Global Biodegradable Plastics Market Size 2024, Forecast To 2033
11 Mar, 2024
The biodegradable plastics market size has grown rapidly in recent years. It will grow from $5.8 billion in 2023 to $6.83 billion in 2024 at a compound annual growth rate (CAGR) of 17.7%. The growth in the historic period can be attributed to growing concerns for the environment, increasing use of biodegradable plastic and emerging markets growth. The biodegradable plastics market size is expected to see rapid growth in the next few years. It will grow to $12.88 billion in 2028 at a compound annual growth rate (CAGR) of 17.2%. The growth in the forecast period can be attributed to new product launches, a rise in environmental awareness and government initiatives. Major trends in the forecast period include product innovation, integrating antimicrobial technology in biodegradable polymers, use of biodegradable plastics lightweighting, increasing mergers and acquisitions, use of artificial intelligence and upcycled packaging materials.
Global Biodegradable Plastics Market Key Driver
Growth in concerns for the environment is anticipated to boost the biodegradable plastics market. Plastics pose a major environmental concern, and the surge in their usage has raised apprehensions. Data from the European Environment Agency in January 2021 revealed that the COVID-19 pandemic influenced changes in plastics consumption, waste, and production. A BCG survey involving 3,000 individuals across eight countries found that post-pandemic, people displayed heightened environmental concerns, committing to changing behaviors for sustainability. Approximately 40% of respondents expressed intentions to adopt more sustainable practices in the future. Consequently, the biodegradable plastics market is expected to benefit from the escalating environmental consciousness. In 2023, the market size for biodegradable plastics is predicted to reflect this heightened awareness, and by 2024 and 2028, this trend is anticipated to contribute to the market's expansion.
Get A Free Sample Of The Global Biodegradable Plastics Market ReportGlobal Biodegradable Plastics Market Segments
The biodegradable plastics market covered in this report is segmented –
1) By Type: Polylactic Acid (PLA), Polybutylene Adipate Terephthalate (PBAT), Polybutylene Succinate (PBS), PHA (Polyhydroxyalkanoates), Starch Blends, Other Types
2) By End User: Packaging, Agriculture, Consumer Goods, Others
By Geography:The regions covered in the biodegradable plastics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
North America was the largest region in the biodegradable plastics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the biodegradable plastics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Major Biodegradable Plastics Industry Players
BASF SE, Mitsubishi Chemical Holding Corporation, Kaneka Corporation, Novamont SpA, Corbion N.V. (Total Corbion PLA), Eastman Chemical Company, Danimer Scientific, NatureWorks LLC, Biome Technologies plc, Fkur Kunstsoff, BioPak, UFlex, EsselPropack, Balson Industries, Kingfa Sci. & Tech Co. Ltd, GuangDong Huazhilu Biological Material Co. Ltd, Plantic Technologies Limited, Huhtamaki, Greatview Aseptic Packaging, Shanghai PRECISE Packaging Co, Qingdao Likang Packing, Tidetron, CB Material, Red Avenue New Materials, Bio-On, RadiciGroup, Tetra Pak, GOGLIO, Biochemtex, Mondi Group, Gualapack Group, NOVAMONT S.p.A, AVANTIUM N.V, SULAPAC, AMSilk GmBH, CARBIOS, Amcor, Sealed Air, Plastic Suppliers, International Paper, Smurfit Kappa, DS Smith, Green Dot Bioplastics, Kruger Inc, Klabin SA, BioBag, Nova Envirocom Inc, Braskem, Biocycle, Minima, Brazilian Plastics, Rotopak LLC, Gulf East Paper and Plastic Industries LLC, Arabian Packaging LLC, Amber Packaging Industries LLC, Diamond Packaging Industries LLC, Corys Packaging LLC, Astrapak Ltd (RPC Group), Nampak Ltd, Mpact Pty Ltd, Bonpak (Pty) Ltd, bioplastics Egypt, Al Ahram Plastic Co.
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Biodegradable Plastics Market Overview
Biodegradable plastics are made from petrochemicals that contain biodegradable additives and are degraded into carbon dioxide, water, and biomass by microorganisms. The biodegradable plastics are used in organic waste collection and diversion, food packaging, the agricultural and horticultural sectors, and disposable tableware. These can be used in packing materials, injection-molded products, and others.
Biodegradable Plastics Global Market Report 2023 provides data on the global biodegradable plastics market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The biodegradable plastics market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.