The expanding utilization of biodegradable plastics in the packaging industry, expansion of the e-commerce sector, and the rising initiatives of the government, such as supportive policies & subsidies, are also helping to boost the market growth. European emerged as the largest market for the global biodegradable plastics market, with a 45.39% share of the market revenue in 2022.
Newark, Nov. 16, 2022 (GLOBE NEWSWIRE) -- The brainy Insights estimates that the USD 7.06 billion in 2022 biodegradable plastics market will reach USD 30.41 billion by 2030. In just eight years, the rising demand for flexible packaging, increasing environmental concerns, supportive government regulations, and rising disposable income are helping to propel the market growth during the forecast period. Moreover, the ever-increasing demand from emerging economies, increasing proportion of tech-savvy customers, and improvement in customer lifestyles are anticipated to offer growth opportunities during the forecast period. Paper Cups For Coffee
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Key Insight of the Biodegradable Plastics Market
Europe to account for the largest market size during the forecast period
Europe is expected to have the largest market share in the biodegradable plastics market. Key factors favoring the growth of the biodegradable plastics market in European include the ever-increasing demand for packaged food along with increasing disposable income and the increasing demand for bioplastics, propelled by industries encouraging environmentally-friendly products. In addition, the ascending demand for the product from crucial enterprises, including textile, automobile & transport, electronics, appliance, packaging, and medical, is expected to drive the market growth in this region.
The polylactic acid [PLA] segment is expected to augment the biodegradable plastics market during the forecast period.
The polylactic acid [PLA] segment held the largest market share in 2022 and is anticipated to continue during the forecast period owing to the increasing demand for bioplastics. Moreover, polylactic acid belongs to the class of aliphatic polyesters which is made by the copolymerisation of poly (D-lactic acid) and poly (L-lactic acid). It is regarded as one of the essential biodegradable biopolymers generally acquired from fermentation of renewable food sources such as starch and sugar feedstock. It is a compostable, recyclable, biodegradable, and unique polymer having appreciably high transparency and molecular weight. Additionally, the starch blends segment exhibited the highest CAGR during the forecast period owing to the increased customer demands for sustainability, and biodegradable plastics help manufacturing industries maintain their competitiveness. PLA belongs to the class of aliphatic polyesters which is made by the copolymerisation of poly (D- lactic acid) and poly (L-lactic acid). It is regarded as one of the essential biodegradable biopolymers generally acquired from fermentation of renewable food sources such as starch and sugar feedstock. It is a compostable, recyclable, biodegradable and unique polymer having appreciably.
The polylactic acid [PLA] segment held the largest market share in 2022 and is anticipated to continue during the forecast period owing to the increasing demand for bioplastics. Moreover, polylactic acid belongs to the class of aliphatic polyesters which is made by the copolymerisation of poly (D-lactic acid) and poly (L-lactic acid). It is regarded as one of the essential biodegradable biopolymers generally acquired from fermentation of renewable food sources such as starch and sugar feedstock. It is a compostable, recyclable, biodegradable, and unique polymer having appreciably high transparency and molecular weight. Additionally, the starch blends segment exhibited the highest CAGR during the forecast period owing to the increased customer demands for sustainability, and biodegradable plastics help manufacturing industries maintain their competitiveness. PLA belongs to the class of aliphatic polyesters which is made by the copolymerisation of poly (D- lactic acid) and poly (L-lactic acid). It is regarded as one of the essential biodegradable biopolymers generally acquired from fermentation of renewable food sources such as starch and sugar feedstock. It is a compostable, recyclable, biodegradable and unique polymer having appreciably.
The packaging segment market size 2.19 billion in 2022
The packaging segment is anticipated to dominate the market over the forecast period due to the ever-increasing demand for more sustainable packaging material for fast and ready-to-eat food. In addition, the extensive use of polylactic acid for manufacturing jars, containers, and bottles, as well as for fresh food packaging, is also helping to boost the segment's growth.
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In April 2021, a new strategic alliance was announced between NatureWorks Company and IMA Coffee, an industry leader in coffee processing, packaging, and handling. Through this contract, high-performing biodegradable K-cups will have a wider market reach in North America.
Driver: The shifting customer preference toward biodegradable plastic
Bioplastics' popularity has increased due to their ability to degrade naturally faster than traditional bioplastics. Also, the rising consumer awareness of eco-friendly plastic alternatives and the increased initiatives to limit the usage of conventional plastics are helping to propel market growth. In addition, the increasing garbage accumulations and landfills have become significant environmental risks and have several adverse effects on the ecosystem's fauna and flora. The usage of biodegradable plastics is boosted by increasing customer knowledge of these effects (caused by regular plastics). Furthermore, people engage in pro-environmental behaviours like utilizing bioplastics when they have the right attitude, like a concern for the environment or a belief that their action can assist lower plastic's carbon footprint, and second is the ability to translate the attitude into behaviour like purchasing bioplastic products. However, the increasing investment in new packaging technology, strict government norms about plastic usage, and a ban on single-use plastics drive market growth.
Restraint: The easy availability of alternatives
The higher prices of biodegradable plastics than conventional polymers are the restraining factor of the market growth. Further, biodegradable plastics refer to polymeric materials that are 'competent of undergoing decomposition into the water, methane, carbon dioxide, inorganic compounds, or biomass in which the dominant mechanism is the enzymatic action of microorganisms, that standardized tests can measure, in a specified period, reflecting available disposal condition.
Opportunity: The increased demand for bio-degradable plastics across emerging nations
The growing demand in developing economies such as China, Malaysia, India, and Brazil for biodegradable plastics in different end-use industries is helping to drive market growth. Also, the strict regulations & rules related to non-biodegradable polymers and the apparent availability of raw materials utilised to produce biodegradable plastics are helping to boost the market growth. Additionally, several leading companies are shifting their biodegradable polymers' production facilities to emerging countries due to affordable human resources & the convenience of feedstock acquisition. They are also enhancing manufacturing procedures & chemical additives. This is anticipated to raise the development and application of biodegradable plastics in different countries, thereby boosting market growth.
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Some of the major players operating in the biodegradable plastics market are:
• PTT MCC Biochem Co., Ltd. • Cargill Incorporated • Biome Technologies plc • Synbra Technology BV • Plantic Technologies Limited • Futerro • BASF SE • NatureWorks LLC • Total Corbion PLA • Eastman Chemical Company • Novamont SpA • FKuR Kunststoff GmbH • Danimer Scientific • Trines
Key Segments cover in the market:
• Polybutylene Adipate Terephthalate [PBAT] • Polylactic Acid [PLA] • Polyhydroxyalkanoates [PHA] • Polybutylene Succinate [PBS] • Starch Blends • Others
• Consumer Durable • Agriculture • Packaging • Textile • Others
• North America (U.S., Canada, Mexico) • Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe) • Asia-Pacific (China, Japan, India, Rest of APAC) • South America (Brazil and the Rest of South America) • The Middle East and Africa (UAE, South Africa, Rest of MEA)
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The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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