PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1307906
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1307906
The Biodegradable plastic market is projected to reach USD 20.9 billion by 2028, at a CAGR of 21.3% from USD 7.9 billion in 2023. The combination of environmental concerns, regulatory actions, consumer demand, corporate sustainability efforts, and advancements in biodegradable plastics technology are driving the adoption and use of biodegradable plastics.
"Packaging application accounted for the fastest growth during the forecast period."
Packaging is the largest end-use industry of biodegradable plastics. Increasing environmental regulations and changing lifestyles of consumers have increased the demand for biodegradable plastics in the packaging industry. The high durability and impermeability to water has encouraged plastic usage in packaging. Food & beverage manufacturers are increasingly switching to biodegradable plastics to mitigate environmental and economic issues. In many regions, especially Europe and North America, stringent governmental regulations are forcing industries to reduce their carbon footprint, which has increased the demand for bio-based products.
"PLA biodegradable plastic is expected to be the largest type during the forecast period, in terms of value."
PLA) is a biodegradable plastic that has gained significant attention and popularity in recent years. PLA has a wide range of applications, including packaging materials, disposable cutlery, food containers, films, fibers, and 3D printing filaments. It offers good clarity, strength, and printability, making it suitable for various uses. PLA's biodegradability and renewable nature make it a promising alternative to conventional plastics.
"Based on region, Asia Pacific is the second fastest growing market for biodegradable plastic in 2022, in terms of value."
Based on region, Asia Pacific is a key market to produce biodegradable plastics. The availability of low-cost raw materials and labor, coupled with growing awareness among people, makes the region an attractive investment destination for biodegradable plastic manufacturers. The rising population, urbanization, and industrialization are some of the factors that will drive the biodegradable plastic market in this region.
The key players in this market are BASF (Germany), NatureWorks (US), Total Corbion (Netherlands), Novamont (Italy), Biome Bioplastics (UK), Mitsubishi Chemical Holding Corporation (Japan), Toray Industries (Japan), Plantic Technologies (Australia), Danimer Scientific (US), and Fkur Kunstsoff (Germany).
Research Coverage
This report segments the biodegradable plastic market based on type, application, and region, and provides estimations for the overall value of the market across various regions. A detailed analysis of key industry players has been conducted to provide insights into their business overviews, products and services, key strategies, new product launches, expansions, and mergers and acquisitions associated with the biodegradable plastic market.
Key benefits of buying this report
This research report focuses on various levels of analysis, including industry analysis (industry trends), market ranking analysis of top players, and company profiles, which together provide an overall view of the competitive landscape, emerging and high-growth segments of the biodegradable plastic market, high-growth regions, and market drivers, restraints, opportunities, and challenges.