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Global Biodegradable Plastic Market Analysis by Type, Application, Region and segments forecast till 2033
Market Overview
The global biodegradable plastic market is presently valued at USD 4,600 million and is poised to amplify at a CAGR of 9.7% over 2023-2033, thereby accumulating USD 10,000 million by end of the assessment timeframe.
Report Scope
Report Attributes | Description |
Market Size in 2022 | USD 4,600 Million |
Market Forecast in 2033 | USD 10,000 Million |
CAGR % 2023-2033 | 9.7% |
Base Year | 2022 |
Historic Data | 2020-2021 |
Forecast Period | 2023-2033 |
Report USP | Production, Consumption, company share, company heatmap, company production capacity, growth factors and more |
Segments Covered | Type, Application |
Regional Scope | North America, Europe, APAC, South America and Middle East and Africa |
Country Scope | U.S.; Canada; U.K.; Germany; France; Italy; Spain; Benelux; Nordic Countries; Russia; China; India; Japan; South Korea; Australia; Indonesia; Thailand; Mexico; Brazil; Argentina; Saudi Arabia; UAE; Egypt; South Africa; Nigeria |
Key Companies | Cargill Incorporated, PTT MCC Biochem Co., Ltd., Biome Technologies plc, Plantic Technologies Limited, BASF SE, Total Corbion PLA, Synbra Technology BV, Futerro, Novamont SpA, NatureWorks LLC, Eastman Chemical Company, Trineso, Danimer Scientific, and FKuR Kunststoff GmbH. |
Biodegradable plastics are referred to as the type of plastics that can be degraded into biomass, water, and carbon dioxide by the action of microorganisms. They are predominantly produced using petrochemicals, microbes, and renewable raw materials, or sometimes by combining them all. These plastics are sustainable in nature since they emit lesser amount of greenhouse gases as compared to tradition plastic forms. The rising instances of environmental pollution, stringent government regulations to decrease the utilization of single-use plastics, and growing R&D activities in the field are primarily augmenting the outlook of this industry vertical.
Furthermore, increasing environmental consciousness of the masses, widespread industrialization, and willingness of consumers to pay for biodegradable products are creating lucrative opportunities for the marketplace to prosper. Also, rising adoption of sustainable plastics in the e-commerce sector is positively swaying the dynamics of this industry vertical. On the contrary, high costs pertaining to these plastics is hindering the remuneration scope of this market sphere.
With rising instances of ecological exploitation resulting in climatic change and other issues, the masses have become consciousness regarding the ill impact of single use plastics. This in turn in increased the adoption of biodegradable plastics in the end use sectors since they are eco-friendly and sustainable in nature.
There has been a rapid emergence of advanced applications aimed at the production of biodegradable plastic. Manufacturers across the globe are also engaging in R&D activities to promote the use of eco-friendly packaging materials in industries such as e-commerce, automotive, healthcare, and consumer electronics, among others. These factors are fueling the progression of the overall industry.
Type Insights
The PLA segment is poised to amass notable gains over the stipulated timeline owing to the affordability of these products. The PLA (polylactic acid) segment is one of the fastest-growing segments in the biodegradable plastics market. PLA is a bio-based plastic made from renewable resources such as corn starch, tapioca roots, or sugarcane. It has gained popularity in recent years due to its biodegradability, compostability, and non-toxic nature.
Application Insights
The Packaging segment is expected to generate significant market share of more than 20% over the estimated duration ascribing to the rising use of biodegradable plastics for packaging purposes across industries such as food & beverage, crockery, and pharmaceuticals, among others.
Regional Insights
North America, Middle East & Africa, Europe, Asia Pacific, and Latin America are the primary regions constituting the geographical ambit of this business sphere. Among these, Asia Pacific is slated to capture a substantial market share owing to widespread urbanization, rising environmental cognizance, and abundance of raw materials required for the production of biodegradable plastics.
Competitive Analysis
The prominent players characterizing the competitive terrain are Cargill Incorporated, PTT MCC Biochem Co., Ltd., Biome Technologies plc, Plantic Technologies Limited, BASF SE, Total Corbion PLA, Synbra Technology BV, Futerro, Novamont SpA, NatureWorks LLC, Eastman Chemical Company, Trineso, Danimer Scientific, and FKuR Kunststoff GmbH.
Notably, in April 2021, NatureWorks LLC inked a partnership deal with IMA Coffee to enhance the reach for compostable k-cup in North America.
In July 2021, BASF announced that it had launched a new line of biodegradable plastic products under the brand name ecovio. The products are made from renewable raw materials and are designed to help reduce the environmental impact of plastic waste.
In March 2021, Danimer Scientific, a US-based manufacturer of biodegradable plastics, announced that it had entered into a merger agreement with a special purpose acquisition company (SPAC) called Live Oak Acquisition Corp. The merger was expected to provide Danimer Scientific with additional capital to expand its production capacity and commercialize its products.
Global Biodegradable Plastic Market- Segmental Analysis
By Type:
PLA
Starch Blends
PHA
Biodegradable Polyesters
Others
By Application:
Packaging
Agriculture
Textile
Consumer Goods
Others
Why to buy this Report?
The report provides quantitative and qualitative aspect for Global Biodegradable Plastic Market in terms of value and volume, along with supporting market trends, challenges, restraints.
The report provides an in depth analysis from both production and consumption point of view at the regional and country level. Key Factors considered within the report scope are Production capacity by countries/regions, average price, consumption ratio, revenue earned and gross margin.
The report provides competitive analysis of around 30-50 companies operated in Global Biodegradable Plastic Market, these companies are bifurcated into niche players, the leaders and major contenders. The companies are analyzed in terms of following factors such as:
Business Model
Production Capacity, Revenue, Sales, Gross Margin
Key Business Strategy
SWOT Analysis
In terms of competitive landscape, the report provides distinctive factors that would help the Card Type in taking a key decision within the business:
Company Share Analysis from 2020-2022
Company Analysis by Revenue and Sales
Company Production Capacity, Gross Margin
Company Share Analysis by Card Type/Card Type
Company Share Analysis by Product/Specification
