Global biodegradable plastic market was valued at USD 3.27 Billion in 2019. It is forecast to grow at a 9.4% revenue-based CAGR during the forecast period. The market is being driven by two key trends: the ban on single-use plastics and the growing awareness of the health risks associated with plastic waste. Market growth will also be supported by the increased use of biodegradable packaging materials and agricultural plastics.
Non-decomposable materials are a worldwide problem. This problem is being tackled by governments around the globe who ban single-use plastics and promote biodegradable plastics. Due to their eco-friendly nature, consumers will pay more for biodegradable materials. These factors are all contributing to market growth.
Biodegradable plastics have their drawbacks, despite the environmental benefits. Because there is no clear difference between biodegradable and conventional plastics, segregation is a problem. Complicating the process of decomposition can be caused by including conventional plastic in biodegradable landfills.
Biodegradable plastics do not always degrade in nature. They require specific conditions in terms of temperature and moisture. Some biodegradable plastics can release greenhouse gases in decomposition. This is harmful to the environment and restricts market growth.
On the basis of type, the market is divided into starch-based,Polylactic Acid (PLA), Polybutylene Adipate Terephthalate (PBAT), Polybutylene Succinate (PBS), Polyhydroxyalkanoate (PHA), and others. The market's starch-based segment will dominate in terms of both revenue and volume over the forecast period. Plastics made from starch are used in the end-use industries of agriculture, packaging, and automobiles. This segment is expected to grow at a revenue-based rate of 10.4% over the same time period. PLA plastics are rapidly rising in popularity. The segment's growth is driven by the low cost of PLA plastics compared to other types.
PHA is expected to see significant growth over the forecast period due to its increasing use in medical and other applications. PHA is used primarily in medical applications like drug encapsulation or medical implants. Tissue engineering, Bone marrow scaffolds and bone plates are some other medical uses. PHA is used for medical purposes, as well as in the manufacture of packaging materials, films and agriculture foil, food and beverage packaging, and consumer products. This has helped to fuel the global growth of PHA.
Packaging is a key end-use segment for biodegradable polymers. It is used in both flexible and rigid packaging. These products are replacing conventional plastics with food packages like boxes, wraps, and plates. This is driving the growth of the biodegradable market.
A significant portion of the market was also held by agriculture. The use of a biodegradable mulch film helps to conserve water and suppress weed growth. It also maintains soil temperature in order for faster crop development. The increasing use of biodegradable products in consumer goods is also a trend in developed economies.
In 2019, Europe was the largest region for biodegradable materials. The market will be driven by the increased awareness of people about plastic waste and the ban on single-use plastics in the European Union. Asia Pacific will be the fastest-growing market on the global stage. The region's market growth will be boosted by rising disposable income and improved living standards in developing countries like China and India. Central and South America are expected to record a revenue-based growth rate of 9.4% during the forecast period. This region is becoming a promising one due to its availability of low-cost raw materials.
The market is competitive in many ways. It varies from one region to the next. Because there are many players in these areas, the competition in Europe and North America can be moderate. However, Asia Pacific has fewer market players which means that there is less competition. The demand for biodegradable products is expected to rise in both developing and developed markets.
Market leaders are investing in research and developing novel biodegradable plastics products. These products are strong and easily degrade in the natural environment. The industry's major players include BASF SE and NatureWorks LLC, Mitsubishi Chemical Corporation (Carbion), Biome Technologies plc, and Mitsubishi Chemical Corporation (Mitsubishi Chemical Corporation).
This report predicts revenue growth and volume at the global, regional and country level. It also provides analysis of industry trends for each sub-segment from 2016-2027. Grand View Research has divided the global market for biodegradable plastics by type, end-use, and location.
Type Outlook (Volume of Kilotons; Revenue USD Millions, 2016-2027)
Starch-based
PLA
PBS
PBAT
PHA
Other
End-use Outlook (Volume of Kilotons; Revenues, USD Millions, 2016-2027)
Packaging
Agriculture
Consumer Goods
Other
Regional Outlook (Volume of Kilotons; Revenue USD Millions, 2016-2027)
North America
U.S.
Canada
Mexico
Europe
Germany
France
U.K.
Italy
Spain
Asia Pacific
China
India
Japan
South Korea
Central & South America
Brazil
Middle East & Africa
Saudi Arabia
b. Global biodegradable plastics markets were valued at USD 3.2 billion in 2019, and are expected to grow to USD 3.5 billion by 2020.
How is the market for biodegradable plastics growing?b. Global biodegradable plastics markets are expected to grow at a compound annual rate of 9.1% between 2020 and 2027, reaching USD 7.6 billion in 2027.
Which market segment had the largest share of biodegradable plastics?b. With a 42.0% share in 2019, Europe was the market leader in biodegradable plastics. This can be attributed to the increased awareness of people about plastic waste and the European Union ban on single use plastic.
What are the major players in the biodegradable plastics industry?b. BASF SE and NatureWorks LLC are some of the key players in the biodegradable market for plastics.
What are the driving factors for the biodegradable plastics industry?b. The growth of the biodegradable market for plastics is being driven by two key factors: the ban on single-use plastics in governments and the growing awareness of the health risks of plastic waste.
Up Market Research published a new report titled “Biodegradable Plastic Market research report which is segmented by End-use (Consumer Goods, Packaging, Agriculture), by Type (Starch-based, PHA, PBAT, PBS, PLA), By Players/Companies Biome Technologies plc, Mitsubishi Chemical Corporation, BASF SE, Total Corbion PLA, NatureWorks LLC”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
Report Attributes | Report Details |
Report Title | Biodegradable Plastic Market Research Report |
By End-use | Consumer Goods, Packaging, Agriculture |
By Type | Starch-based, PHA, PBAT, PBS, PLA |
By Companies | Biome Technologies plc, Mitsubishi Chemical Corporation, BASF SE, Total Corbion PLA, NatureWorks LLC |
Regions Covered | North America, Europe, APAC, Latin America, MEA |
Base Year | 2020 |
Historical Year | 2018 to 2019 (Data from 2010 can be provided as per availability) |
Forecast Year | 2028 |
Number of Pages | 218 |
Number of Tables & Figures | 153 |
Customization Available | Yes, the report can be customized as per your need. |
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by End-use (Consumer Goods, Packaging, Agriculture), by Type (Starch-based, PHA, PBAT, PBS, PLA).
Biodegradable Plastic Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
Key Benefits for Industry Participants & Stakeholders:
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Biodegradable Plastic Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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