Quick Summary:
In an era of heightened environmental consciousness, the biodegradable plastic market stands as a testament to innovation bridging the gap between commercial demand and ecological responsibility. With diverse applications across industries such as packaging, agriculture, and consumer goods, biodegradable plastics are revolutionizing the way businesses approach sustainability and waste management.
Understanding the current landscape and future trajectory of biodegradable plastics is crucial for senior executives strategizing for long-term success. This comprehensive market research report delves into the dynamics propelling the growth of biodegradable plastics, including consumer preferences shifting towards eco-friendly alternatives, government initiatives promoting sustainable materials, and technological advancements yielding superior and cost-effective biodegradable solutions. Crafted with precision, this report analyzes the market segmentation by types and end-uses, offering a granular view of opportunities across regions, and benchmarks the competitive landscape, arming decision-makers with the insights needed to navigate the market adeptly.
The global biodegradable plastic market size reached US$ 4.8 Billion in 2022. Looking forward, the publisher expects the market to reach US$ 8.1 Billion by 2028, exhibiting a growth rate (CAGR) of 9.1% during 2022-2028. The escalating environmental concerns among consumers, increasing demand for eco-friendly packaging, and the implementation of favorable government policies represent some of the key factors driving the market.
Biodegradable plastic is a material that decomposes through the action of bacteria, fungi, or other microorganisms into water, carbon dioxide, and biomass. It can break down within a few months to a few years, depending on the type of plastic and the conditions in which it is disposed. There are numerous types of biodegradable plastics available, each with its unique properties and decomposition mechanisms. Some of these are made from plant-based materials, including cornstarch or sugarcane, while others are made from synthetic polymers that are designed to decompose under specific environmental conditions, such as exposure to sunlight, high temperatures, or access to oxygen. Biodegradable plastics are extensively used across the packaging, agriculture, medical, and consumer goods industry.
2. What is the expected growth rate of the global biodegradable plastic market during 2023-2028?
3. What has been the impact of COVID-19 on the global biodegradable plastic market?
4. What are the key factors driving the global biodegradable plastic market?
5. What is the breakup of the global biodegradable plastic market based on the type?
6. What is the breakup of the global biodegradable plastic market based on the end use?
7. What are the key regions in the global biodegradable plastic market?
8. Who are the key players/companies in the global biodegradable plastic market?
Biodegradable plastic is a material that decomposes through the action of bacteria, fungi, or other microorganisms into water, carbon dioxide, and biomass. It can break down within a few months to a few years, depending on the type of plastic and the conditions in which it is disposed. There are numerous types of biodegradable plastics available, each with its unique properties and decomposition mechanisms. Some of these are made from plant-based materials, including cornstarch or sugarcane, while others are made from synthetic polymers that are designed to decompose under specific environmental conditions, such as exposure to sunlight, high temperatures, or access to oxygen. Biodegradable plastics are extensively used across the packaging, agriculture, medical, and consumer goods industry.
Biodegradable Plastic Market Trends:
The changing consumer preferences toward eco-friendly products due to the escalating awareness of the environmental impact of traditional plastic represents one of the primary factors driving the market growth. In line with this, the widespread product adoption as they help reduce the quantity of plastic waste in landfills and oceans and the overall carbon footprint of plastic production, which is aiding in market expansion. Moreover, the introduction of numerous government regulations banning single-use plastic products such as cutlery, straws, and food containers, among others, and promoting the adoption of biodegradable plastics is creating a favorable outlook for the market. Additionally, the implementation of high standards and the advent of certification systems to manage the quality of products is contributing to the market growth. In addition to this, the rising demand for eco-friendly packaging solutions, such as biodegradable plastic from the food and beverage (F&B) industry, is providing lucrative opportunities for market growth. Concurrent with this, the expanding product utilization in agriculture and horticulture applications, such as manufacturing mulching films and plant pots, is acting as another significant growth-inducing factor. Furthermore, ongoing technological advancements enabling more durable and cost-effective product variants and the easy availability of cost-effective and more sustainable bio-based materials over petroleum-based plastics are strengthening the market growth. Other factors, such as the rise in demand for convenience and ready-to-eat (RTE) food products, the proliferation of numerous online food delivery platforms, and the innovative advancements in waste management technologies, are positively impacting the market growth.Key Market Segmentation:
The publisher provides an analysis of the key trends in each sub-segment of the global biodegradable plastic market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on type and end use.Type Insights:
- Starch-based
- PLA
- PBS
- PBAT
- PHA
- Others
End Use Insights:
- Packaging
- Agriculture
- Consumer Goods
- Others
Regional Insights:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
Competitive Landscape:
The report has also provided a comprehensive analysis of the competitive landscape in the global biodegradable plastic market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include BASF SE, Biome Technologies plc, Bio-on S.p.A., Corbion N.V., Danimer Scientific, Eastman Chemical Company, Mitsubishi Chemical Corporation, NatureWorks LLC (Cargill Incorporated), Novamont S.p.A., Plantic Technologies Limited (KURARAY CO. LTD.), Toray Industries Inc. and Total Corbion PLA. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.Key Questions Answered in This Report
1. What was the size of the global biodegradable plastic market in 2022?2. What is the expected growth rate of the global biodegradable plastic market during 2023-2028?
3. What has been the impact of COVID-19 on the global biodegradable plastic market?
4. What are the key factors driving the global biodegradable plastic market?
5. What is the breakup of the global biodegradable plastic market based on the type?
6. What is the breakup of the global biodegradable plastic market based on the end use?
7. What are the key regions in the global biodegradable plastic market?
8. Who are the key players/companies in the global biodegradable plastic market?
Table of Contents
1 Preface3 Executive Summary10 Value Chain Analysis12 Price Analysis
2 Scope and Methodology
4 Introduction
5 Global Biodegradable Plastic Market
6 Market Breakup by Type
7 Market Breakup by End Use
8 Market Breakup by Region
9 SWOT Analysis
11 Porters Five Forces Analysis
13 Competitive Landscape
List of Figures
List of Tables
Companies Mentioned
- BASF SE
- Biome Technologies plc
- Bio-on S.p.A.
- Corbion N.V.
- Danimer Scientific
- Eastman Chemical Company
- Mitsubishi Chemical Corporation
- NatureWorks LLC (Cargill Incorporated)
- Novamont S.p.A.
- Plantic Technologies Limited (KURARAY CO. LTD.)
- Toray Industries Inc. and Total Corbion PLA
Methodology
LOADING...
