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Home ➤ Chemicals & Materials ➤ Advanced Materials ➤ Biodegradable Plastic Market
Biodegradable Plastic Market

Biodegradable Plastic Market

Published date: Apr 2022 • Formats:
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  • Home ➤ Chemicals & Materials ➤ Advanced Materials ➤ Biodegradable Plastic Market

Global Biodegradable Plastic Market By Type (Polylactic Acid (PLA), Polybutylene Succinate (PBS), and Others), By Application (Packaging, Textiles, Automotive, and Other Application), By Region and Key Companies – Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2023-2032

  • Published date: Apr 2022
  • Report ID: 24011
  • Number of Pages: 363
  • Format:
  • Overview
  • Table of Contents
  • Major Market Players
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    Biodegradable Plastic Market Overview

    In 2022, the size of the biodegradable plastic market worldwide was estimated at USD 4.42 billion and expected to reach around USD 10.2 billion by 2032 During the forecast period, it is anticipated to expand at a CAGR of 8.67%.

    One of the main trends driving market expansion is the growing public awareness of the negative effects of plastic waste and governments’ bans on the use of single-use plastic.

    The growing use of biodegradable plastic materials in agriculture and packaging is also expected to contribute to the market’s expansion. Plastics that can’t break down are a global problem. By promoting the use of biodegradable plastics and outlawing single-use plastics, governments around the world are addressing this issue. Due to their environmental friendliness, biodegradable plastics also attract higher prices from consumers. The biodegradable plastic market is receiving a boost as a result of the aforementioned factors taken together.

    biodegradable plastic market value analysis

    Market Scope:

    Type Analysis

    Starch-based was the largest product category for biodegradable polymers in 2022, with a revenue share greater than 35%. The biodegradable plastic market can be divided by product into starch-based and PLA, PBAT. PBS. PHA, and other. The market’s starch-based segment will dominate in both volume and value over the forecast period.

    Plastics made from starch are used in many industries, including agriculture, packaging, automobiles and agriculture. PLA Product plastics are also gaining ground quickly in this market. The low cost of PLA is one of the main driving factors for this segment.

    biodegradable plastic market

    By Application:

    The global leader in revenue for biodegradable plastics market was packaging. This shift in consumer preference from bio based to synthetic products is due to growing environmental awareness. Biodegradable plastic has a promising function in food packaging and is being used for a variety of purposes. The demand for biodegradable packaging materials is directly affected by the rising preference for packaged foods due to changes in lifestyle and demographics.

    Agriculture will see the highest growth rate due to increased use of biodegradable mulch film in agriculture. Biodegradable mulch films are becoming more popular than conventional plastic films. Many factors are responsible for this increase in demand for biodegradable mulch films. Mulch film’s renewable content is between 75% and 80%, and it is growing in popularity.

    Key Market Segments:

    Based on Type :

    • Polylactic Acid (PLA)
    • Polybutylene Succinate (PBS)
    • PHA (Polyhydroxyalkanoates)
    • Starch Blends
    • Others

    Based On Application:

    • Packaging
    • Textiles
    • Automotive
    • Agriculture
    • Construction
    • Other Application

    Market Dynamics:

    Drivers: Increasing Use of Biodegradable Plastic in Various Sector

    The expansion of the industry is aided by the rising demand for biodegradable plastics for use in the packaging of food and beverages as well as consumer goods. The biodegradable plastic market’s expansion is further supported by the rising trend toward environmentally friendly packaging and the expanding global population during forecast period.

    Market expansion is further bolstered by the rise in environmental concerns, increased awareness of the use of sustainable materials, and the introduction of novel products by major industry players. During the forecast period, factors such as rising disposable income and rising demand from emerging economies are anticipated to provide growth opportunities.

    The industry’s adoption has increased as a result of significant government investments in environmental protection and energy optimization programs and initiatives to reduce packaging waste. Further support for the growth would come from the expansion of e-commerce, which is being fueled by the rise in smartphone use, the use of broadband internet, and the growing number of tech-savvy consumers.

    Restraints: Higher Prices of Biodegradable Plastics than Conventional Plastics

    The price of biodegradable plastics is higher than that of conventional polymers, limiting the market’s expansion into numerous application areas. Biodegradable plastics typically have a production cost that is 20-80% higher than that of conventional plastics. The majority of biodegradable plastic polymerization processes are still in their infancy and have not yet reached economies of scale, which is primarily to blame for the high polymerization costs.

    Biodegradable plastics are significantly more expensive than traditional plastics. The primary factors that contribute to the low penetration of biodegradable plastics in various industries include the significant price difference between biodegradable plastics and traditional-based plastics and the higher R&D and production costs resulting from small-scale production.

    Opportunity: High Potential in Emerging Countries of Asia Pacific.

    The biodegradable plastic market players in biodegradable plastics are constantly implementing organic and inorganic growth strategies and growth factors. In the developing nations of APAC, the players have made numerous strategic advancements in recent years.

