New York, April 04, 2023 (GLOBE NEWSWIRE) -- According to Market.us, In 2022, the size of the biodegradable plastic market worldwide was estimated at USD 4.42 billion and expected to reach around USD 10.2 billion by 2032 During the forecast period, it is anticipated to expand at a CAGR of 8.6%. The key factor driving the market is the growing public awareness of the negative effects of plastic waste and governments' bans on the use of single-use plastic. The increasing use of biodegradable plastic material in agriculture and packaging is also expected to expand the market.
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Key Takeaway:
- By product type, Starch-base products held a dominating revenue share in 2022
- By application, the packaging category had the highest revenue share of 27% in 2022
- Europe held a revenue share of approximately 43.5% in 2022
- Asia Pacific market is anticipated to record the fastest growth during the forecast period.
Plastics that can't break down in nature are a global problem. By promoting the use of biodegradable plastics and outlawing single-use plastics, governments around the world are addressing this issue. Due to their environmental friendliness, biodegradable plastics also attract higher consumer prices.
Factors affecting the growth of the Biodegradable Plastic Market
Several factors can affect the growth of the biodegradable plastic market. Some of these factors include:
- Demand from Various Industries: Increasing Use of Biodegradable Plastic in various sectors
- Increasing Awareness of Environmentally Friendly Products: The rising trend towards environmentally friendly packaging and the expanding global population during the forecast period
- Government Initiatives: Government investments in environmental protection and energy optimization programs and initiatives to reduce packaging waste
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Top Trends in Biodegradable Plastic Market
Growing awareness of the harmful effects of plastics on the environment positively impacts the demand for eco-friendly alternatives such as biodegradable plastics. Many countries have also banned harmful plastics due to rising environmental concerns. They also implement high standards and introduce certification systems to ensure product quality.
Market Growth
The industry's adoption has increased due to significant government investments in environmental protection and energy optimization programs and initiatives to reduce packaging waste.
Regional Analysis
Europe will dominate the global market with a revenue share of over 43.5% in 2022. Bioplastics are used in many essential things, like refuge bags, loose packaging, films for agricultural mulch, shopping bags, and bottles. Around 100 billion bags are used annually in the European Union. In every European nation, consumers are increasingly accepting bioplastics. The growing use of bioplastics in major end-use industries like packaging, consumer goods, textiles, medical devices, automobiles, and transportation, among others, is also anticipated to drive the market.
Asia-Pacific is the fastest-growing region in the bioplastics market, growing at a CAGR of 12.45%. This is because the region has a thriving food and beverage industry and consumers of various packaging. The top income providers in the region are China, India, and Japan. Due to China's reliance on different raw materials to produce biodegradable plastics, the market environment may change. Due to China's limited production capacity, the cost of biodegradable plastic's raw materials is likely to rise.
Competitive Landscape
The competitive landscape of the market has also been examined in this report. Some of the major players include BASF SE, Solvay, Toray Industries, Inc., PTT MCC Biochem Co. Ltd., NatureWorks LLC, Biome Technologies PLC, Danimer Scientific, Cargill Incorporated, Novamont SpA, Mitsubishi Chemical Holdings, and other key players.
Recent Development of the Biodegradable Plastic Market
- Danimer Scientific completed its acquisition of November, a manufacturer of biodegradable polymers, in August 2022. This development will benefit from the production of PHA-based resin and other biodegradable materials.
- Novamont purchased BioBag group in January 2021, a leading waste collection and packaging bag supplier based in Norway. Novamont will be able to strengthen its operations and expand into North America, Scandinavia, Eastern Europe, and Australia thanks to this acquisition. BioBag's highly specialized independent distribution network could further assist the business. The two businesses will comprehensively answer the problem and forge long-term partnerships with important stakeholders like large retailers and communities.
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Scope of the Report
| Report Attribute | Details |
| Market Value (2022) | USD 4.42 Billion |
| Market Size (2032) | USD 10.2 Billion |
| CAGR (from 2023 to 2032) | 8.6% |
| Europe Revenue Share | 43.5% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
The expansion of the industry is aided by the rising demand for biodegradable plastics for use in the packaging of food and beverages as well as consumer goods. The market's expansion is further supported by the rising trend towards environmentally friendly packaging and rise in environmental concerns, increased awareness of the use of sustainable materials, and the introduction of novel products by major industry players.
Market Restraints
The price of biodegradable plastics is higher than that of conventional polymers, limiting the market's expansion into numerous application areas. Biodegradable plastics have higher production costs than conventional plastic.
Market Opportunities
Evoware, a local Indonesian company, provides patented seaweed-based packaging. The company makes seaweed-based containers. Environmental regulations are anticipated to grow, eventually driving demand for biodegradable plastics during the forecast period.
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Report Segmentation of the Biodegradable Plastic Market
Product Type Insight
The market can be divided by product into starch-based, polylactic acid (PLA), polybutylene succinate (PBS), polyhydroxyalkanoates (PHA), and others. In 2022, the starch-based segment was the largest product category for biodegradable polymers, with a revenue share greater than 35%. The market's starch-based segment will dominate in volume and value over the forecast period.
Application Insight
By application, the market is divided into packaging, textiles, automotive, agriculture, construction, and other applications. The global leader in revenue for the biodegradable plastics market is the packaging. This shift in consumer preference from bio-based to synthetic products is due to growing environmental awareness. Biodegradable plastic has a promising function in food packaging and is being used for a variety of purposes.
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Market Segmentation
Based on Type
- Polylactic Acid (PLA)
- Polybutylene Succinate (PBS)
- PHA (Polyhydroxyalkanoates)
- Starch Blends
- Other Types
Based On Application
- Packaging
- Textiles
- Automotive
- Agriculture
- Construction
- Other Applications
By Geography
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Key Market Players:
- BASF SE
- Solvay
- Toray Industries, Inc.
- PTT MCC Biochem Co. Ltd.
- NatureWorks LLC
- Biome Technologies PLC
- Danimer Scientific
- Cargill Incorporated
- Novamont SpA
- Mitsubishi Chemical Holdings
- Other Key Players
Browse More Related Reports:
- Biodegradable Packaging Market was valued at USD 89.8 Bn, and this market is estimated to register a CAGR of 5.9% and is expected to reach USD 157 Bn during the forecast period of 2023 to 2032.
- Flexible Packaging Market size was valued at USD 2.22 Bn in 2022, and it is expected to grow to USD 4.13 Bn in the forecast period 2023-2032 with an anticipated CAGR of 5.8%.
- Food Packaging Market was valued at USD 358.3 Bn in 2022 and is expected to reach USD 592.8 Bn at a CAGR of 5.3% between 2023 and 2032.
- Electronic Packaging Materials Market is expected to grow at a CAGR of 17.03% over the next ten years and will reach USD 4406 Mn in 2032, from USD 1070 Mn in 2022.
- Reusable Plastic Water Bottles Market is expected to be worth around USD 14.6 billion by 2032 from USD 9.3 billion in 2022, growing at a CAGR of 4.7% during the forecast period from 2023 to 2032.
- Bio plasticizers Market size is expected to be worth around USD 3.07 bn by 2032 from USD 1.41 bn in 2023, growing at a CAGR of 8.10%.
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