunities
| Rise in corporate sustainability goals Technological Advancements
|
Restraints
| High costs of biodegradable plastic
|
The polylactic acid segment to maintain its lead position during the forecast period.
By type, the polylactic segment accounted for the largest share in 2023, contributing to one-third of the global biodegradable plastic market revenue. Polylactic acid (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 a 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.
The packaging segment to maintain its lead position during the forecast period.
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 in the environment. 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 the accumulation of plastic waste in the environment.
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Asia-Pacific to maintain its dominance by 2033
By region, 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. As a result, there's increasing pressure from consumers, environmental organizations, and policymakers to reduce plastic waste and transition to more sustainable alternatives. Biodegradable plastics offer a promising solution by breaking down into harmless byproducts, thus reducing the environmental burden associated with traditional plastics. Furthermore, the European Union (EU) has implemented stringent regulations and directives aimed at reducing plastic waste and promoting the use of biodegradable materials. For instance, 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 the demand for compliant products.
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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, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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