Share on

Biodegradable Plastics Market Report - By Type (Polylactic Acid, Polyhydroxyalkanoates, Polybutylene Succinate, Polycaprolactone, Starch-based, Regenerated Cellulose), By Application (Packaging, Textile, Agriculture, Injection Moulding, Others (Including Electronic, Medical, Etc.) & By Region (North America, Latin America, Europe, Asia Pacific, Middle East & Africa) - Global Industry Analysis, Share, Size, Trends, Growth & Forecast | (2023-2028)

Published: March, 2023
ID: 7676
Pages: 175
Formats: report pdf report excel report power bi report ppt

Biodegradable Plastics Market Size-(2023-2028)

The biodegradable plastic market was valued at 8.06 billion in 2023, and it is anticipated to reach 28.35 billion at a 15.25% CAGR by the end of 2028.

Biodegradable Plastics Market Overview:

Biodegradable plastics are a type of plastic that can be broken down and decomposed by natural processes such as bacteria, fungi, and other living organisms. Unlike traditional plastics, which can take hundreds of years to degrade and accumulate in the environment, biodegradable plastics break down relatively quickly and do not leave behind harmful microplastics. Biodegradable plastics can be made from a variety of renewable resources, such as corn starch, sugarcane, and cassava, or from petrochemicals that are designed to break down through a controlled process. They are increasingly used in various applications, such as packaging, agriculture, consumer goods, and textiles, to provide sustainable and eco-friendly alternatives to traditional plastics.

Biodegradable Plastics Market Drivers:

The biodegradable plastics market is being driven by a variety of factors, including growing environmental concerns and increasing demand for sustainable alternatives to traditional plastics. As the negative impact of plastic waste on the environment becomes more apparent, consumers and businesses are increasingly seeking out environmentally friendly alternatives. Biodegradable plastics offer a solution to this problem, as they break down more quickly than traditional plastics, reducing their impact on the environment. In addition, government regulations and initiatives aimed at reducing plastic waste are also driving demand for biodegradable plastics. Many countries have implemented laws or regulations to limit the use of traditional plastics or promote the use of biodegradable alternatives. Furthermore, technological advancements in the development of biodegradable plastics have expanded their potential applications and improved their performance, making them a viable and attractive option for a wide range of industries.

 Overall, the biodegradable plastics market is poised for significant growth in the coming years as demand for sustainable and environmentally friendly products continues to increase.

Biodegradable Plastics Market Restraints

Despite the potential benefits of biodegradable plastics, there are also several challenges and restraints to their widespread adoption. One major issue is that the production of biodegradable plastics can be more expensive than traditional plastics. This cost may be passed on to consumers, who may not be willing to pay a premium for eco-friendly alternatives. There are also concerns about the actual biodegradability of these plastics. While some biodegradable plastics may break down more quickly than traditional plastics, they may not necessarily fully biodegrade and can leave behind microplastics that can still harm the environment. Furthermore, the infrastructure for the disposal of biodegradable plastics is not as widely available as that for traditional plastics, which can limit their usefulness. Proper composting facilities are necessary for biodegradable plastics to degrade fully, but many areas do not have access to such facilities. Overall, while biodegradable plastics offer potential benefits, addressing these restraints will be necessary for their successful adoption and widespread use.

Biodegradable Plastics Market Opportunities

The biodegradable plastics market is expected to grow rapidly in the coming years due to increasing awareness about environmental sustainability and a shift towards eco-friendly products. The market offers opportunities for companies to develop new and innovative biodegradable plastics with improved properties, such as strength, durability, and flexibility. Additionally, the increasing demand for biodegradable plastics in various industries, such as packaging, agriculture, and automotive, presents a significant growth opportunity. Government regulations and policies promoting the use of biodegradable plastics also create a favorable environment for market growth. Overall, the biodegradable plastics market offers a promising future for companies looking to capitalize on the growing demand for sustainable products.

Biodegradable Plastics Market Key Developments

  • In June 2022, Confoil and BASF collaborated to develop a certified compostable paper tray for ready-to-eat meals. The dual ovenable tray is made from paper and can be broken down into organic matter by natural processes, providing a sustainable packaging solution for the food industry.

  • In Feb 2022, DURABIO™, a bio-based engineering plastic with high design flexibility and durability, was adopted for use in pilot ballpoint pens. The plastic is sustainable and provides an eco-friendly alternative to traditional petroleum-based plastics, demonstrating its potential for use in various industries.

