PUBLISHER: Global Insight Services | PRODUCT CODE: 1598589
PUBLISHER: Global Insight Services | PRODUCT CODE: 1598589
The advanced biodegradable plastics market is expected to expand from $4.2 billion in 2023 to $12.8 billion by 2033, with a CAGR of 11.2%.
The advanced biodegradable plastics market encompasses the development and commercialization of innovative plastic materials designed to decompose naturally, reducing environmental impact. This sector includes polylactic acid (PLA), polyhydroxyalkanoates (PHA), and starch-based plastics, catering to industries such as packaging, agriculture, and consumer goods. It supports sustainability by offering alternatives to conventional plastics, aligning with global environmental goals and regulatory standards.
The advanced biodegradable plastics market is witnessing robust growth, fueled by the escalating demand for sustainable materials. In terms of sub-segments, polylactic acid (PLA) and polyhydroxyalkanoates (PHA) are leading the market, driven by their extensive applications in packaging and agriculture. Starch-based plastics are emerging as the second-highest performing sub-segment, owing to their cost-effectiveness and biodegradability. The packaging sector remains the largest application segment, propelled by increasing consumer awareness and regulatory mandates for eco-friendly materials. Geographically, Europe dominates the market, benefiting from stringent environmental regulations and a strong emphasis on sustainability. North America follows closely, with substantial investments in research and development and a growing consumer base inclined towards green products. Asia-Pacific is also gaining traction, driven by rapid industrialization and increasing environmental consciousness. These trends underscore a promising outlook for the advanced biodegradable plastics market, offering lucrative opportunities for stakeholders aiming to capitalize on the shift towards sustainable solutions.
Key Companies
Novamont, Biome Bioplastics, Nature Works, Total Corbion PLA, Futerro, Danimer Scientific, Tipa Corp, Bio- On, Green Dot Bioplastics, FKu R Kunststoff, Zhejiang Hisun Biomaterials, Good Natured Products, Cardia Bioplastics, Plantic Technologies, Earth Shell, Ecovio, Poly Ferm Canada, Synbra Technology, Biotec, Agrana
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