Global Biodegradable Plastic Market is estimated to be US$ 14.67 billion by 2030 with a CAGR of 15.4% during the forecast period

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Published Date: May 2023

The Global Biodegradable Plastic Market accounted for US$ 3.5 billion 2020 and is estimated to be US$ 14.67 billion by 2030 and is anticipated to register a CAGR of 15.4%. Biodegradable plastics are plastics which break down in nature inside a short timeframe. Biodegradable plastics are comprised of sustainable raw materials. A significant number of these plastics require biodegradable added substances to upgrade biodegradation process and some may require an explicit domain to break down. Time taken by plastics to deteriorate relies on different factors, for example, crude material utilized and natural conditions, for example, dampness and temperature. Biodegradable plastics are less harmful to the environment as compared to tradition plastic, and they can be easily recycled.

The report " Global Biodegradable Plastic Market, By Type (Polylactic acid (PLA), Starch Blends, Polycaprolactone (PCL), Regenerated Cellulose, Polybutylene Succinate (PBS) and Polyhydroxyalkanoate (PHA)), By End-use (Packaging, Fibres, Agriculture, Injection Moulding and Others) and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Market Trends, Analysis, and Forecast till 2030

Key Highlights:

In November 2020, UK-based biotech company Toraphene is to unveil the world’s “first” truly biodegradable, compostable and commercially viable alternative to plastic packaging, which contains graphene. The firm has developed a new material, also called Toraphene, that uses biopolymers that compost naturally and biodegrade without human intervention.
In February 2019, Scientists from IIT Guwahati has developed biodegradable plastic with the help of homegrown technology, which is funded by the departments of chemicals and petrochemicals under union ministry of chemicals and fertilizers.

Analyst View:

Biodegradable nature of plastics is key factor driving growth of the global biodegradable plastic market over the forecasted period. Increase in awareness about eco-friendly products and strict regulations regarding usage of conventional plastics is anticipated to drive the global market. The global market for biodegradable plastic is growing at a rapid rate with continuous R&D activities by major manufacturers to produce low cost biodegradable plastic. In addition, government regulations and initiatives towards use of biodegradable plastic owing to increasing environmental concerns related to use of traditional plastic is another factor expected to further drive growth of the target market to a significant extent over the forecast period.

Browse 60 market data tables* and 35 figures* through 140 slides and in-depth TOC on ‘Global Biodegradable Plastic Market, By Type (Polylactic acid (PLA), Starch Blends, Polycaprolactone (PCL), Regenerated Cellulose, Polybutylene Succinate (PBS) and Polyhydroxyalkanoate (PHA)), By End-use (Packaging, Fibers, Agriculture, Injection Moulding and Others) and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Market Trends, Analysis, and Forecast till 2030

Key Market Insights from the report:

The Global Biodegradable Plastic Market accounted for US$ 3.5 billion 2020 and is estimated to be US$ 14.67 billion by 2030 and is anticipated to register a CAGR of 15.4%. The Global Biodegradable Plastic Market is segmented based on the type, end-use and region.

By Type, the market is segmented into Polylactic acid (PLA), Starch Blends, Polycaprolactone (PCL), Regenerated Cellulose, Polybutylene Succinate (PBS) and Polyhydroxyalkanoate (PHA).
By End-use, the Global Biodegradable Plastic Market is segmented into Packaging, Fibers, Agriculture, Injection Moulding and Others.
By Region, the Global Biodegradable Plastic Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Europe market accounts for largest market revenue share in the global biodegradable plastic market.

Competitive Landscape:

The key players operating in the global Biodegradable Plastic market includes Novamont S.p.A., Yield10 Bioscience Inc., Reverdia, Solvay S.A., BioAmber Inc., NatureWorks LLC, Total Corbion PLA, Synvina C.V., Genomatica Inc., Novozymes A/S, and PTT MCC Biochem Co. Ltd.

The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.

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Some Important Points Answered in this Market Report Are Given Below:

Explains an overview of the product portfolio, including product development, planning, and positioning
Explains details about key operational strategies with a focus on R&D strategies, corporate structure, localization strategies, production capabilities, and financial performance of various companies.
Detailed analysis of the market revenue over the forecasted period.
Examining various outlooks of the market with the help of Porter’s five forces analysis, PEST & SWOT Analysis.
Study on the segments that are anticipated to dominate the market.
Study on the regional analysis that is expected to register the highest growth over the forecast period