DELRAY BEACH, Fla., Jan. 20, 2025 /PRNewswire/ -- The report "Biodegradable Plastic Additives Marketby Chemistry Type (Bio-based Aromatic, Bio-based Non-aromatic), Type (Bio-based Plasticizers, Bio-based Stabilizers, Bio-based Flame Retardants), End-use Industry, and Region - Global Forecast to 2029", The Biodegradable Plastic Additives size was USD 1.49 billion in 2024 and is projected to reach USD 2.20 billion by 2029, at a CAGR of 8.1%, between 2024 and 2029.
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313 - Tables
57 - Figures
258 - Pages
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The market is projected to grow because of increasing demand for packaging and consumer goods industry, increasing disposal income, and government initiatives regarding ecofriendly plastic. They offer improved mechanical, thermal, and processing characteristics to enhance the performance of biodegradable plastics, making them suitable for use in industries such as packaging, and consumer goods. The global transition to a circular economy accelerated by policies like plastic bags and recycling mandates has further fuelled the adoption of biodegradable solutions. Furthermore, growing consumer awareness regarding green products and the need to reduce carbon footprints has led to an increased demand.
"Bio-based non-aromatic segment accounted for largest share, in terms of value, of the global biodegradable plastic additives market in 2023."
Based on type, the biodegradable plastic additives market is divided into bio-based non-aromatic, and bio-based aromatic. The bio-based non-aromatic segment accounted for the largest share. In 2023, this can be attributed to the better environmental performance, cost-effectiveness, and broad applicability of bio-based non-aromatic over other bio-based and petroleum-based biodegradable plastic additives. Sourced from renewable material such as vegetable oils and natural fats, these additives are in line with growing demand for sustainable solutions amid tightening environmental regulations and growing consumer awareness. Non-aromatic structures provide better biodegradation without sacrificing functionality in packaging, and consumer goods.
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"Consumer goods segment was accounted for the largest share in biodegradable plastic additives market, in terms of value, during the forecast period."
The biodegradable plastic additives market is segmented into packaging, consumer goods, electronics, healthcare, textiles, and others. Consumer goods include the largest share of market in the biodegradable plastic additives market during their forecast period due to rising demand for eco-friendly products and increased awareness of the environment among consumers. Biodegradable plastics with additives feature widely in applications such as packaging, disposable items, textiles, and household goods and are increasingly used because of sustainability mandates and consumer preference for greener alternatives. This adoption is also taking place because of very stringent government regulations with respect to single-use plastics, particularly in food packaging and personal care sectors.
"Europe is estimated to be the largest market for the biodegradable plastic additives market, in terms of value, in 2023."
With strict regulation and heavy consumer demand for green products, Europe happens to be the biggest and advanced region in the biodegradable plastic additives market globally. European Union guidelines like the Single-Use Plastics Directive and the European Green Deal encourage the use of biodegradable plastics to minimize plastic waste and ensure the objectives of the circular economy. Bioplastics manufacturers are leveraging bioplastic additives to expand their scope of application in key industries, such as packaging, and consumer goods, thereby propelling bioplastics market growth.
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The key players profiled in the report include are Cargill Inc. (US), DIC Corporation (Japan), ADEKA Corporation (Japan), Croda International Plc (UK), Stora Enso (Finland), UPM-Kymmene OYJ (Finland), Clariant AG (Switzerland), Borregaard AS (Norway), Corbion N.V. (Netherlands), Avient Corporation (US), and others.
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