Increasing use of biodegradable plastics in the packaging industry, expanding e-commerce sector, and increasing government initiatives such as supportive policies and subsidies are also helping to drive the growth of the market. Europe has emerged as the largest market for the global biodegradable plastics market, with a 45.39% market revenue share in 2022.
Newark, Nov. 16, 2022 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the market for biodegradable plastics from $7.06 billion in 2022 will grow to $30.41 billion by 2030. In just eight years, growing demand for flexible packaging, growing environmental concerns, favorable government regulations, and rising disposable income are helping propel the market growth over the forecast period. Moreover, ever-increasing demand from emerging economies, growing proportion of tech-savvy customers, and improving customer lifestyles are expected to provide opportunities for growth over the forecast period.
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Key overview of the biodegradable plastics market
Europe will account for the largest market size during the forecast period
Europe is expected to hold the largest market share in the biodegradable plastics market. The major factors promoting the growth of the biodegradable plastics market in Europe include the ever-increasing demand for packaged foods along with increasing disposable income and growing demand for bioplastics, propelled by industries encouraging environmentally friendly products. Additionally, rising demand for the product from crucial enterprises including textile, automotive and transportation, electronics, home appliance, packaging, and medical is expected to boost the market growth in this region.
polylactic acid [PLA] The segment is expected to grow the biodegradable plastics market over the forecast period.
polylactic acid [PLA] The segment held the largest market share in 2022 and is expected to continue during the forecast period owing to the growing demand for bioplastics. Moreover, polylactic acid belongs to the class of aliphatic polyesters which is made by the copolymerization of poly (D-lactic acid) and poly (L-lactic acid). It is considered as one of the essential biodegradable biopolymers generally acquired from the fermentation of renewable food sources such as starch and sugar raw material. It is a compostable, recyclable, biodegradable and unique polymer with substantially high transparency and molecular weight. Additionally, the starch blends segment exhibited the highest CAGR during the forecast period owing to increased customer demand for sustainability, and biodegradable plastics help manufacturing industries maintain their competitiveness. PLA belongs to the class of aliphatic polyesters which is made by the copolymerization of poly (D-lactic acid) and poly (L-lactic acid). It is considered as one of the essential biodegradable biopolymers generally acquired from the fermentation of renewable food sources such as starch and sugar raw material. It is a compostable, recyclable, biodegradable and unique polymer possessing substantially.
polylactic acid [PLA] The segment held the largest market share in 2022 and is expected to continue during the forecast period owing to the growing demand for bioplastics. Moreover, polylactic acid belongs to the class of aliphatic polyesters which is made by the copolymerization of poly (D-lactic acid) and poly (L-lactic acid). It is considered as one of the essential biodegradable biopolymers generally acquired from the fermentation of renewable food sources such as starch and sugar raw material. It is a compostable, recyclable, biodegradable and unique polymer with substantially high transparency and molecular weight. Additionally, the starch blends segment exhibited the highest CAGR during the forecast period owing to increased customer demand for sustainability, and biodegradable plastics help manufacturing industries maintain their competitiveness. PLA belongs to the class of aliphatic polyesters which is made by the copolymerization of poly (D-lactic acid) and poly (L-lactic acid). It is considered as one of the essential biodegradable biopolymers generally acquired from the fermentation of renewable food sources such as starch and sugar raw material. It is a compostable, recyclable, biodegradable and unique polymer possessing substantially.
Packaging segment market size 2.19 billion in 2022
The packaging segment is expected to dominate the market over the forecast period owing to the ever-increasing demand for more durable packaging materials for fast and convenience foods. Additionally, the extensive use of polylactic acid for the manufacture of jars, containers, and bottles, as well as fresh produce packaging, is also helping to boost the growth of the segment.
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Market advancement
In April 2021, a new strategic alliance was announced between NatureWorks Company and IMA Coffee, an industry leader in coffee processing, packaging and handling. With this contract, the high-yield biodegradable K-cups will have greater reach in the North American market.
Market dynamics
Driver: Growing customer preference for biodegradable plastic
The popularity of bioplastics has grown due to their ability to naturally degrade faster than traditional bioplastics. Additionally, growing consumer awareness of environmentally friendly plastic alternatives and increased initiatives to limit the use of conventional plastics are helping to propel the growth of the market. Moreover, the increasing accumulations of garbage and landfills have become significant environmental risks and have several adverse effects on the fauna and flora of the ecosystem. The use of biodegradable plastics is boosted by increased customer awareness of these effects (caused by ordinary plastics). Additionally, people engage in pro-environmental behaviors like using bioplastics when they have the right attitude, such as concern for the environment or belief that their action can help reduce the carbon footprint of plastic, and second, the ability to translate attitude into behavior such as buying bioplastics. However, increasing investment in new packaging technologies, strict government standards regarding the use of plastic, and the ban on single-use plastics are driving the growth of the market.
Restraint: the easy availability of alternatives
Higher prices of biodegradable plastics than conventional polymers are the limiting factor for the market growth. Furthermore, biodegradable plastics refer to polymeric materials capable of decomposing into water, methane, carbon dioxide, inorganic compounds or biomass in which the dominant mechanism is the enzymatic action of microorganisms, whether Standardized tests can measure, within a specified time period, reflecting available elimination conditions.
Opportunity: increased demand for biodegradable plastics in emerging countries
Rising demand in developing economies such as China, Malaysia, India, and Brazil for biodegradable plastics across different end-use industries is helping to drive the growth of the market. Additionally, stringent regulations and rules related to non-biodegradable polymers and the apparent availability of raw materials used to produce biodegradable plastics are helping to drive the growth of the market. Moreover, several large companies are transferring their biodegradable polymer production facilities to emerging countries due to affordable human resources and the convenience of acquiring raw materials. They also improve manufacturing procedures and chemical additives. This is expected to increase the development and application of biodegradable plastics in different countries, thereby driving the growth of the market.
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Some of the major players operating in the biodegradable plastics market are:
• PTT MCC Biochem Co., Ltd.
• Cargill Incorporated
• Biome Technologies plc
• Synbra Technology B.V.
• Plantic Technologies Limited
• Coming
• BASF SE
• NatureWorks LLC
• Total Corbion APL
• Eastman Chemical Company
• Novamont SpA
• FKuR Plastics GmbH
• Scientific animation
• Trines
Coverage of key segments in the market:
By product:
• Polybutylene adipate terephthalate [PBAT]
• Polylactic acid [PLA]
• Polyhydroxyalkanoates [PHA]
• Polybutylene succinate [PBS]
• Starch mixtures
• Others
Per application:
• Consumer goods
• Agriculture
• Packaging
• Textile
• Others
By region
• North America (United States, Canada, Mexico)
• Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, rest of APAC)
• South America (Brazil and rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed on the basis of value (USD billion). All segments have been analyzed at global, regional and country level. The study includes analysis of more than 30 countries for each part. The report analyzes the drivers, opportunities, restraints and challenges to gain a critical overview of the market. The study includes Porter’s five forces model, attractiveness analysis, product analysis, supply and demand analysis, competitor position grid analysis, distribution and marketing channel analysis.
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