    The patented seaweed-based packaging is provided by Evoware, a local Indonesian company. The company is making seaweed-based containers. It is anticipated that environmental regulations will grow, which will eventually drive demand for biodegradable plastics in these nations in the future. Additionally, Southeast Asia has local access to sustainable raw materials, making it abundant in bio-based feedstock for the production of biodegradable plastic.

    Trends:

    Increasing Awareness of the Environmental Harm Caused by Plastics.

    In the agriculture and horticulture industries, biodegradable plastics are used to make plant pots and mulching films. One of the main reasons of biodegradable plastic market expansion is this, in conjunction with the growing use of agricultural products in the expanding food and beverage (F&B) industry. Many countries have also implemented bans on the use of non-biodegradable plastics due to rising environmental concerns.

    They also implement high standards and introduce certification systems to ensure product quality. This, along with growing awareness of the harmful effects of plastics on the environment, is positively impacting the demand for ecofriendly alternatives such as biodegradable plastics. In addition, the rising popularity of online food delivery apps and rising sales of ready-to-eat (RTE) products are encouraging the use of compostable bags and biodegradable plastics for food packaging.

    Due to the affordability of human resources and the ease with which feedstock can be acquired, a number of prominent businesses are concentrating on moving their biodegradable polymer manufacturing facilities to developing nations. Chemical additives and manufacturing processes are also being improved. The market is expected to expand as a result of this, as more countries are expected to develop and use biodegradable plastics.

    COVID-19 Pandemic Impact Analysis

    Packaging, consumer goods, textiles, agriculture & horticulture, and other sectors utilize biodegradable plastics. However, industries all over the world had been affected by the pandemic. The industry’s expansion had been slowed in the previous year as a result of a lack of labor, logistical constraints, and material inaccessibility.

    The COVID-19 pandemic’s gradual spread and outbreak are increasingly affecting essential industries like delivering food and other necessities to customers safely. The global impact had resulted in a sharp decline in demand for certain types of non-essential packaging. In contrast, there has been a significant increase in the demand for essential packaging, such as that used for e-commerce shipping. The packaging businesses are facing new difficulties as a result of these changes.

    Regional Analysis

    With a revenue share of over 43.5 percent in 2022, Europe will dominate the global biodegradable plastic market. Bioplastics are used in a lot of important things, like refuge bags, loose packaging, films for agricultural mulch, shopping bags, and bottles.

    Around 100 billion bags are used annually in the European Union. In every European nation, consumers are increasingly accepting bioplastics. The growing use of bioplastics in major end-use industries like packaging, consumer goods, textiles, medical devices, automobiles, and transportation, among others, is also anticipated to drive the market.

    Asia-Pacific is the fastest-growing region in the bioplastics market, growing at a CAGR of 12.45%. This is because the region has a thriving food and beverage industry as well as consumers of a variety of packaging. The top income providers in the region are China, India, and Japan. Due to China’s reliance on a variety of raw materials for the production of biodegradable plastics, the market environment may change.

    The cost of biodegradable plastic’s raw materials is likely to rise as a result of China’s limited production capacity. Participants in the industry are concentrating on extending the lead time in order to avoid such high material costs.

    The North American industry is likely to grow as demand for bioplastics grows. Additionally, the regional market’s strong desire for sustainability has created a significant demand for packaging that is sustainable. Bioplastics demand in North America is likely to rise as a result of the efforts made by the US Department of Agriculture to promote eco-friendly products.

    biodegradable plastic value regional share

    Key Regions and Countries Covered in this Report:

    • North America
      • The US
      • Canada
      • Mexico
    • Western Europe
      • Germany
      • France
      • The UK
      • Spain
      • Italy
      • Portugal
      • Ireland
      • Austria
      • Switzerland
      • Benelux
      • Nordic
      • Rest of Western Europe
    • Eastern Europe
      • Russia
      • Poland
      • The Czech Republic
      • Greece
      • Rest of Eastern Europe
    • APAC
      • China
      • Japan
      • South Korea
      • India
      • Australia & New Zealand
      • Indonesia
      • Malaysia
      • Philippines
      • Singapore
      • Thailand
      • Vietnam
      • Rest of APAC
    • Latin America
      • Brazil
      • Colombia
      • Chile
      • Argentina
      • Costa Rica
      • Rest of Latin America
    • Middle East & Africa
      • Algeria
      • Egypt
      • Israel
      • Kuwait
      • Nigeria
      • Saudi Arabia
      • South Africa
      • Turkey
      • United Arab Emirates
      • Rest of MEA

    Market Share & Key Players Analysis:

    The biodegradable plastic market is competitive in many ways. It varies from one region to the next. Due to the large number of market players, competition in North America and Europe is moderate. However, the Asia Pacific has fewer market players which means that there is less competition.

    The demand for biodegradable products is expected to rise in both developing and developed markets. Biodegradable plastic Market leaders are investing substantial funds in R&D to develop novel biodegradable plastic products that are strong and easily degraded in the natural environment.

