Biodegradable Plastic Market Size
The biodegradable plastic market is expected to grow and touch a value of over US$ 18.61 billion in 2032 up from US$ 5.98 billion in the year 2023. With a CAGR of 13.44% from 2024 to 2032 owing to increasing awareness among the consumers related to the pollution, increasing demand for green packaging, and implementation of policies and regulations.
Biodegradable Plastic Market Outlook
Bio-degradable plastics are made to disintegrate in the environment due to the action of some microorganisms. Unlike normal plastics that can take hundreds of years to degrade, biodegradable plastics will decompose to forms water, carbon dioxide and biomass within this time. They are prepared using raw materials in some like starch, cellulose, polylactic acid (PLA), or petrochemicals with bio-degradable components that can be replenished.Recyclable plastics are applied in some industries in an effort to lessen the problem of plastic pollution. In agriculture they are used in mulch films which are used in enriching soil as they disintegrate. Just like in packaging, biodegradable plastics are now used for items such as bags and food trays and cutleries that are used once then disposed. Some applications of biodegradable plastics include; suture materials in the medical field, implantation because they disintegrate naturally in the body. The automotive as well as the electronics industries also use them in certain parts so that they could have reduced impacts on the environment. Thus, the global trend towards sustainability creates demand and stimulates inventions in the use of biodegradable plastics.
Driving Forces of the Global Biodegradable Plastic Market
Environmental Regulations and Policies:
Environmental awareness of adverse impacts of conventional plastics and their direct impact on customers also make them opt for environmentally friendly biodegradable packaging. Thanks to the growing awareness of the problem of micro- and macro-plasticine and its effects on the environment and health, people turn to eco-friendly ones. As a result of this change in trend of customer preference, manufacturers are now using biodegradable plastics. The reverse is true as firms use extensive amounts of eco-friendly products to appeal to the preferences of the population. Hence, the market for biodegradable plastics is increasing, corresponding to the new developments regarding the manufacturing processes and uses of different segments. This trend is typical for the general tendency of meeting the requirement of sustainable development and concern with environmental issues in the global market.Consumer Awareness and Preference:
Environmental consciousness and health risk related with regular plastics leads consumers to shift towards eco-friendly products. With the awareness level of the dangers of plastic pollution to the environment and probably our health, the market for environmentally friendly products is being sought. This phenomenon makes it necessary for industries to switch to biodegradable plastics in an attempt to be in tandem with this development. Businesses spend money to buy environmentally friendly materials and to employ unique processes that reflect the buyers’ beliefs and improve the company’s reputation. Thus, the market for such plastics is becoming larger, and new uses are being found in a number of industries. This trend is in line with other signs of globalization that are leading to sustainability and proper usage of available resources and the environment in particular.Technological Advancements:
Development in biotechnology and materials science make biodegradable plastics inexpensive and utilization multi-functional. Advancements in production and other requirements for manufacturing also lessen these costs and therefore assist with the availability of these ecological substitutes. New developments on diverse biodegradable materials are extending their functionality and effectiveness, in addition to sturdiness and feasibility. Therefore, many industries such as packaging, agriculture, medical, auto mobile and consumer products industries use biodegradable plastics. Both these advancements will not only be able to appease the environmental appellant but are also serving the purpose of providing future requirements demanded by the Industry. Technology is the key factor in the use of biodegradable plastics, and hence its development will go a long way towards helping prepare for a better future.Corporate Sustainability Initiatives:
Most organizations and businesses are coming up with full support of sustainable strategies that not just aim to make organizations more socially responsible, but also improve their image. Of these, one sustainable measure focuses on the incorporation of biodegradable plastics in the products’ packaging. This way, the companies are minimizing their impact with the ecosystem and at the same time, they are creating new markets with the consumers who are now very sensitive to the environmental issues. Using biodegradable products can be an excellent marketing strategy for the companies since it proves the firm’s commitment to the better environmental-standard coupled with the act of enhancing the flow of loyal customer base. Sustainability is a leading trend acting as the key driver of the biodegradable plastics market as more industries engage in searching for environmentally sustainable plastics over the conventional ones. Of course, the idea of sustainable will be one of the strategic points in the development of the plastics industry in the future.Asia Pacific Biodegradable Plastic Market
Currently, the market for biodegradable plastics in Asia is experiencing expansion because of the growing concern for the environment and nation’s legislation. Many nations especially in Asia such as China, Japan and India set official polices and guidelines to minimize the use of plastics and the switch towards ecofriendly products. Further, the increasing consumer pool and a rising necessity for environment-friendly packaging material, agricultural, and healthcare products in the region also leads to the market’s growth.Development and continued research and development result to efficiency in manufacturing of biodegradable plastics and hence, making them cheaper in the Asia Pacific region. Specifically, there is more and more cooperation between local manufacturers and multinationals to implement new ideas that best meet the needs of the latter. It is also within this dynamic market that sustainability can easily gain further growth as practitioners and customers worldwide continue to embrace environmentally friendly requisites.
