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Biobased Biodegradable Plastics Market Size - By Type of Material, By Application, By End-Use and By Region: Global Forecast, 2024 – 2033

  • PUBLISHED ON
  • 2023-12-19
  • NO OF PAGES
  • 204
  • CATEGORY
  • Chemicals & Materials

Market Overview

Biobased Biodegradable Plastics Market Size is set to reach a remarkable value of USD 6.1 Billion by 2024, and it's not stopping there. With a steady upward trajectory, the market is anticipated to soar to an impressive USD 13.24 Billion by 2033, showcasing a dynamic growth pattern with a robust CAGR of 9.7% throughout the forecast period from 2024 to 2033

SOURCE: We Market Research

Biobased biodegradable plastics have a lower environmental impact because they are made from organic or renewable resources like plants and can decompose naturally over time. Because these plastics are made of organic materials, bacteria can break them down into more basic, naturally occurring substances. Biobased biodegradable plastics provide a sustainable substitute for typical plastics, which last for centuries. They reduce pollution and help create a more sustainable future because they decompose harmlessly back into the environment.

The Biobased Biodegradable Plastics Market is primarily driven by rising environmental consciousness worldwide and the need to reduce plastic pollution. This industry is growing because of government policies that encourage eco-friendly alternatives and customer demand for sustainable products. The increase is also attributed to businesses pursuing corporate social responsibility programs and lowering their carbon footprint. Technology breakthroughs also spur innovation, improving the viability and quality of biobased biodegradable plastics and making them more affordable and adaptable for a range of applications, which eventually drives the market ahead.

Market Scope

Report Attributes

Description

Market Size in 2024

USD 6.1 Billion

Market Forecast in 2033

USD 13.24 Billion

CAGR % 2024-2033

9.7%

Base Year

2023

Historic Data

2016-2022

Forecast Period

2024-2033

Report USP

 

Production, Consumption, company share, company heatmap, company production capacity, growth factors and more

Segments Covered

by Type of Material, by Application, by End-Use and By Region

Growth Drivers

Stringent regulations and policies promoting the use of biodegradable and renewable materials have played a significant role in driving the adoption of biobased biodegradable plastics.

Many companies are incorporating sustainability into their corporate strategies. This includes adopting biobased biodegradable plastics in packaging and products to align with consumer expectations and demonstrate environmental responsibility.

Ongoing advancements in technology have led to the development of biobased biodegradable plastics with improved performance characteristics. Innovations in manufacturing processes and formulations enhance the properties and applicability of these plastics.

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

Biobased Biodegradable Plastics Industry: Dynamics & Restrains

Market Drivers

Growing awareness and concern about environmental pollution - Growing public awareness of environmental degradation, especially that caused by plastic waste, is driving the Biobased Biodegradable Plastics Market. Concerns over non-biodegradable plastics contaminating ecosystems and oceans have led to a move toward sustainable alternatives. desire for biodegradable polymers is fueled by industry, government, and consumer desire for environmentally friendly solutions. This knowledge encourages legislative backing, which encourages the use of biobased substitutes. Consequently, businesses are spending more money on R&D, which promotes innovation and scalability in biodegradable materials. The industry's expansion is a result of coordinated efforts to reduce plastic pollution, highlighting the critical role that biobased, biodegradable plastics play in attaining sustainable practices.

Ongoing research and development - The Biobased Biodegradable Plastics Market is driven mostly by ongoing research and development (R&D). The performance constraints of biodegradable polymers are addressed by ongoing innovation, which improves material qualities. R&D initiatives are concentrated on enhancing durability, broadening the scope of applications, and streamlining production procedures. These developments draw collaborations and investments by supporting the legitimacy and practicality of biobased substitutes. Additionally, research and development (R&D) increases cost-effectiveness, which boosts the competitiveness of these green materials over conventional plastics. The results of further research and development ultimately spur market expansion by expanding the applications and capacities of biobased biodegradable plastics, which in turn attracts a wider range of businesses looking for sustainable solutions.

