insights1 BIODEGRADABLE PLASTICS MARKET SIZE, SHARE & TRENDS ANALYSIS REPORT BY TYPES

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BIODEGRADABLE PLASTICS MARKET SIZE, SHARE & TRENDS ANALYSIS REPORT BY TYPES

The Global Biodegradable Plastics Market Size is valued at 8850.0 Million in 2022 and is predicted to reach 40974.7 Million by the year 2031 at a 18.60% CARG during the forecast period for 2023-2031.

Biodegradable plastics are a type of plastic material that can break down, decompose, and return to natural elements relatively quickly through the action of biological processes, such as the activities of microorganisms like bacteria, fungi, and other natural environmental factors. Unlike traditional plastics, which can persist in the environment for long tenure without breaking down, biodegradable plastics are designed to degrade more rapidly, reducing their impact on the environment.

Developing waste dumps and landfills has contributed to a severe environmental catastrophe with several detrimental effects on ecosystem flora and animals. The usage of biodegradable plastics is encouraged by rising consumer awareness of the consequences. As a result, the biodegradable plastics market is driven by a shift in customer preference toward utilizing ecologically friendly plastic products. Mulching films and plant pots are made with biopolymers for farming and agriculture. This is one of the primary drivers of market expansion, along with the rising use of agricultural products in the expanding (F&B) industry.

Market competition in the Biodegradable Plastics industry is intense, with various companies vying to lead in sustainable solutions. Established players and startups are innovating to develop high-performance biodegradable materials that meet diverse application needs. Differentiated product offerings, cost-effective production methods, and strategic partnerships are key factors driving competitive advantage.

An increase in biodegradable plastics market revenue is anticipated during the forecast period due to the potential role that biodegradable plastics might play in developing a fully sustainable and circular economy. Compared to traditional plastics, biodegradable plastics have a lower carbon footprint and less intensive resource depletion than those made from fossil fuels.
This is because renewable resources are used instead of fossil fuels.

The market is likely to increase due to rising federal programs, such as supporting legislation and subsidies to promote susainable alternatives to plastics made of fossil fuels. Producers of biodegradable plastics can provide their goods at lower prices thanks to the favorable regulations and subsidies provided by governments of various nations.

Recent Developments

  • In June 2023, BAS opened a Biodegradation and Microplastics Center of Excellence in Michigan, focusing on compostable materials' disintegration and novel chemistries' biodegradation, aiding regional sustainability efforts.
  • In December 2022, Futerro announced plans for Europe's first vertically integrated biorefinery in Normandy, France. It will produce and recycle PLA, incorporating a PLA conversion unit, lactic acid processing from agricultural raw materials, and PLA molecular recycling.

Competitive Landscape

Some of the biodegradable plastics market players are: 

  • Fkur Kunstsoff (Germany)
  • Biome Bioplastics (UK)
  • Danimer Scientific
  • BASF (Germany)
  • Novamont (Italy)
  • Plantic Technologies (Australia)

Market Segmentation

Screenshot_2023-09-25_at_182456 BIODEGRADABLE PLASTICS MARKET SIZE, SHARE & TRENDS ANALYSIS REPORT BY TYPES

 

The biodegradable plastics market is categorized by types, end-users, and region. Types include polylactic acid (PLA), starch blends, polyhydroxyalkanoates (PHA), biodegradable polyesters (polycaprolactone - PCL, polybutylene adipate terephthalate - PBAT, Polybutylene succinate - PBS), and other types (regenerative cellulose, cellulose derivative). PLA is expected to dominate the market due to its attractive mechanical properties and cost-effectiveness.

End-user segments encompass packaging (rigid and flexible packaging), consumer goods (electrical and domestic appliances), textiles (medical, personal care, and clothing), and agriculture & horticulture (tapes, mulch films, and others).

Based On Type, The PLA Segment Is A Major Contributor To The Biodegradable Plastics Market
The PLA segment is a major driver of the biodegradable plastics market. It held the largest share in 2021, driven by its increasing use in various industries, including goods and services and packaging. The United States and Europe are expected to witness significant growth and increased investments in PLA manufacturing. PLA is marketed as an eco-friendly material, being cost-effective and offering attractive mechanical properties compared to other biopolymers. Its demand is rising due to its quick degradation without releasing harmful chemicals into the environment. PLA is versatile, used not only in transparent hard plastics for containers and bottles but also in fibers and films for various applications.

The Packaging Segment Witnessed Growth At A Rapid Rate
The packaging segment is rapidly growing in the global biodegradable plastics market. Consumer demand for eco-friendly products is driving the use of biodegradable polymers in water and juice bottles, bakery items, processed foods, snacks, sweets, and meat trays. Stricter regulations on traditional plastics are also fueling this trend. Both rigid and flexible packaging use biodegradable polymers, with over 500,000 tons of bioplastics employed in flexible packaging. This shift reflects the industry's commitment to sustainability and reducing its carbon footprint.

Europe Biodegradable Plastics Market Holds A Significant Regional Revenue Share

The European biodegradable plastics market is poised to capture the highest revenue share soon. This is attributed to the increasing use of biodegradable plastics in various industries like food and beverage, personal care, packaging, automotive, driven by the region's strong environmental focus. The chemical sector in Europe also contributes by producing biodegradable polymers for sustainable solutions. The market is expected to grow further due to rising demand for bio-based components and the use of biodegradable polymers in manufacturing intermediate chemicals. In Asia Pacific, the biodegradable plastics market is also expected to grow rapidly, driven by environmental concerns, industrialization, social programs, and increased investment across various sectors. The adoption of plant-based food products is on the rise in this region, driven by health promotion efforts and consumer preference for fresh items. Plant-based foods are gaining popularity, leading to increased demand. Additionally, plant-based meat products are expected to see growth due to concerns about animal-based proteins, ethical considerations, and environmental awareness among consumers.

This article was originally posted by: INSIGHTACEANALYTIC

 

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