Biodegradable Plastic Company Analysis:
Some of the leading biodegradable plastic companies include Total Corbion, Mitsubishi Chemical Holding Corporation, Toray Industries, BASF SE, Green Dot Bioplastics, and Amcor Limited.Biodegradable Plastic Company News:
June 2023: BASF has set up a Biodegradation and Microplastic Center of Excellence in Michigan to support local clients in reaching their sustainability goals. The focus will be on understanding the biodegradation of innovative chemicals, studying microplastics, and assessing the performance of compostable materials.May 2023: TotalEnergies Corbion and Bluepha Co. Ltd. have signed an agreement to promote PLA/PHA-based solutions in the Chinese market. Their collaboration aims to accelerate the development of high-performance biopolymer solutions by combining Bluepha's PHA with Luminy's PLA technology.
May 2023: To grow the PLA industry, TotalEnergies Corbion and Xiamen Changsu Industrial Pte Ltd. have partnered. The businesses' main goals will be to develop new technologies and applications for BOPLA (biaxially oriented polylactic acid) and promote their products in the market.
February 2023: NatureWorks held an event to commemorate the building of the company's Ingeo PLA manufacturing site in Thailand. The facility, situated in Nakhon Sawan Province at the Nakhon Sawan Biocomplex (NBC), can produce 75,000 tons of lactide, lactic acid, and polymers annually.
Material Type - Market & Volume have been covered from 6 viewpoints:
1. PBAT2. PBS
3. PLA
4. PHA
5. Starch Blends
6. Others
Applications - Market have been covered from 4 viewpoints:
1. Packaging2. Agriculture
3. Consumer Goods
4. Others
Geography - Market Breakup of 23 countries :
North America
- United States
- Canada
- Colombia
Europe
- France
- Germany
- Italy
- Spain
- United Kingdom
- Netherlands
Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Malaysia
- Indonesia
- Israel
Latin America
- Brazil
- Mexico
- Argentina
Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
ROW
Company Insights:
- Overview
- Recent Development
- Product Portfolio
- Sales Analysis
Key Players Analysis:
1. Total Corbion2. Mitsubishi Chemical Holding Corporation
3. Toray Industries
4. BASF SE
5. Green Dot Bioplastics
6. Amcor Limited
Table of Contents
1. Introduction2. Research & Methodology3. Executive Summary5. SWOT Analysis
4. Market Dynamics
6. Biodegradable Plastic
7. Share Analysis
8. Material Type
9. Applications Market
10. Country Market
11. Company Analysis
Samples
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Companies Mentioned
- Total Corbion
- Mitsubishi Chemical Holding Corporation
- Toray Industries
- BASF SE
- Green Dot Bioplastics
- Amcor Limited
Methodology
In this report, for analyzing the future trends for the studied market during the forecast period, the publisher has incorporated rigorous statistical and econometric methods, further scrutinized by secondary, primary sources and by in-house experts, supported through their extensive data intelligence repository. The market is studied holistically from both demand and supply-side perspectives. This is carried out to analyze both end-user and producer behavior patterns, in the review period, which affects price, demand and consumption trends. As the study demands to analyze the long-term nature of the market, the identification of factors influencing the market is based on the fundamentality of the study market.
Through secondary and primary researches, which largely include interviews with industry participants, reliable statistics, and regional intelligence, are identified and are transformed to quantitative data through data extraction, and further applied for inferential purposes. The publisher's in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of their recommendations and advice.
Primary Research
The primary purpose of this phase is to extract qualitative information regarding the market from the key industry leaders. The primary research efforts include reaching out to participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions. The publisher also established professional corporate relations with various companies that allow us greater flexibility for reaching out to industry participants and commentators for interviews and discussions, fulfilling the following functions:
- Validates and improves the data quality and strengthens research proceeds
- Further develop the analyst team’s market understanding and expertise
- Supplies authentic information about market size, share, growth, and forecast
The researcher's primary research interview and discussion panels are typically composed of the most experienced industry members. These participants include, however, are not limited to:
- Chief executives and VPs of leading corporations specific to the industry
- Product and sales managers or country heads; channel partners and top level distributors; banking, investment, and valuation experts
- Key opinion leaders (KOLs)
Secondary Research
The publisher refers to a broad array of industry sources for their secondary research, which typically includes, however, is not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Patent and regulatory databases for understanding of technical & legal developments
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic new articles, webcasts, and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 210 |
| Published | July 2024 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value ( USD | $ 5.98 Billion |
| Forecasted Market Value ( USD | $ 18.61 Billion |
| Compound Annual Growth Rate | 13.4% |
| Regions Covered | Global |
| No. of Companies Mentioned | 6 |
