What Is the Size of Global Biodegradable Plastic Industry?
Global Biodegradable Plastic market is growing at a CAGR of ~% in 2017-2022 and is expected to reach ~USD Bn by 2028F. The Biodegradable Plastic Market is largely driven by Increasing consumer awareness regarding eco-friendly plastic solutions and rising efforts to reduce the use of conventional plastics
The major challenge faced by the market is the high price of biodegradable plastics as compared to traditional polymers. Biodegradable plastics are typically 20-80% more expensive to manufacture than conventional plastics, due to the high polymerization cost of such plastics. Higher costs of these plastics hinder the market growth.
Growing piles of garbage and landfills have become a major environmental disaster, with many negative impacts on ecosystem flora and fauna. Growing consumer awareness of the effects encourage the use of biodegradable plastics. Hence, shifting consumer preference toward using environmentally friendly plastic products, driving the market for biodegradable plastics. The COVID-19 pandemic has disrupted supply chains on both supply and demand sides, which negatively impacted many manufacturing and service industries such as consumer goods, packaging, textiles, agriculture, and horticulture. The closure of biodegradable plastic manufacturing plants and the irregular supply of raw materials required for production hindered the industry growth in 2019-2020.
Global Biodegradable Plastic Market By Product Type
The Global Biodegradable Plastic market is segmented by Product type into Starch Based, Polylactic acid (PLA), Polyhydroxyalkanoates (PHA), Polybutylene Adipate Co-terephthalate (PBAT), Poly Butylene Succinate (PBS) and Others. The starch-based segment held the largest market share in the global biodegradable plastics market in 2022, owing to its wide area of applications such as packaging, automobiles, and agriculture.
Rising demand for starch-based bioplastics in the packaging industry due to their low toxicity and versatile behavior. This type of bio-based plastic is the perfect substitute for petroleum-based polymers.
Global Biodegradable Plastic Market By End-User
The Global Biodegradable Plastic Market is segmented by End-User into Packaging, Agriculture, Consumer Goods, Textiles, Healthcare and Others. The packaging segment held the largest market share in the global biodegradable plastics market in 2022, due to rising consumer demand for durable green packaging materials for food, beverages, and other products.
In the packaging industry, conventional plastics are being replaced by bio-based plastics for making boxes, wraps, cups, and plates, which is supporting the growth of the biodegradable plastic market. For instance, EnviGreen, an Indian manufacturer of edible and 100% biodegradable plastic bags, launched ‘EnviGreen bags’ which have the capability to break down completely in 15 seconds if placed in the boiling water.
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Global Biodegradable Plastic Market By Geography
The Global Biodegradable Plastic market is segmented by geography into North America, Europe, Asia- pacific and LAMEA. Europe held the largest market share among all other regions within the Global Biodegradable Plastics Market in 2022, due to high awareness among people toward plastic waste. A complete ban imposed on single-use plastics by the European government is the major reason for the bio-based plastic materials to grow in the region.
The region is expected to lead the biodegradable plastics market over the forecast period owing to the fast implementation of plastic restriction policies, and the presence of advanced standards and certification systems to check the biodegradability of plastic materials. Growing economies like China and India have implemented severe regulations on conventional plastics utilization and major manufacturers in the countries are introducing sustainable packaging solutions like bio-based products, which is estimated to drive market growth.
By Product Type
- Starch Based
- Polylactic acid (PLA)
- Polyhydroxyalkanoates (PHA)
- Polybutylene Adipate Co-terephthalate (PBAT)
- Poly Butylene Succinate (PBS)
By End-User Segment
- Consumer Goods
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- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Australia Rest of Asia Pacific
- Latin America
- Middle East
- BASF SE
- Belmont Packaging Ltd.
- Danimer Scientific
- Eastman Chemical Company
- Mitsubishi Chemical Corporation
- NatureWorks LLC
- Novamont S.p.A.
- TORAY INDUSTRIES, INC.
- TotalEnergies Corbion
- PTT Global Chemical Public Company Limited
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