    Recent Developments:

    • Danimer Scientific completed its acquisition of November, a manufacturer of biodegradable polymers, in August 2022. The production of PHA-based resin and other biodegradable materials will benefit from this development.
    • Novamont purchased BioBag group in January 2021, a leading supplier of waste collection and packaging bags based in Norway. Novamont will be able to strengthen its operations and expand into North America, Scandinavia, Eastern Europe, and Australia thanks to this acquisition. BioBag’s highly specialized independent distribution network could further assist the business. The two businesses will provide a comprehensive answer to the problem and forge long-term partnerships with important stakeholders like large retailers and communities.

    Listed below are some of the major players in bio-degradable plastic industry.

    biodegradable plastic market share analysis

    Key Market Players:

    • BASF SE
    • Solvay
    • TORAY INDUSTRIES, INC.
    • PTT MCC Biochem Co., Ltd.
    • NatureWorks LLC
    • Biome Technologies PLC
    • Danimer Scientific
    • Cargill Incorporated
    • Novamont SpA
    • MITSUBISHI CHEMICAL HOLDINGS
    • Other Key Players

     

    Report Scope:

    Report Features Description
    Market Value (2022) US$ 4.42 Bn
    Forecast Revenue (2032) US$ 10.14 Bn
    CAGR (2023-2032) 8.67%
    Base Year for Estimation 2022
    Historic Period 2016-2022
    Forecast Period 2023-2032
    Report Coverage Revenue Forecast, Market Dynamics, COVID-19 Impact, Competitive Landscape, Recent Developments
    Segments Covered Based on Type:

    · Polylactic Acid (PLA)
    · Polybutylene Succinate (PBS)
    · PHA (Polyhydroxyalkanoates)
    · Starch Blends
    · Others

    Based On Application:

    · Packaging
    · Textiles
    · Automotive
    · Agriculture
    · Construction
    · Other Application

    Regional Analysis North America – The US, Canada, & Mexico; Western Europe – Germany, France, The UK, Spain, Italy, Portugal, Ireland, Austria, Switzerland, Benelux, Nordic, & Rest of Western Europe; Eastern Europe – Russia, Poland, The Czech Republic, Greece, & Rest of Eastern Europe; APAC – China, Japan, South Korea, India, Australia & New Zealand, Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam, & Rest of APAC; Latin America – Brazil, Colombia, Chile, Argentina, Costa Rica, & Rest of Latin America; Middle East & Africa – Algeria, Egypt, Israel, Kuwait, Nigeria, Saudi Arabia, South Africa, Turkey, United Arab Emirates, & Rest of MEA
    Competitive Landscape BASF SE, Solvay, TORAY INDUSTRIES, INC., PTT MCC Biochem Co., Ltd., NatureWorks LLC, Biome Technologies PLC, Danimer Scientific, Cargill Incorporated, Novamont SpA, MITSUBISHI CHEMICAL HOLDINGS, and Other Key Players
    Customization Scope Customization for segments, region/country-level will be provided. Moreover, additional customization can be done based on the requirements.
    Purchase Options We have three license to opt for: Single User License, Multi-User License (Up to 5 Users), Corporate Use License (Unlimited User and Printable PDF)

    Frequently Asked Questions (FAQ)

    What is the Biodegradable Plastic Market size in 2022?

    The Swimwear Market size is USD 4.42 billion for 2022.

    What is the CAGR for the Biodegradable Plastic Market?

    The Biodegradable Plastic Market expected to grow at a CAGR of 8.67% during 2023-2032.

    What are the segments covered in the Biodegradable Plastic Market report?

    Market.US has segmented the Global Biodegradable Plastic Market Value (US$ Mn) Analysis by Region, 2022 market by geographic (North America, Europe, APAC, South America, and Middle East and Africa). Based on Type, market is segmented into Polylactic Acid (PLA), Polybutylene Succinate (PBS), PHA (Polyhydroxyalkanoates), Starch Blends, Others. Based On Application market is segmented into, Packaging, Textiles, Automotive, Agriculture, Construction, Other Application.

    Who are the key players in the Biodegradable Plastic Market?

    BASF SE, Solvay, TORAY INDUSTRIES, INC., PTT MCC Biochem Co., Ltd., NatureWorks LLC, Biome Technologies PLC, Danimer Scientific, Cargill Incorporated, Novamont SpA, MITSUBISHI CHEMICAL HOLDINGS, Other Key Players Other key players are the key vendors in the Biodegradable Plastic Market.

    Which region is more attractive for vendors in the Biodegradable Plastic Market?

    With a revenue share of over 43.5 percent in 2022, Europe will dominate the global market.

    Biodegradable Plastic Market
    Biodegradable Plastic Market
    Published date: Apr 2022 • Formats:
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  • account_circleAbout Me
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    • BASF SE Company Profile
    • Solvay
    • TORAY INDUSTRIES, INC.
    • PTT MCC Biochem Co., Ltd.
    • NatureWorks LLC
    • Biome Technologies PLC
    • Danimer Scientific
    • Cargill Incorporated
    • Novamont SpA
    • MITSUBISHI CHEMICAL HOLDINGS
    • Other Key Players
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