Market Restrains

Higher production costs compared to traditional plastics - Market expansion is significantly hampered by the higher production costs of biobased biodegradable plastics. The cost of the renewable raw materials used to make bioplastics is typically higher than that of the materials based on fossil fuels that are used to make conventional plastics. Production costs are increased further by the need for specific technology and techniques to convert these bio-based components into biodegradable polymers. As a result, industries used to the cheaper cost of conventional plastics find it harder to justify the additional manufacturing costs of biodegradable alternatives. Despite the environmental benefits of biobased, biodegradable polymers, this pricing discrepancy prevents wider acceptance and market penetration.

Biobased Biodegradable Plastics Segmentation

Market- By Application Analysis

By Application, the Biobased Biodegradable Plastics Market is Categories into packaging, agriculture, consumer goods, automotive, textiles, and more. The packaging segment accounts for the largest share of around 61% in 2022.


Packaging is one of the primary sectors utilizing biodegradable polymers. It is present in both rigid and flexible packaging. Because these polymers are increasingly being used in food packaging products including boxes, wraps, cups, and plates in place of conventional plastics, the market for biodegradable plastic is growing.

The following segments are part of an in-depth analysis of the global Biobased Biodegradable Plastics Market:

Market Segments

 

By   Type of Material

·         cellulose-based

·         starch-based

·         PLA (polylactic acid)

·         PHA (polyhydroxyalkanoates)

·         others

By  End-Use

·         food and beverage

·         healthcare

·         cosmetics

·         others

Biobased Biodegradable Plastics Industry: Regional Analysis

Europe Market Forecast

Europe dominate the Biobased Biodegradable Plastics Market with the highest revenue generating market with share of more than 47%. Europe's stringent laws against the use of single-use plastics, government programs to support bioplastics, and emphasis on the principles of the circular economy are what make the continent so successful. Germany makes a substantial contribution because of its cutting-edge technology and large investments in the study and creation of bioplastics.

North America Market Statistics

North America is the second-largest market for Biobased Biodegradable Plastics. North America is driven by strict laws that promote environmentally friendly products, more consumer awareness, and a will to cut down on plastic waste. Leading the way in packaging industry sustainability is the United States, with its thriving manufacturing sector.

Asia Pacific Market Forecasts

Asia Pacific is expected to be the fastest-growing market for Biobased Biodegradable Plastics during the forecast period. Rapid industrialization, population growth, rising consumer environmental consciousness, and government programs supporting sustainable alternatives all contribute to the Asia-Pacific region's expansion. China is the leader in production capacity, whereas Japan is concentrated on developing new technologies for biodegradable plastics.

Key Market Players

The Biobased Biodegradable Plastics Market is dominated by a few large companies, such as

·         Biome Technologies plc

·         PTT MCC Biochem Co., Ltd.

·         Plantic Technologies Limited

·         BASF SE

·         FKuR Kunststoff GmbH

·         Total Corbion PLA

·         Cargill Incorporated

·         Synbra Technology BV

·         Futerro

·         Novamont SpA

·         Danimer Scientific

·         NatureWorks LLC

·         Eastman Chemical Company

·         Trineso

Recent Developments:

·         June 2023, The Biodegradation and Microplastics Center of Excellence at BASF's Michigan location has officially opened. The center will assist local clients in achieving their sustainability and circularity goals. Understanding the biodegradation of innovative chemicals, gaining new insights into microplastics, and comprehending the disintegration performance of compostable materials will be the main topics of focus.

·         December 2022, Futerro declared its intention to build Europe's first vertically integrated biorefinery in Normandy, France, to produce and recycle PLA. The biorefinery will have a unit for the molecular recycling of PLA, a unit for converting agricultural raw materials into lactic acid, and a unit for converting PLA.

