WASHINGTON, Jan. 21, 2022 (GLOBE NEWSWIRE) — The global market for biodegradable plastics is expected to reach over 36,825.7 million by 2028, showing a compound annual growth rate (CAGR) of 25.1% over the forecast period.
The growing trend of eco-friendly materials for packaging and increasing environmental awareness have affected the market growth of biodegradable plastics in a significant way. The increasing applications of biodegradable bags, use in food packaging, and the rapidly growing glass industry across the globe are also positively impacting the growth of the biodegradable plastics market. The main factor responsible for the growth of the market is the strict rules and regulations by many governments and regulatory authorities on the use of conventional plastics that are also non-biodegradable, says Vantage Market Research, in a report titled Biodegradable Plastics Market by Type (Starch, PLA, PBS, PBAT), by End Use (Packaging, Agriculture, FMCG, Other), by Region (North America, Europe, Asia Pacific, Latin America) – Global Industry Evaluation (2016-2021) and Outlook (2022-2028)”.
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List of Prominent Players in Biodegradable Plastics Market:
- BASF SE
- Nature Works LLC
- Novamont, Total Corpion
- plastic day
- Danimer Scientific
- plastic mind
- Plantic Technologies
- Toray Industries
- Acrow Plastic
- Green Dot Plastic
- Mitsubishi Chemical Company
- Biome Technologies plc.
Driver: the increasing need for sustainable packaging
The packaging sector has witnessed a significant change in consumer preference towards sustainable packaging and an increase in the use of biodegradable plastics against plastics based on fossil fuels. Sustainable packaging or green packaging uses manufacturing methods and materials to package products that have minimal impact on both the environment and energy consumption. Currently, plastic packaging is widely used in a variety of applications, such as food and beverage, consumer and consumer goods, and pharmaceuticals. This expanded use of plastic is responsible for the increase in plastic pollution. Furthermore, conventional plastics are likely to become more expensive in the future as sources of raw materials decrease. These determinants provide high market potential for biodegradable plastics market players during the forecast period.
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The Driver: Increased knowledge about the harmful effects of traditional plastics among customers
Customers in both developed and developing countries are becoming aware of the harmful effects of plastic on the environment and their lifestyle. As a result, the demand for environmentally friendly products has increased, which has led to a decrease in the use of natural gas and crude oil, and consequently a lower carbon footprint. These biodegradable plastics are an alternative to almost all conventional plastics. These plastics provide innovative solutions with improved properties, along with the unique ability to reduce emissions and provide the same functions and qualities as those of conventional plastics.
Europe captured the largest share in terms of revenue for the biodegradable plastics market. Because of the strategies and legal frameworks that are likely to promote the widespread use of bio-based plastic products and provide growth opportunities for the region. Latin America, the Middle East and Africa are likely to experience a significant growth rate due to the large presence of sugarcane materials that can be used to manufacture bioplastics.
- 2019: Total Corbion PLA has opened its bioplastics plant in Rayong, Thailand. Its production capacity is 75,000 tons/year
- 2018: Sealed Air Corporation has signed an agreement with the Kuraray Group (parent company of Plantic Technologies Limited), to begin offering packaged foodstuffs in Canada, Mexico and the United States. Food packaging materials are manufactured from biodegradable plastics for Plantic Technologies Limited.
- 2017: Green Dot Bioplastics has produced a new biodegradable plastic, Terratek BD 2114, which was specifically developed for making cultivable pots.
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The COVID-19 outbreak has affected many industries around the world. Governments around the world have implemented strict lockdown measures and social distancing measures in order to curb the rapid spread of the epidemic. Manufacturing facilities around the world were closed during the early stages of the pandemic. Moreover, the post-pandemic economic crisis may significantly delay the commercial spread of the biodegradable plastics market. Hence, the market players faced many challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will be made available online. The impact of COVID-19 on market demand is considered while estimating the current and projected market size and market growth trends for all regions and countries based on the following data points:
- Assessing the impact of the COVID-19 pandemic
- North America
- Asia Pacific
- Latin america
- Middle East and Africa
- Quarterly revenue forecasts for the market from Asia Pacific 2020 and 2021
- Key strategies companies have taken to tackle COVID-19
- long term dynamics
- short term dynamics
The Biodegradable Plastics Market Report Highlights:
- Market assessment
- Distinctive insights
- Competitive scene
- Analysis of the impact of COVID
- Historical data, estimates and forecasts
- Company Profile
- global and regional dynamics
Key questions answered in the report:
- Which regional market will show the highest rapid growth rate?
- Who are the top five players in the biodegradable plastics market?
- How will the biodegradable plastics market change in the next six years?
- What application and product will take the lion’s share of the biodegradable plastic market?
- What are the Biodegradable Plastics Market Drivers and Limitations?
- What will be the compound annual growth rate (CAGR) and market size of the Biodegradable Plastics market during the forecast period?
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This market is entitledbiodegradable plastics market It will cover the exclusive information in terms of regional analysis, forecasting, quantitative data – units, major market trends and various other information as mentioned below:
|Market size in 2021||7,679.8 million|
|Expected market size in 2028||36825.7 million|
|CAGR growth rate||Compound annual growth rate of 25.1% from 2022 to 2028|
|Historic years||2016 – 2020|
|prediction years||2022 – 2028|
|covered slices||Type: – Starch-based, PLA, PBS, PBAT, PHA, others
End use: – packaging, agriculture, consumer goods, etc.
|Quantitative data – units||Revenues in US$ Million/Billion and CAGR from 2022 to 2028|
|Covered areas||North America, Europe, Asia Pacific, Latin America, Middle East and Africa|
|Countries covered||United States, Canada, Mexico, United Kingdom, Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC countries and South Africa, among others|
|Report coverage||Market growth drivers, constraints, opportunities, Porter’s Five Forces analysis, PEST analysis, value chain analysis, organizational landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.|
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