Dublin, May 16, 2023 (GLOBE NEWSWIRE) -- The "Bio-based Biodegradable Plastics Market, By Product Type, By Application, By Region - Size, Share, Outlook, and Opportunity Analysis, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
The bio-based plastic industry witnessed remarkable growth after replacing conventional plastics due to its eco-friendly nature, improved functionalities, and suitability for new applications across different industries.
This has led to the use of bio-based plastics in packaging, automotive, building & construction, and electronics industries.
Market Dynamics:
Plastic Pollution has become a major environmental concern globally. According to Plastic pollution facts and information, around 4.1 Mn tons of garbage is disposed every day, out of which 15% (0.60 Mn tons) comprises plastics.
Plastics are expected to account for 20% of the entire oil pollution in the following 25 years, compared to an estimated 7% in 2016. Plastic production has reached a record high of 392 Mn tons in 2022 and is expected to reach 1,142 Mn tons by 2050.
Further aggravating the issue is the fact that only 8.3% of the plastics are recycled, while the remainder either end ups in oceans or landfills. Approximately 8 Mn tons of plastics are dumped into the ocean every year. These factors have increased consumer awareness and have shifted their inclination toward the usage of bioplastics. Furthermore, these concerns have also paved the way for several manufacturers to enter this market and attract the consumer base for bio-plastics.
Around 4.1 Mn tons of garbage is disposed every day, out of which 15% (0.60 Mn tons) comprises plastics. Plastics are expected to account for 20% of the entire oil pollution in the following 25 years, compared to an estimated 7% in 2016. Plastic production has reached a record high of 392 Mn tons in 2022 and is expected to reach 1,142 Mn tons by 2050.
Bio-based plastic has poor thermal resistance and brittleness property which makes it less durable and restricts its use across various applications. This is expected to hamper the market growth of biobased plastic. Moreover, the production of biodegradable plastic has a lengthy procedure and even contains harmful chemicals. Therefore, such disadvantages associated with biobased plastic is projected to hinder market growth.
The growing trend of bio packaging among manufacturers is projected to foster market growth over the forecast period. For instance, in July 2019, Nestle announced that its YES! Fruit and nut bars will soon be packaged in recyclable paper wrappers that will decompose within six months, even in the ocean. Therefore, the growing demand for bio packaging is projected to propel the market growth over the forecast period.
Europe dominated the global bio-based biodegradable plastics market in 2022, in terms of volume, and the region is projected to maintain its dominance throughout the forecast period. Changing manufacturers' preference towards bio-based material for packaging and the presence of a large number of packaging manufacturers in the region are expected to fuel demand for bio-based plastic over the forecast period.
Key features of the study:
- This report provides in-depth analysis of Global Bio-based Biodegradable Plastics Market and provides market size (KT and US$ Billion) and Cumulative Annual Growth Rate (CAGR %) for the forecast period (2023 - 2030), considering 2022 as the base year
- It elucidates potential revenue opportunity across different segments and explains attractive investment proposition matrix for this market
- This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, regional outlook, and competitive strategy adopted by key players
- It profiles key players in the global Bio-based Biodegradable Plastics Market based on the following parameters - company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments and strategies, and future plans
- Key companies covered as a part of this study include BASF SE, Mitsubishi Chemical Corporation, Biome Bioplastics., Toray Industries, Total Corbion PLA, Plantic Technologies, Danimer Scientific, Bio-On, and Novamont S.P.A.
- Insights from this report would allow marketers and the management authorities of the companies to make informed decision regarding their future products launches, technology up-gradation, market expansion, and marketing tactics
- The global Bio-based Biodegradable Plastics Market report caters to various stakeholders in this industry including investors, suppliers, manufacturers, distributors, new entrants, and financial analysts
- Stakeholders would have ease in decision-making through the various strategy matrices used in analyzing the Bio-based Biodegradable Plastics Market
Detailed Segmentation:
Global Bio-based Biodegradable Plastics Market, By Product Type:
- PLA (Polylactic Acid)
- PHA (Polyhydroxyalkanoates)
- Starch blends
- Polyesters
- Regenerated cellulose
- Others
Global Bio-based Biodegradable Plastics Market, By Application:
- Packaging
- Fibers
- Agriculture
- Medicine
- Others
Global Bio-based Biodegradable Plastics Market, By Region:
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- Italy
- France
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- ASEAN
- Australia
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- Middle East
- GCC
- Rest of Middle East
- Africa
- Central Africa
- South Africa
Company Profiles
- BASF SE
- Mitsubishi Chemical Corporation
- Biome Bioplastics.
- Toray Industries
- Total Corbion PLA
- Plantic Technologies
- Danimer Scientific
- Bio-On
- Novamont S.P.A.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 160 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $10.8 Billion |
| Forecasted Market Value (USD) by 2030 | $27.8 Billion |
| Compound Annual Growth Rate | 12.5% |
| Regions Covered | Global |
Key Topics Covered:
1. Research Objective and Assumptions
2. Market Purview
3. Market Dynamics, Regulations, and Trends Analysis
4. Global Bio-based Biodegradable Plastics Market - Impact of Coronavirus (COVID-19) Pandemic
5. Global Bio-based Biodegradable Plastics Market, By Product Type, 2017-2030 (KT and US$ Billion)
6. Global Bio-based Biodegradable Plastics Market, By Application, 2017-2030 (KT and US$ Billion)
7. Global Bio-based Biodegradable Plastics Market, By Region, 2017-2030(KT and US$ Billion)
8. Competitive Landscape
9. Section
For more information about this report visit https://www.researchandmarkets.com/r/4ulmvd
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