Pune, April 04, 2023 (GLOBE NEWSWIRE) -- As per SNS Insider, the Biodegradable Plastics Market had a worth of USD 9.75 billion in 2022, with a projected escalation to USD 58.11 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 25.0% during the forecast period spanning from 2023 to 2030.
Biodegradable plastics are a type of plastic that can be decomposed by microorganisms such as bacteria, fungi, and algae. They are designed to break down into natural substances, such as water, carbon dioxide, and organic matter, under certain environmental conditions, such as exposure to sunlight, heat, or moisture. Unlike traditional plastics, which can persist in the environment for hundreds of years, biodegradable plastics can reduce the amount of plastic waste that ends up in landfills, oceans, and other ecosystems.
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Biodegradable Plastics Market Report Scope
| Report Attributes | Details |
| Market Size in 2022 | US$ 9.75 Billion |
| Market Size by 2030 | US$ 58.11 Billion |
| CAGR From 2023 to 2030 | CAGR of 25.0% |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By type (PLA, Starch Blends, PHA, Biodegradable Polyesters, Others) • By end-use industry (Packaging, Consumer Goods, Textiles, Agriculture & Horticulture) |
| Company Profiles | Fkur Kunstsoff, BASF, Danimer Scientific, Novamont, Biome Bioplastics, Toray Industries, NatureWorks, Plantic Technologies, Mitsubishi Chemical Holding Corporation , Total Corbion, and other players. |
| Market Drivers | • Changing Consumer Preference Toward Eco-Friendly Plastic Products • Growing Use for Compostable Bag Applications and Packaging • Government Focus on Policies and Regulations for Green Procurement |
Market Analysis
The drivers for the biodegradable plastics market include increasing environmental concerns, growing government regulations and initiatives to reduce plastic waste, rising demand for sustainable packaging solutions, and the favorable properties of biodegradable plastics such as their ability to decompose naturally and reduce carbon footprint. Additionally, the expanding applications of biodegradable plastics in various industries such as packaging, agriculture, consumer goods, and textiles are also expected to drive the growth of the market. In addition, the rising demand for sustainable packaging solutions in various industries is also a significant driver for the market.
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Impact of Russia-Ukraine Conflict
The impact of the Russia-Ukraine conflict on the biodegradable plastics market is complex and multifaceted. While the conflict has created challenges for the industry, it has also presented opportunities for growth and innovation, as consumers and industries increasingly prioritize sustainability and environmental responsibility.
Key Regional Development
The biodegradable plastics market in Europe has been experiencing significant growth in recent years, and it currently holds the largest share of the global market. This growth can be attributed to the rising awareness and adoption of eco-friendly alternatives to traditional plastics, which are known to have a detrimental impact on the environment. The Europe market is segmented into six key regions: Germany, France, Italy, the UK, Russia, and the rest of Europe. These regions have been at the forefront of the movement towards sustainable and environmentally conscious practices, which has further driven the demand for biodegradable plastics.
Key Takeaway from Biodegradable Plastics Market Study
- The PLA segment is poised to become the dominant force in the market. PLA, or polylactic acid, is a biodegradable thermoplastic that is derived from renewable sources such as corn starch or sugarcane. It has gained widespread acceptance in various applications such as packaging, agriculture, textiles, and medical devices.
- The packaging industry is set to hold a dominant share in the market, with the demand for sustainable and environmentally friendly packaging solutions on the rise. Biodegradable plastics are gaining momentum as an alternative to traditional petroleum-based plastics, and the packaging segment is a key application area for these materials.
Recent Developments Related to Biodegradable Plastics Market
- AGI, a leading global technology company, has launched a new initiative called AGI Cares 2028, which aims to promote sustainability and reduce plastic waste in the environment. As part of this initiative, the company has introduced biodegradable plastics that can decompose naturally in the environment without causing harm.
- Scientists have recently developed an innovative system to produce biodegradable plastics using carbon dioxide (CO2). This new approach could potentially revolutionize the way we create plastics, by reducing the carbon footprint and addressing the plastic pollution crisis. Traditional plastics are known to have a significant environmental impact, as they are non-biodegradable and can take hundreds of years to decompose.
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Table Of Contents
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 Forces Model
7. PEST Analysis
8.Biodegradable Plastics Market Segment, By Type
9.Biodegradable Plastics Market Segment, By End-Use Industry
10. Regional Analysis
11. Company Profile
12.Competitive Landscape
13. Conclusion
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