The global biodegradable plastic market size reached US$ 4.4 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 7.5 Billion by 2027, exhibiting a growth rate (CAGR) of 9.43% during 2022-2027.
Industry Overview:
Biodegradable plastics are made utilizing petroleum-based sources and renewable raw materials, including corn, wheat, bamboo, sugarcane, etc. They are usually of various types, such as starch-based, polylactide (PLA), polybutylene succinate (PBS), etc. Biodegradable plastics are degraded by microorganisms, such as fungi and bacteria, into water, biomass, carbon dioxide (CO2), etc. As a result, they are used in numerous applications, from flexible packing materials for several food items to extruded, injection-molded in conventional machines. Presently, the excessive usage of disposable single-use plastics and their negative impact on the environment and human health are catalyzing the demand for biodegradable plastics across the globe.
Market Trends:
The rising product utilization in the agriculture and horticulture sectors for manufacturing mulching films and plant pots is among the key factors stimulating the biodegradable plastic market. Additionally, the increasing usage of agricultural products in the expanding food and beverage (F&B) industry is acting as another significant growth-inducing factor. Besides this, owing to inflating environmental concerns, the governing bodies of several countries are imposing bans on non-biodegradable plastics, which is also propelling the global market. Apart from this, the escalating awareness about the detrimental impact of plastics is further fueling the market growth.
Moreover, the growing need for online food delivery applications and the rising sales of ready-to-eat (RTE) food items are also driving the global market. Furthermore, the elevating focus among various leading companies on shifting their production facilities of biodegradable polymers to emerging countries, on account of affordable human resources and the convenience of feedstock acquisition, is expected to positively influence the biodegradable plastic market over the forecasted period.
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Major Players Covered:
- BASF SE
- Biome Technologies plc
- Bio-on S.p.A.
- Corbion N.V.
- Danimer Scientific
- Eastman Chemical Company
- Mitsubishi Chemical Corporation
- NatureWorks LLC (Cargill Incorporated)
- Novamont S.p.A.
- Plantic Technologies Limited (KURARAY CO. LTD.)
- Toray Industries Inc.
- Total Corbion PLA
Key Market Segmentation:
The report has segmented the global biodegradable plastic market report on the basis of type, End-use and country.
Breakup by Type:
- Starch-based
- PLA
- PBS
- PBAT
- PHA
- Others
Breakup by End Use:
- Packaging
- Agriculture
- Consumer Goods
- Others
Geographical Analysis:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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Key Highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
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