Rising concerns of environmental degradation and increasing initiatives of governments towards minimization of plastic waste are key factors driving market revenue growth
The global Biodegradable Plastics Market size is expected to reach USD 12.80 Billion in 2028 and register a revenue CAGR of 15.5% over the forecast period, according to a latest report by Reports and Data. Market revenue growth is primarily driven by increasing utilization of biodegradable plastics across various end-use industries, owing to surging need to minimize rising amount of plastic waste. Also, rising concerns regarding environmental degradation due to increasing utilization of plastics is set to propel growth. Indiscriminate disposal of plastics on land and open air burning is resulting in the release of toxic chemicals into air, thereby causing public health hazards. Environmental pollution by plastic waste is considered to be a major burden, especially in the aquatic environment. Biodegradable plastics have the potential to create a fully sustainable and circular bioeconomy, which, in turn, is projected to drive revenue growth of the market during the forecast period.
Governments of many countries are introducing policies and subsidies which are aimed at supporting usage of sustainable alternatives to fossil-based plastics. These policies and subsidies are helping biodegradable plastic producers to offer products at lower prices. The European Commission, for instance, has established strategies and directives to foster effective transition to a greener and more sustainable economy. Some vital strategies supporting utilization of biodegradable plastics in Europe are Circular Economy Action Plan and Updated Bioeconomy Strategy and Plastics Strategy. Similar supportive strategies by governments in other regions are expected to drive market growth during the forecast period.
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Top Lading Players:
NatureWorks, BASF SE, Total Corbion PLA, Mitsubishi Chemical Corporation, Biome Bioplastics, Bio-On, Novamont S.P.A, Plantic Technologies, Danimer Scientific, and Toray Industries.
Some Key Highlights from the Report:
- In December 2020, BASF SE and BillerudKorsnäs collaborated to develop a unique home-compostable paper laminate for flexible packaging. This multi-layer film is made of BASF’s biopolymer Ecovio and lamination adhesive Epotal Eco, as well as BillerudKorsnäs paper Conflex Silk. This multi-layer laminate can be used to produce wraps with individually adjusted barrier properties as all parts of the product are food-contact approved. All components used to develop the home-compostable paper laminate are certified home-compostable according to official European certification schemes. Moreover, this laminate extends the end-of-life options for multi-layer flexible packaging as it is organically recyclable and contains a high share of renewables.
- Polylactic Acid (PLA) segment is expected to account for largest revenue share in the global biodegradable plastics market over the forecast period. New investments in the U.S. and Europe for PLA production, as well as rising application in various end-use industries such as consumer goods and packaging would drive this segment’s growth in the near future.
- Packaging segment is expected to account for largest revenue share in the global biodegradable plastics market, owing to shifting consumer preference towards eco-friendly products. Manufacturers in the packaging industry are increasingly investing in research & development activities to produce more sustainable packaging solutions for lowering carbon footprint.
- The biodegradable plastics market in Europe is expected to account for largest revenue share over the forecast period. Implementation of various policies, subsidies, and initiatives by governments to promote usage of biodegradable plastics for the development of circular bioeconomy is expected to boost market growth in this region during the forecast period.
Segments covered in the report:
Type Outlook (Revenue, USD Billion; Volume, Kilo Tons, 2018-2028)
- Starch Blends
- Polylactic Acid (PLA)
- Biodegradable Polyesters
- Polyhydroxyalkanoate (PHA)
End-use Industry Outlook (Revenue, USD Billion; Volume, Kilo Tons, 2018-2028)
- Consumer Goods
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- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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