Biodegradable Plastics Market Analysis | 2024-2030

Biodegradable Plastics Market Analysis | 2024-2030

Biodegradable Plastics Market Analysis | 2024-2030
Report code - SR2818 Delivery - 2 Weeks
Biodegradable Plastics Market Size, Share, Trends, Dynamics, Forecast, & Growth Analys See more...

Market Insights

The biodegradable plastics market was estimated at USD 7.5 billion in 2023 and is likely to grow at a CAGR of 25% during 2024-2030 to reach USD 36.05 billion in 2030.

Biodegradable-Plastics-Market-Insights

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Market Dynamics

Introduction

Biodegradable Plastics decompose into natural substances like water, carbon dioxide, and biomass when exposed to natural environmental conditions like sunlight, air, and water. These plastics are gaining popularity as a more environmentally friendly substitute for conventional plastics, which are not biodegradable and can harm the environment.

Market Dynamics

The demand for biodegradable plastic is anticipated to propel the segment further due to its rising trends in agriculture and packaging as an example. Non-biodegradable plastic waste is a great concern across the globe. Most countries are addressing the issue by implementing bans on single-use plastics and promoting the use of biodegradable plastics. Additionally, due to their environmentally friendly properties, consumers are paying a premium for biodegradable plastic. These factors are, in a bit more detail, a catalyst to the growth of the market.

Plastics in the environment are emerging as a hassle, especially among buyers using the more traditional forms of plastic. A cautious attitude is developing toward the long decomposition periods of conventional plastics and the adverse effects on fauna and flora including entire ecosystems. Hence, buyers are looking for more environmentally friendly options such as biodegradable products, which do not pose such problems as traditional plastics. This trend in the way of buying behavior cuts across different types of products from food wrappers to common household items.

Key Players

The following are the key players in the Biodegradable Plastics Market (arranged alphabetically)

  • BASF
  • Biome Bioplastics
  • Danimer Scientific
  • Fkur Kunstsoff
  • Mitsubishi Chemical Holding Corporation
  • NatureWorks
  • Novamont
  • Plantic Technologies
  • Total Corbion
  • Toray Industries

Note: The above list does not necessarily include all the top players in the market.

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Segment Analysis

Segmentations

List of Sub-Segments

Dominant and Fastest-Growing Segments

Type Analysis

PLA, Starch Blends, PHA, Biodegradable Polyesters

PLA is anticipated to remain the biggest demand generator for the biodegradable plastics market in the years to come.

End-Use Industry-Type Analysis

Packaging, Consumer Goods, Textile, Agriculture & Horticulture

The packaging industry is the biggest demand generator for the biodegradable plastics market.

Regional Analysis

North America, Europe, Asia-Pacific, The Middle East & Africa, and South America

Europe is expected to remain the largest as well as the fastest-growing market over the next five years.

By Type

"PLA is expected to remain the largest and the fastest-growing type in the market"

Based on the type, the biodegradable plastics market is segmented into PLA, Starch Blends, PHA, and Biodegradable Polyesters. PLA is expected to remain the largest and the fastest-growing type in the market during the forecast period. PLA has found widespread use in various applications, including packaging materials, food service ware, agricultural films, and 3D printing filaments. Its popularity is due to its good mechanical properties, transparency, and biodegradability under proper composting conditions.

By End-User Type

"Packaging is expected to remain the dominant as well as the fastest-growing end-use industry in the market"

Based on the end-use industry type, the global market is segmented into Packaging, Consumer Goods, Textile, Agriculture & Horticulture. Packaging is expected to remain the dominant as well as the fastest-growing end-use industry in the market during the forecast period. Consumers are looking for ecologically friendly packaging choices. Their preferences for environmentally friendly and sustainable products are in line with biodegradable plastics. Packaging constructed of biodegradable materials may improve a brand's reputation, draw in environmentally conscientious customers, and influence consumer opinion favorably.

