NEWARK, Del, Oct. 09, 2023 (GLOBE NEWSWIRE) -- The biobased biodegradable plastic market is expected to be valued at US$ 5.2 billion in 2023. The market is predicted to expand at a 10% CAGR from 2023 to 2033, reaching US$ 13.6 billion by 2033.
Growing public awareness of plastic waste and its negative environmental impact has increased the popularity of biobased biodegradable polymers. Customers and companies are looking for sustainable options that decrease plastic waste and protect the environment.
Globally, rigorous laws and regulatory frameworks prohibit single-use plastic and encourage the usage of biodegradable materials. Adherence to these rules is a primary motivator, driving firms to use biobased biodegradable polymers for various uses.
Many corporations are implementing biobased biodegradable polymers in their corporate social duty programs. Sustainable practices in company practices improve the brand's reputation and fulfill the needs of environmentally conscious customers.
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Persistent bioplastic technological advancement is resulting in the invention of new and affordable recyclable materials. Manufacturing methods and material composition breakthroughs have broadened the practical usage of biobased biodegradable polymers.
Client preferences are evolving, and there is a burgeoning eco-conscious customer base. Customers favor biodegradable plastic in items and packaging, prompting businesses to spend on those substances and fueling market growth.
Sustainability issues, tough restrictions, and customer preference for environment-friendly alternatives are driving considerable growth in the biobased biodegradable plastic industry in the United States.
The market has been propelled further by increasing public consciousness of plastic waste and an increasing focus on business sustainability practices.
The proactive involvement of the United Kingdom in Circular Economy frameworks has stimulated the emergence of bioplastic recycling facilities, offering new market prospects. Leading brands and retailers are switching to recyclable packaging, boosting the industry's development.
Key Takeaways
- The United States will be valued at US$ 1.2 billion by 2033.
- The market in the United Kingdom is predicted to expand at a 9.6% CAGR from 2023 to 2033.
- The biobased biodegradable plastic market in the United Kingdom is projected to reach US$ 400 million by 2033.
- The biobased biodegradable plastic market in China is anticipated to be worth US$ 1.4 billion.
- The market in China is expected to record a CAGR of 10.1% through 2033.
“Partnership between the public and business sectors will encourage research and provide a steady supply of novel biodegradable products. Market dominance in emerging nations, combined with increased awareness of ecological issues globally, is expected to fuel market growth,” says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.
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Competitive Landscape
Competitiveness in the market fluctuates from minimal to considerable depending on area. Competition is moderate because of the enormous number of participants in Europe and North America. On the other hand, due to limited market participants, competition in Asia Pacific is minimal.
Key market players are investing heavily in research and development to introduce revolutionary biodegradable plastic materials that are sturdy and easily recyclable in the natural environment.
- Futerro declared plans in December 2022 to build an initial vertically linked biorefinery in Europe in Normandy, France, to manufacture and reuse PLA.
- NatureWorks held a ceremony in February 2023 to commemorate the completion of the organization's Ingeo PLA production complex in Thailand.
Key Companies Profiled
- BASF SE
- Plantic Technologies
- Toray Industries
- Total Corbion PLA
- Natureworks
- Biome Bioplastic.
- Bio-On
- Mitsubishi Chemical Corporation
- Danimer Scientific
- Novamont S.P.A.
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Segmentation Analysis of the Biobased Biodegradable Plastic Market
By Product Type:
- Polyester
- Starch blends
- Poly lactic acid (PLA)
- Cellulose
- Polyhydroxyalkanoate (PHA)
- Other biobased biodegradable plastic
By Application:
- Packaging
- Fibres
- Healthcare
- Agriculture
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia & Pacific
- East Asia
- The Middle East & Africa
About the Chemicals & Materials Division at Future Market Insights
The Chemicals & Materials team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis of key trends including competitive landscape, profit margin, and research development efforts.
Authors:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in the Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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A growing use of engineering plastics by end-user industries, especially automotive, transportation, and medical industries, is expected to drive global demand for the same over the forecast period.
Demand for bioplastics has been increasing since the past decade due to growing awareness concerning the environmental conservation use of bio-based or natural resources for manufacturing materials.
The biodegradable polymers market size is projected to reach US$ 54.48 billion by 2033.
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