Global Biodegradable Plastic Market -Wishtree Insight

Global biodegradable plastic Market by Type (Biodegradable Polyester, Starch-Based, Polylactic Acid, and Others), Application (Consumer Goods, Packaging & Bags, Textile, Agriculture & Horticulture, and Others), and Regions (The Asia Pacific, Middle East Africa, Europe, North America, and Latin America) - Global Industry Analysis, Share, Growth, Trends, Size, and Forecast 2021 – 2031

The global biodegradable plastic market size was valued at USD 2.1 billion in 2021 and is expected to surpass USD 6.4 billion by 2031, expanding at a CAGR of 12.5 % during the forecast period, 2021–2031. The growth of the market is attributed to the growing consumer inclination towards biodegradable plastic.

INTRODUCTION

Biodegradable plastic is a variation of plastic that can be naturally decomposed by microbes, carbon dioxide, and biomass under particular conditions. It refers to an eco-friendly product. It includes renewable raw materials and petroleum-based sources which degrade naturally in base compounds. It consumes less energy during the manufacturing process and results in the reduction of emissions of greenhouse gases (GHGs), carbon footprint, and waste production. After exposure to the microorganism present in the environment, such plastic products disintegrate shortly.

The biodegradation of plastic is done in a controlled degradation in an inherent environment or by enzyme-assisted mechanisms, as the disposable condition is different worldwide.

Market Trends, Drivers, Restraints, and Opportunities

• The increasing awareness of non-biodegradable plastic products has driven awareness in the global market. Along with this, many countries worldwide are taking initiatives to impose bans on the usage of non-biodegradable plastic products. Thus, biodegradable plastic is getting a positive outlook for the market across the globe. Concerning the environment, people are also demanding and started using eco-friendly alternatives. The various sectors in the market like food and beverages, personal care and cosmetics, and fashion are further driven by the widespread adoption of biodegradable plastic packaging solutions.
• Some of the other factors contributing to the market growth include continual technological advancements and rising investments by public and private firms that have introduced improved product variants in the market.
• According to the factors, during 2021 – 2026, the market is anticipated to grow at a CAGR of 8%. In 2021, the global biodegradable plastic market size was estimated at USD 4.1 billion, which is expected to expand at a CAGR of 9.7%.
• As Governments worldwide prohibiting the use of single-use plastic have risen awareness among people and have stimulated market growth. The increasing use of biodegradable plastics in packaging and agriculture has played a vital role in the growth of the segment. Non-decomposable plastics have become a global issue due to their hazardous effects. Globally all the governments are tackling this problem by banning single-use plastics and promoting the use of biodegradable plastics. To save nature and to make eco-friendly environment consumers are willing to pay more for biodegradable plastic.

Scope of the Report

Market Segment Insights

The starch-based segment is expected to grow at a rapid pace in the forecast period

Based on type, the global biodegradable plastic market is divided into, biodegradable polyester, starch-based, polylactic acid, and others. The starch-based segment is expected to grow at a rapid pace in the forecast period. The end-user industries such as automobile, packaging, and agriculture are using starch-based plastics. Starch-based plastic is used as an alternative for reducing carbon footprint and also as an alternative to petroleum-based products. However, the polylactic acid segment holds a key share in the market owing to its reasonable price.

The packaging & bags segment is accounted to hold a large key share

Based on application biodegradable plastic is divided into consumer goods, packaging & bags, textile, agriculture & horticulture, and others. The packaging & bags segment is accounted to hold a large key share in the market, owing to the stringent government regulations for the packaging & bags sector. The demand for biodegradable plastic in the packaging sector used in textile, consumer goods, food & beverage, pharmaceuticals, agriculture & horticulture has developed lucrative growth in the segment.

The Europe region is anticipated to dominate the market.

Based on the Biodegradable Plastic market is divided into North America (including the United States and Canada), Asia-Pacific (includes China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (includes Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (includes Brazil, Mexico, and others), and the Middle East and Africa. The Europe region is anticipated to dominate the market owing to its growing population, manufacturers, and rising popularity.

Competitive Landscape

Key players competing in the global biodegradable plastic market are Nature Works; Total Corbion PLA; Mitsubishi Chemical; Biome Bioplastics; Plantic Technologies Limited; Bio-On; BASF SE; Danimer Scientific; Tetra Pak International SA; Plastic Suppliers Inc.

FAQs

How much is the market worth?

The global biodegradable plastic market size was valued at USD 2.1 billion in 2021 and is expected to surpass USD 6.4 billion by 2031.

During the forecast period, what is the CAGR of the market?

During the forecast period, the CAGR is expected to be 12.5 %.

What are the key drivers of the market?

The growth of the market is attributed to the growing consumer inclination towards biodegradable plastic.

What segments are covered in the Global biodegradable plastic report?

Type (Biodegradable Polyester, Starch-Based, Polylactic Acid, and Others), Application (Consumer Goods, Packaging & Bags, Textile, Agriculture & Horticulture, and Others)

Mention the region is expected to hold the highest share in the Global biodegradable plastic.

The Europe region is expected to hold the highest share of the Global biodegradable plastic.

Which segment holds the largest market share in the Global biodegradable plastic by 2031?

The packaging & bags segment holds the largest market share in the Global biodegradable plastic by 2031.

Mention the key players in the market.

Key players competing in the global biodegradable plastic market are Nature Works; Total Corbion PLA; Mitsubishi Chemical; Biome Bioplastics; Plantic Technologies Limited; Bio-On; BASF SE; Danimer Scientific; Tetra Pak International SA; Plastic Suppliers Inc.