DELRAY BEACH, Fla., Oct. 25, 2024 /PRNewswire/ -- The report "Biodegradable Plastics Market by Type (PLA, Starch Blends, PBAT, PHA, PBS), End-Use Industry (Packaging, Consumer Goods, Textiles, Agriculture & Horticulture), and Region- Global Forecast to 2029", biodegradable plastics market size is projected to grow from USD 12.92 billion in 2024 to USD 33.52 billion by 2029, registering a CAGR of 21.3% during the forecast period.
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220 - Tables
54 - Figures
180 - Pages
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The biodegradable plastics market is experiencing significant growth due to increasing demand from various major economies for different applications in different end use industries such as packaging, consumer goods, textiles, agriculture & horticulture and other end use industries as well. Growing economies in Asia Pacific region and stricter environmental regulations and the need for sustainable practices are driving industries to adopt advanced technologies to modify and make better biodegradable plastics. Additionally, the rapid expansion of packaging industry, which require biodegradable plastics in various applications, is further propelling the market.
PHA (Polyhydroxyalkanoates) type, is expected to have second highest CAGR in terms of value & volume during the forecast period.
PHA type biodegradable plastics is expected to have second highest CAGR of 22.0% in terms of value during the forecast period. PHA is a polyester produced by a certain bacteria, in a fermentation process. These bacteria can convert various carbon sources- like sugars or plant oils- into PHA polymers as energy storage. PHA can be synthesized with different monomers, which makes different PHA variants, each one having different properties. It is produced via bacterial fermentation out of corn starch in the US. PHA is an amorphous polymer with varied properties that support it in several aspects of applications. In various formulations, it can be flexible, clear, and stable under heat and chemical effects. The properties of PHA can be altered through the manufacturing processes and through blending with other polymers. It is used widely for high-quality flexible packaging, rigid packaging, and liquid packaging materials.
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Consumer goods end use industry is anticipated to have the second fastest growth in terms of value, during the forecast period.
Consumer goods end use industry is estimated to have second fastest growth in end use industry segment in terms of value. The major consumer goods include electrical appliances, domestic appliances, and others. Major consumer goods producers change their base from the traditional plastics to biodegradable plastics in a move aimed at reducing negative effects on the environment. Biodegradable plastics helps to produce consumer goods such as touch-screen computer casing, loudspeakers, mobile casings, and vacuum cleaners. As the awareness of the environment increases, customers demand products with minimal environmental impacts. Consumer goods made out of biodegradable plastics can cater to consumers who are seeking products produced from environmental-friendly raw materials, which in turn enhances brand reputation and attracts ecologically-conscious consumers.
Asia Pacific is expected to be the fastest-growing region in the global biodegradable plastics market in terms of value, by region, during the forecast period.
The Asia Pacific region is expected to be the fastest growing region in the biodegradable plastics market in terms of value. The Asia Pacific biodegradable plastics market is driven by the economic development and growth in various countries in this region. The low-cost raw materials and labour coupled with an increasing demand from the packaging, consumer goods, agriculture & horticulture and textile industries will make this region very attractive for investment by biodegradable plastic manufacturers. Government initiatives against global warming and single-use plastic bans will drive the market in the Asia Pacific region. Prices of bioplastics are higher than conventional, petroleum-based resins, which act as a major restraint for the market growth in the region. The lower living standards and low disposable income of the people in the Asia Pacific will result in a price reduction of biodegradable plastic in the region.
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Key Players
To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the biodegradable plastics market. These are NatureWork LLC (US), BASF SE (Germany), TotalEnergies Corbion (Netherlands), Mitsubishi Chemical Group Corporation. (Japan), Biome Bioplastics (UK), Plantic (Australia), FKuR (Germany), Danimer Scientific (US), TORAY INDUSTRIES, INC. (Japan), and Novamont (Italy).
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