USD 7.7 billion
Report ID: SQMIG15A2113 | Region: Global | Published Date: April, 2023 | Pages: 270 | Tables: 92 | Figures: 76
Global Biodegradable Plastic Market size was valued at USD 7.7 billion in 2021 and is poised to grow from USD 9.62 billion in 2022 to USD 71.14 billion by 2030, growing at a CAGR of 24.9% in the forecast period (2023-2030).
Biodegradable plastics degrade in a particular medium such as water, soil, or compost under particular conditions and over the periods of time. From the past few years, biodegradable plastics are becoming popular replacements of regular plastic as consumers and governments around the globe demand green alternatives. Biodegradable plastics can be broken down by microbes, chewed up, and turned into biomass, water, and carbon dioxide, or in the absence of oxygen, methane rather than CO2.
US Biodegradable Plastic Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 7.7 billion
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The global biodegradable plastic market is segmented by type, end-use, application, and region. Based on type, the market is categorized into PLA, starch blends, PHA, and biodegradable polyesters. Based on end-use, the market is categorized into packaging, consumer goods, textile, and agriculture & horticulture. Based on application, the market is segmented into Packaging, Consumer Goods, Agriculture. Based on region, the biodegradable plastic market is categorized into North America, Europe, Asia-Pacific, South America, and MEA.
By Type, Starch Blends are the Most popular Choice for Producing Biodegradable Plastic
Based on type, the starch blend is expected to remain the largest segment in the biodegradable plastic market throughout the forecast period 2022–2028, in terms of both value and volume. This can be attributed to easy and widescale availability of starch obtained from crops like corn and potato.
On the other hand, PLA is projected to witness the fastest growth in the biodegradable plastic market during the forecast period. The fastest growth of PLA material can be attributed to lower costs compared to any other type. PHA is also experience significant growth during the forecasted period as it has major application in medical field such as drug encapsulation & medical implants.
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As of 2021, Europe is dominating the global biodegradable plastic market by the virtue of high awareness among people toward plastic waste and strict ban imposed by European Union on single-use plastics. Moreover, the regional market is witnessing a high demand for biodegradable plastics coming from conventional end-user industries, such as packaging, agriculture, and textile. On the other hand, Asia Pacific is anticipated growth at the fastest CAGR in the global biodegradable plastic market.
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Biodegradable Plastic Market Driver
Biodegradable Plastic Market Restraint
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The global biodegradable plastic market is fairly concentrated, with a few big and medium-sized market participants accounting for a large portion of market revenue. Major players in the global biodegradable plastic market are implementing numerous tactics, including mergers and acquisitions, strategic agreements and contracts, and the development and testing of biodegradable plastic platforms.
Biodegradable Plastic Market Top Players Company Profiles
Biodegradable Plastic Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our business information services team that collects, collates, co-relates and analyses the data collected by means of primary exploratory research backed by the robust secondary desk research.
According to our analysis of global biodegradable plastic market, there is a lot of research being done on biodegradable plastic. This type of plastic is made from plant-based materials, and it can break down in the environment much more easily than traditional plastic. This is important because it can help to reduce the amount of pollution that plastic creates. There are still some drawbacks to biodegradable plastic, though. For example, it is often more expensive than traditional plastic, and it doesn't always degrade as quickly as we would like.
|Market size value in 2021||USD 7.7 billion|
|Market size value in 2030||USD 9.62 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Biodegradable Plastic Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Biodegradable Plastic Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Biodegradable Plastic Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Biodegradable Plastic Market for additional countries.
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