COVID-19 Impact on the Biodegradable Plastics Market 

The COVID-19 pandemic has had both positive and negative impacts on the biodegradable plastics market. On the positive side, there has been an increased demand for biodegradable plastics in the healthcare industry due to the need for protective equipment, such as masks and gowns, which are disposed of after use. However, on the negative side, the pandemic has also led to a decrease in demand for biodegradable plastics in industries such as food packaging and hospitality, as there has been a decrease in consumption and a shift towards more cost-effective options. Overall, the pandemic has had a mixed impact on the biodegradable plastics market, with both challenges and opportunities for growth.

REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2022-2028

Base Year

2022

Forecast Period

2023-2028

CAGR

15.25% 

Segments Covered

  • By Material Type 
  • By Application

  • By End-Use Industry

  • By Distribution Channel

  • By Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Covered

  • North America
  • Europe
  • Asia Pacific 
  • Latin America
  • Middle East & Africa

Market Leaders Profiled

  • NatureWorks LLC

  • BASF SE

  • Mitsubishi Chemical Corporation

  • Corbion NV

  • Biome Bioplastics Limited

  • Novamont S.p.A.

  • Plantic Technologies Limited

  • Total Corbion PLA

  • FKuR Kunststoff GmbH

  • Danimer Scientific, Inc.

Biodegradable Plastics Market Segmentation      

 By Material Type 

  • PLA

  • PHA

  • Starch-based plastics

  • Others

PLA (Polylactic Acid) has the highest demand among the biodegradable plastic materials mentioned above. PLA is made from renewable resources such as corn starch, sugarcane, and cassava and is used in a variety of applications, including food packaging, consumer goods, and textiles. It is biodegradable under certain conditions and has comparable properties to traditional plastics, making it a popular choice for companies looking for sustainable packaging options.

By Application

  • Packaging

  • Agriculture

  • Textiles

  • Consumer goods

  • Others

Packaging is currently the largest application segment for the biodegradable plastics market and has the highest demand among the applications. The demand for the packaging segment is driven by the increasing awareness of environmental sustainability and the need for eco-friendly packaging solutions. Biodegradable plastics are used in food packaging, consumer goods packaging, and industrial packaging applications.

By End-Use Industry

  • Food and beverage

  • Healthcare

  • Agriculture

  • Others

The food and beverage industry has the highest demand for biodegradable plastics among the industries mentioned above. Biodegradable plastics are used in food packagings, such as bags, containers, and utensils, as they provide a sustainable alternative to traditional plastic packaging.

By Distribution Channel

  • Direct sales

  • Online sales

  • Others

Online sales have seen a significant increase in demand for biodegradable plastics. This can be attributed to the growing trend of e-commerce and the ease and convenience of online shopping. Online sales channels provide a broader reach for companies and allow them to target a larger audience, including environmentally conscious consumers. Moreover, online sales provide better accessibility, convenience, and availability of a wide range of biodegradable plastic products, making it easier for consumers to switch to more sustainable products.

By Region

  • North America

  • Europe

  • Asia Pacific

  • Latin America

  • Middle East & Africa

Asia Pacific region is likely to experience the highest demand in the coming years due to the increasing adoption of eco-friendly materials and the growing population in the region. Additionally, the region is home to some of the largest biodegradable plastics manufacturers and has seen significant investment in biodegradable plastics production.

Biodegradable Plastics Market Key Players

  • NatureWorks LLC

  • BASF SE

  • Mitsubishi Chemical Corporation

  • Corbion NV

  • Biome Bioplastics Limited

  • Novamont S.p.A.

  • Plantic Technologies Limited

  • Total Corbion PLA

  • FKuR Kunststoff GmbH

  • Danimer Scientific, Inc.

Please wait. . . . Your request is being processed

FAQ's

What is the current value of the biodegradable plastics market, and what is its predicted growth rate?

The biodegradable plastic market was valued at 8.06 billion in 2022, and it is expected to reach 28.35 billion at a 15.25% CAGR by the end of 2028.

What are biodegradable plastics?

Biodegradable plastics are a type of plastic that can be broken down and decomposed by natural processes such as bacteria, fungi, and other living organisms.

What are some factors driving the biodegradable plastics market?

The biodegradable plastics market is being driven by growing environmental concerns, increasing demand for sustainable alternatives to traditional plastics, government regulations, and technological advancements in the development of biodegradable plastics.

What are some opportunities in the biodegradable plastics market?

The biodegradable plastics market offers opportunities for companies to develop new and innovative biodegradable plastics with improved properties, such as strength, durability, and flexibility, and to capitalize on the growing demand for sustainable products.

Related Reports

Access the study in MULTIPLE FORMATS
Purchase options starting from $ 2500

Didn’t find what you’re looking for?
TALK TO OUR ANALYST TEAM

Need something within your budget?
NO WORRIES! WE GOT YOU COVERED!

REACH OUT TO US

Call us on: +1 888 702 9696 (U.S Toll Free)

Write to us: [email protected]

Click for Request Sample