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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Tables, and Figures) @
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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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Strategies:
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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.
𝐒𝐢𝐦𝐢𝐥𝐚𝐫 𝐑𝐞𝐩𝐨𝐫𝐭𝐬
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companies of domain concerned. Our secondary data procurement
methodology includes deep online and offline research and
discussion with knowledgeable professionals and analysts in the
industry.
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