Biodegradable Plastics Market to Reach Over 36825.7 Million by 2028 at 25.1% CAGR Growth: Vantage Market Research
WASHINGTON, Jan. 21, 2022 (GLOBE NEWSWIRE) -- The Global Biodegradable Plastics Market size is expected to reach over 36825.7 Million by 2028, exhibiting a Compound Annual Growth Rate (CAGR) of 25.1% during the forecast period.
Market Synopsis
The rising trend of environmentally-friendly materials for packaging and rising environmental awareness has influenced the market growth of biodegradable plastics highly. Also, the increasing compostable bags applications, use in food packaging, and rapidly growing glass industry worldwide are positively affecting the biodegradable plastics market growth. The key factor accountable for the market growth is stringent rules and regulations by several governments and regulatory authorities on usage of traditional plastic which is also non-degradable, states Vantage Market Research, in a report, titled “Biodegradable Plastics Market by Type (Starch-Based, PLA, PBS, PBAT), by End-use (Packaging, Agriculture, Consumer Goods, Others), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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List of Prominent Players in the Biodegradable Plastics Market:
BASF SE
Nature Works LLC
Novamont, Total Corbion
Biome Plastics
Danimer Scientific
Fkur Kunstsoff
Plantic Technologies
Toray Industries
Akro Plastics
Green Dot Plastics
Mitsubishi Chemical Corporation
Carbion
Biome Technologies plc.
Market Dynamics:
Driver: Rise in Sustainable Packaging Need
The packaging sector has been seeing a substantial change of consumer preference toward packaging which is sustainable and rise in use of biodegradable plastics against plastics which are fossil-fuel-based. Sustainable packaging or green packaging uses manufacturing methods and materials for the packaging of products that has a little impact on both the environment and energy consumption. Currently, plastic packaging is used extensively in a variety of applications, such as food & beverages, FMCG, consumer goods, and pharmaceutical. This expanded use of plastic is responsible for the increase in plastic pollution. Furthermore, traditional plastic is likely to become costlier in the future with declining raw material sources. These determinants provide a high market potential for the market players of biodegradable plastic during the forecast period.
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Driver: Rising Knowledge About Adverse Effects of Traditional Plastics Among Customers
Customers in developing and developed nations have become aware of the harmful effects of plastics on the environment and their lifestyle. As a result, demand for eco-friendly products has risen, which resulted into a decline in the use of natural gas and crude oil, thereby declining carbon footprints. These Biodegradable Plastic is a substitute for nearly all traditional plastics. These plastics provide innovative solutions with improved properties, coupled with unique ability to reduce emissions and provide the same functionalities and qualities as that of traditional plastics.
Regional Trends
Europe accounted for the largest share in terms of revenue for biodegradable plastic market. Owing to strategies and legal framework that are likely to boost the wide use of plastic products which are biobased and offers growth opportunities for the region. Latin America and Middle East & Africa is likely to witness a significant growth rate due to large existence of sugarcane feedstock that can be utilized for manufacturing of bioplastics.
Recent Developments
2019: Total Corbion PLA opened its bio plastics plant in Rayong, Thailand. It has the production capacity of 75,000 tons/year
2018: Sealed Air Corporation signed an agreement with Kuraray Group (Parent company of Plantic Technologies Limited), to start offering packaged food items in Canada, Mexico, and U.S. The packaging food items were made up of bio degradable plastic materials of Plantic Technologies Limited.
2017: Green Dot Bioplastics produced its new biodegradable plastics, namely Terratek BD 2114, which was specially developed for the making of plantable pots.
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Regional Trends
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the Biodegradable Plastics Market. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
Impact Assessment of COVID-19 Pandemic
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
Key Strategies Undertaken by Companies to Tackle COVID-19
Long Term Dynamics
Short Term Dynamics
The report on Biodegradable Plastics Market highlights:
Assessment of the market
Premium Insights
Competitive Landscape
COVID Impact Analysis
Historic Data, Estimates and Forecast
Company Profiles
Global and Regional Dynamics
Key questions answered in the report:
Which regional market will show the highest and rapid growth?
Which are the top five players of the Biodegradable Plastics Market?
How will the Biodegradable Plastics Market change in the upcoming six years?
Which application and product will take a lion’s share of the Biodegradable Plastics Market?
What are the Biodegradable Plastics market drivers and restrictions?
What will be the CAGR and size of the Biodegradable Plastics Market throughout the forecast period?
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This market titled “Biodegradable Plastics Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
Report Attribute | Details |
Market Size in 2021 | 7,679.8 Million |
Projected Market Size in 2028 | 36825.7 Million |
CAGR Growth Rate | CAGR of 25.1% from 2022 - 2028 |
Base Year | 2021 |
Historic Years | 2016 – 2020 |
Forecast Years | 2022 – 2028 |
Segments Covered | Type: - Starch-Based, PLA, PBS, PBAT, PHA, Others |
Quantitative Data - Units | Revenue in USD Million/Billion and CAGR from 2022 to 2028 |
Regions Covered | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
Countries Covered | U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others |
Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis. |
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