Biodegradable Plastic Market to Reach $30.41 Billion by 2030; Raise consumer awareness for green plastic solutions to support growth, says The Brainy Insights

Brain insights

The expanding use of biodegradable plastics in the packaging industry, the expansion of the e-commerce sector and growing government initiatives, such as support policies and subsidies, are also helping to stimulate market growth. Europe has emerged as the largest market for the global biodegradable plastic market, accounting for 45.39% market revenue share in 2022.

Newark, Nov. 16, 2022 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the $7.06 billion biodegradable plastic market in 2022 will reach $30.41 billion by 2030. In just eight years, growing demand of flexible packaging, rising environmental concerns, favorable government regulations and rising disposable income are helping to propel the growth of the market during the forecast period. Additionally, growing demand from emerging economies, rising proportion of tech-savvy customers, and improving customer lifestyles are expected to provide opportunities for growth during the forecast period.

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Key insight into 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 plastic market. Key factors driving the growth of the biodegradable plastic market in Europe include the ever-increasing demand for packaged foods along with rising disposable income and growing demand for bioplastics, driven by industries that encourage environmentally friendly products. Furthermore, growing demand for the product from crucial enterprises including textiles, automotive and transportation, electronics, home appliances, packaging, and medical is expected to drive market growth in this region.

Polylactic acid [PLA] segment is expected to increase the biodegradable plastics market during the forecast period.

Polylactic acid [PLA] segment held the largest market share in 2022 and is expected to continue during the forecast period due to the growing demand for bioplastics. Furthermore, polylactic acid belongs to the class of aliphatic polyesters which is obtained from the copolymerization of poly(D-lactic acid) and poly(L-lactic acid). It is regarded as one of the essential biodegradable biopolymers generally acquired from the fermentation of renewable food sources such as starch and sugar raw materials. It is a unique compostable, recyclable, biodegradable polymer with remarkably high molecular weight and transparency. Furthermore, the starch blends segment has exhibited the highest CAGR during the forecast period due to the growing demands for sustainability from customers, and biodegradable plastics help manufacturing industries to maintain their competitiveness. PLA belongs to the class of aliphatic polyesters which is obtained from the copolymerization of poly (D-lactic acid) and poly (L-lactic acid). It is regarded as one of the essential biodegradable biopolymers generally acquired from the fermentation of renewable food sources such as starch and sugar raw materials. It is a compostable, recyclable, biodegradable and unique polymer that it appreciably has.

Polylactic acid [PLA] segment held the largest market share in 2022 and is expected to continue during the forecast period due to the growing demand for bioplastics. Furthermore, polylactic acid belongs to the class of aliphatic polyesters which is obtained from the copolymerization of poly(D-lactic acid) and poly(L-lactic acid). It is regarded as one of the essential biodegradable biopolymers generally acquired from the fermentation of renewable food sources such as starch and sugar raw materials. It is a unique compostable, recyclable, biodegradable polymer with remarkably high molecular weight and transparency. Furthermore, the starch blends segment has exhibited the highest CAGR during the forecast period due to the growing demands for sustainability from customers, and biodegradable plastics help manufacturing industries to maintain their competitiveness. PLA belongs to the class of aliphatic polyesters which is obtained from the copolymerization of poly (D-lactic acid) and poly (L-lactic acid). It is regarded as one of the essential biodegradable biopolymers generally acquired from the fermentation of renewable food sources such as starch and sugar raw materials. It is a compostable, recyclable, biodegradable and unique polymer that it appreciably has.

The market size of packaging segment 2.19 billion in 2022

The packaging segment is expected to dominate the market over the forecast period due to the ever-increasing demand for more sustainable packaging material for fast-food and ready-to-eat foods. Additionally, the extensive use of polylactic acid for the production of cans, containers and bottles, as well as fresh food packaging, is also helping to drive growth in the segment.

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Advancement in the market

In April 2021, a new strategic alliance was announced between NatureWorks Company and IMA Coffee, the industry leader in coffee processing, packaging and handling. Through this contract, high-performance biodegradable K-cups will have a broader market reach in North America.

Market dynamics

Driver: the shift in customer preference towards biodegradable plastics

The popularity of bioplastics has increased due to their ability to naturally degrade faster than traditional bioplastics. In addition, growing consumer awareness of green plastic alternatives and increased initiatives to limit the use of conventional plastics are helping to stimulate market growth. Furthermore, growing waste accumulations and landfills have become significant environmental hazards and have several negative effects on ecosystem fauna and flora. The use of biodegradable plastics is enhanced by increasing customer awareness of these effects (caused by normal plastic). Additionally, people engage in pro-environmental behaviors such as using bioplastics when they have the right attitude, such as a concern for the environment or a belief that their action can help reduce the carbon footprint of plastics. and second is the ability to translate the attitude into behaviors such as buying bioplastic products. However, increasing investments in new packaging technology, strict government regulations on plastic usage and a ban on single-use plastics are driving the market growth.

Restraint: the easy availability of alternatives

The higher prices of biodegradable plastics compared to conventional polymers are the factor holding back the growth of the market. Furthermore, by biodegradable plastic we mean polymeric materials “capable of undergoing decomposition in water, methane, carbon dioxide, inorganic compounds or biomass in which the dominant mechanism is the enzymatic action of microorganisms, which standardized tests can measure, in a specific period, which reflects the available disposal condition.

Opportunities: the increase in demand for biodegradable plastics in emerging countries

Growing demand in developing economies such as China, Malaysia, India and Brazil for biodegradable plastics in different end-use sectors is helping to drive market growth. Additionally, stringent regulations and rules surrounding non-biodegradable polymers and the apparent availability of raw materials used to produce biodegradable plastics are helping to stimulate market growth. In addition, several leading companies are moving their biodegradable polymer production facilities to emerging countries due to affordable human resources and convenience of raw material acquisition. They are also improving manufacturing procedures and chemical additives. This is expected to increase the development and application of biodegradable plastics in several countries, thereby stimulating 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 B.V
• Plantic Technologies Limited
• Future
• BASF SE
• NaturaWorks LLC
• Total PLA Corbion
• Eastman Chemical Company
• Novamont SpA
• FKuR Kunststoff GmbH
• Scientific Danimer
• Trigones

The key segments cover in the market:

By product:

• Polybutylene Adipate Terephthalate [PBAT]
• Polylactic acid [PLA]
• Polyhydroxyalkanoates [PHA]
• Polybutylene succinate [PBS]
• Mixtures of starch
• Other

By application:

• Durable consumer goods
• Agriculture
• Packaging
• Textile
• Other

By Region

• North America (United States, Canada, Mexico)
• Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and Rest of South America)
• Middle East and Africa (UAE, South Africa, Rest of MEA)

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Report information:

The market is analyzed by value (billions of dollars). All segments were analyzed on a global, regional and country basis. The study includes analysis of more than 30 countries for each part. The report analyzes the drivers, opportunities, restraints, and challenges to gain a 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 analysis of marketing channels.

About Brainy Insights:

The Brainy Insights is a market research company, dedicated to providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimating model to meet clients’ goals of high quality outcomes in a short time frame. We provide both custom (customer specific) reports and syndication reports. Our syndicate report repository is diversified across all domain categories and sub-categories. Our customized solutions are tailored to meet the needs of customers, whether they are looking to expand or planning to launch a new product into the global market.

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