Quality Assurance Process

  1. We Market Research’s Quality Assurance program strives to deliver superior value to our clients.

We Market Research senior executive is assigned to each consulting engagement and works closely with the project team to deliver as per the clients expectations.

Market Research Process




We Market Research monitors 3 important attributes during the QA process- Cost, Schedule & Quality. We believe them as a critical benchmark in achieving a project’s success.

To mitigate risks that can impact project success, we deploy the follow project delivery best practices:
  • Project kickoff meeting with client
  • Conduct frequent client communications
  • Form project steering committee
  • Assign a senior SR executive as QA Executive
  • Conduct internal editorial & quality reviews of project deliverables
  • Certify project staff in SR methodologies & standards
  • Monitor client satisfaction
  • Monitor realized value post-project

Case Study- Automotive Sector

One of the key manufacturers of automotive had plans to invest in electric utility vehicles. The electric cars and associated markets being a of evolving nature, the automotive client approached We Market Research for a detailed insight on the market forecasts. The client specifically asked for competitive analysis, regulatory framework, regional prospects studied under the influence of drivers, challenges, opportunities, and pricing in terms of revenue and sales (million units).

Solution

The overall study was executed in three stages, intending to help the client meet its objective of precisely understanding the entire market before deciding on an investment. At first, secondary research was conducted considering political, economic, social, and technological parameters to get a gist of the various aspects of the market. This stage of the study concluded with the derivation of drivers, opportunities, and challenges. It also laid substantial emphasis on understanding and collecting data not only on a global scale but also on the regional and country levels. Data Extraction through Primary Research

The second stage involved primary research in which several market players and automotive parts suppliers were contacted to study their viewpoint concerning the development of their market and production capacity, clientele, and product line. This stage concluded in a brief understanding of the competitive ecosystem and also glanced through the strategies and pricing of the companies profiled.

Market Estimates and Forecast

In the final stage of the study, market forecasts for the electric utility were derived using multiple market engineering approaches. This data helped the client to get an overview of the market and accelerate the process of investment.

Case Study- ICT Sector

Business process outsourcing, being one of the lucrative markets from both supply- and demand- side, has appealed to various companies. One of the prominent corporations based out of Japan approached us with their requirements regarding the scope of the procurement outsourcing market for around 50 countries. Additionally, the client also sought key players operating in the market and their revenue breakdown in terms of region and application.


Business Solution

An exhaustive market study was conducted based on primary and secondary research that involved factors such as labor costs in various countries, skilled and technical labors, manufacturing scenario, and their respective contributions in the global GDP. A comparative study of the market was conducted from both supply- and demand side, with the supply-side comprising of notable companies, such as GEP, Accenture, and others, that provide these services. On the other hand, large manufacturing companies from them demand-side were considered that opt for these services.


Conclusion

The report aided the client in understanding the market trends, including country-level business scenarios, consumer behavior, and trends in 50 countries. The report also provided financial insights of crucial players and detailed market estimations and forecasts till 2033.

Frequently Asked Questions

What is the market size of Biobased Biodegradable Plastics Market in 2022?

Biobased Biodegradable Plastics Market was valued at USD 4.23 Billion in 2022.

What is the growth rate for the Biobased Biodegradable Plastics Market?

Biobased Biodegradable Plastics Market size will increase at approximate CAGR of 9.7% during the forecasted period.

Which are the top companies operating within the market?

Major companies operating within the Biobased Biodegradable Plastics Market Biome Technologies plc, PTT MCC Biochem Co., Ltd., Plantic Technologies Limited, BASF SE, FKuR Kunststoff GmbH, Total Corbion PLA, Cargill Incorporated, Synbra Technology BV, Futerro, Novamont SpA, Danimer Scientific, NatureWorks LLC, Eastman Chemical Company, Trineso and Other.

Which region dominates the Biobased Biodegradable Plastics Market?

Europe dominates the market with an active share of 47%.

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