Regional Analysis 

"Europe is expected to remain the largest as well as the fastest-growing market"

In terms of regions, Europe is expected to remain the largest as well as the fastest-growing global market for biodegradable plastics during the forecast period. The implementation of laws and policies to manage plastic waste and encourage sustainable practices has been led by Europe. By banning their use and encouraging alternatives, such as biodegradable plastics, the Single-Use Plastics Directive of the European Union, for instance, is aimed at reducing the effect of some single-use plastic goods.

Biodegradable-Plastics-Market-Regional-Analysis

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Recent Developments

  • On 6th August 2024, Nagase & Co., Ltd. partnered with TotalEnergies Corbion to distribute Luminy® PLA bioplastics in Japan, aiming to meet the country's sustainability goals. This collaboration will enhance the adoption of biodegradable plastics, derived from renewable sugarcane, which have a 75% lower carbon footprint than traditional plastics. The partnership also focuses on research and development to expand applications, supporting Japan's transition to a circular economy and reducing environmental impact through innovative bioplastic solutions.
  • Fortum Recycling & Waste, a leading waste management and circular solutions company from Finland, on 15th October 2024, produced biodegradable plastic from carbon dioxide (CO2) emissions from waste incineration at its plant in Finland. The group claims to be the world’s first to have successfully produced biodegradable plastic entirely from CO2 emissions and is a significant step towards reducing and utilizing industrial CO2 emissions.

Research Methodology

  • This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s biodegradable plastics realities and future market possibilities for the forecast period.
  • The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market.
  • The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
  • This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
  • More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
  • We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

  • Market structure: Overview, industry life cycle analysis, supply chain analysis.
  • Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
  • Market trend and forecast analysis.
  • Market segment trend and forecast.
  • Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
  • COVID-19 impact and its recovery curve
  • Attractive market segments and associated growth opportunities.
  • Emerging trends.
  • Strategic growth opportunities for the existing and new players.
  • Key success factors.

Market Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The biodegradable plastics market is segmented into the following categories:

By Type

  • PLA
  • Starch Blends
  • PHA 
  • Biodegradable Polyesters

By End-User Industry

  • Packaging
  • Consumer Goods
  • Textile
  • Agriculture & Horticulture

By Region

  • North America (Country Analysis: The USA, Canada, and Mexico)
  • Europe (Country Analysis: Germany, France, The UK, Russia, and the Rest of Europe)
  • Asia-Pacific (Country Analysis: China, India, Australia, South Korea, and the Rest of Asia-Pacific)
  • Rest of the World (Country Analysis: Saudi Arabia, Brazil, and Others)

Biodegradable-Plastics-Market-Segmentation

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Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

  • Detailed profiling of additional market players (up to three players)
  • SWOT analysis of key players (up to three players)

Competitive Benchmarking

  • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research:

Stratview research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.

Frequently Asked Questions

Biodegradable plastics decompose into natural substances like water, carbon dioxide, and biomass when exposed to natural environmental conditions like sunlight, air, and water. These plastics are gaining popularity as a more environmentally friendly substitute for conventional plastics, which are not biodegradable and can harm the environment.

The biodegradable plastics market was estimated at USD 7.5 billion in 2023.

The biodegradable plastics market is likely to reach USD 36.05 billion in 2030.

The biodegradable plastics market is likely to grow at a CAGR of 25% during 2024-2030.

BASF, NatureWorks, Total Corbion, Novamont, Biome Bioplastics, Mitsubishi Chemical Holding Corporation, Toray Industries, Plantic Technologies, Danimer Scientific, and Fkur Kunstsoff are the leading players in the biodegradable plastics market.

Europe is expected to remain the largest as well as the fastest-growing global market for biodegradable plastics during the forecast period.

Packaging is expected to remain the dominant as well as the fastest-growing end-use industry in the market.

The demand for biodegradable plastic is anticipated to propel the segment further due to its rising trends in agriculture and packaging as an example & non-biodegradable plastic waste is a great concern across the globe.

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