Biodegradable Plastic Market to Surpass 71.14 Billion by 2030 Drives Due to Rising Environmental Concerns
SkyQuest projects that the biodegradable plastic market will attain a USD 71.14 billion value by 2030, with a CAGR of 24.9% over the forecast period (2023-2030).The rising environmental concerns surrounding plastic usage have become a significant driver in adopting biodegradable alternatives. Traditional plastics contain toxic pollutants threatening plants, animals, and human health. Moreover, the persistence of floating plastic waste in water bodies for thousands of years has detrimental consequences.
Westford,USA, June 26, 2023 (GLOBE NEWSWIRE) — According to SkyQuest, Biodegradable plastic market will see noticeable shift in industry trends towards biobased products as a means to reduce dependence on conventional plastics. This shift is driven by various factors, including the increasing awareness of the environmental impact of plastics and the desire for more sustainable alternatives. Manufacturers in industries such as packaging, textiles, and agriculture are actively transitioning towards biobased plastics in response to stringent regulations imposed by governments worldwide.
Browse in-depth TOC on “Biodegradable Plastic Market”
- Pages – 270
- Tables – 92
- Figures – 76
Biodegradable plastic is a material that undergoes decomposition by microorganisms such as bacteria and fungi, transforming into water, carbon dioxide, and biomass. The duration of this breakdown process varies depending on the specific type of plastic and the disposal conditions. Various biodegradable plastics are available, each with unique properties and decomposition mechanisms. Some are derived from plant-based sources such as cornstarch or sugarcane. In contrast, others are synthetically produced polymers engineered to break down under specific environmental conditions such as sunlight exposure, high temperatures, or oxygen availability. The applications of biodegradable plastics are extensive, encompassing industries such as packaging, agriculture, medicine, and consumer goods. Their utilization aids in reducing the environmental impact of traditional plastics and supports sustainable practices across various sectors.
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Prominent Players in Biodegradable Plastic Market
- BASF SE
- NatureWorks LLC
- Novamont S.p.A.
- Corbion N.V.
- Mitsubishi Chemical Corporation
- Biome Bioplastics Ltd.
- Danimer Scientific, Inc.
- Bio-On S.p.A.
- Plantic Technologies Limited
- Fkur Kunststoff GmbH
- API S.p.A.
- Total Corbion PLA (formerly known as Purac Biochem B.V.)
- Synbra Technology BV
- Tianan Biologic Material Co., Ltd.
- Innovia Films Limited
- Arkema S.A.
- FKuR Kunststoff GmbH
- Kingfa Sci. & Tech. Co., Ltd.
- Cardia Bioplastics Limited
- Solanyl Biopolymers Inc.
Starch Blend Segment is Expected to Grow the Market Due to Widespread Availability of Starch
The starch blend is poised to remain the dominant segment in the biodegradable plastic market from 2023 to 2030. This enduring prominence can be attributed to several factors, the foremost being the widespread availability and accessibility of starch derived from crops such as corn and potatoes. These agricultural sources provide a plentiful and renewable raw material for producing starch-based biodegradable plastics.
The market in Europe emerged as the largest regional market for biodegradable plastic, commanding a revenue share of over 43.15%. This significant market dominance can be attributed to several factors, including the high level of awareness among the European population regarding the issue of plastic waste. Europeans have demonstrated a strong commitment to environmental sustainability, leading to increased demand for biodegradable plastic alternatives.
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Polylactic Acid Segment is Expected to Dominate the Market Due toits Comparatively Lower Costs
Polylactic acid (PLA) is anticipated to experience the most rapid growth in the biodegradable plastic market during the forecast period. This exceptional growth can be attributed to its comparatively lower costs when compared to other types of biodegradable plastics. PLA, derived from renewable resources such as corn starch or sugarcane, offers a viable and cost-effective alternative to conventional plastics.
Regional markets in Asia are poised to hold a substantial share of the global biodegradable plastic industry. This surge in market dominance can be attributed to several critical factors, including the region’s high production and development capacity for biodegradable plastics. Countries such as China, India, Japan, and South Korea have become significant players in producing and innovating biodegradable plastic materials and products.
A comprehensive analysis of the major players in the biodegradable plasticmarket has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
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Key Developments in the Biodegradable Plastic Market
- Bormioli Pharma recently made a significant move towards sustainability by introducing EcoPositive. This comprehensive initiative encompasses the company’s wide range of sustainable packaging solutions. Bormioli Pharma’s EcoPositive includes packaging options made from recycled glass and plastics and bio-based, biodegradable, and compostable plastics.
- CJ BIO recently unveiled PHACT Marine Biodegradable Polymers, a groundbreaking product line based on the company’s patented polyhydroxyalkanoate (PHA) technology. PHACT Marine Biodegradable Polymers offer a sustainable solution for various applications, particularly in the medical field.
Key Questions Answered in Biodegradable Plastic Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market’s future growth?
Related Reports in SkyQuest’s Library:
Global Conformal Coatings Market
Global Corrugated Packaging Market
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