USD 7.7 billion
Global Biodegradable Plastic Market Size, Share, Growth Analysis, By Type(PLA, Starch Blends), By End-Use(Packaging, Consumer Goods), By Application(Packaging, Consumer Goods) - Industry Forecast 2024-2031
Report ID:
SQMIG15A2113 |
Region:
Global |
Published Date: February, 2024
Pages:
270
|
Tables:
92 |
Figures:
76
Global Biodegradable Plastic Market Insights
Biodegradable Plastic Market size was valued at USD 7.7 billion in 2019 and is poised to grow from USD 9.62 billion in 2023 to USD 71.14 billion by 2031, growing at a CAGR of 24.9% in the forecast period (2024-2031).
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.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Starch Blends
Fastest Growth
PLA
Growth Rate
24.9% CAGR
Global Biodegradable Plastic Market, 2021-2028 ($ Bn)
Country Share for Europe Region- 2021 (%)
Global Biodegradable Plastic Market Size By Type , 2021-2028 ($ Bn)
Global Biodegradable Plastic Market Size By Type , 2021-2028(%)
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Global Biodegradable Plastic Market Segmental Analysis
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.
Global Biodegradable Plastic Market By Type , 2021(%), 2023 (%)
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Global Biodegradable Plastic Market Regional Insights
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.
Global Biodegradable Plastic Market By Geography, 2021 - 2028, 2024-2031
- Largest
- Fastest
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Global Biodegradable Plastic Market Dynamics
Biodegradable Plastic Market Driver
- Increasing awareness about environment-friendly biodegradable plastics, favorable government policies, high consumer acceptance, legislative backing for developing degradable packaging materials, and availability of renewable raw material sources for production are some of the major factors driving growth of biodegradable plastic market. Many Developed and developing countries have already banned single-use plastic and are planning to impose stricter norms in the years to come. This banned has created an opportunity for the manufacturers to work towards more sustainable materials like biodegradable plastics.
- Globally, numerous countries are targeting net zero-emission to prevent climate catastrophe. Apart from that, even companies are trying to achieve and focus more on a sustainable solution. From agricultural produce to ready to consume goods, all required packaging materials that can be replaced by biodegradable plastics. Thus, it is adding more value to the global biodegradable plastic market.
Biodegradable Plastic Market Restraint
- Higher cost of biodegradable plastic products than regular plastic and it comes from high raw material prices and limited availability of raw materials.
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Global Biodegradable Plastic Market Competitive Landscape
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
- 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.
Biodegradable Plastic Market Recent Developments
- In May 2022, Bormioli Pharma launched EcoPositive, which encompasses all of the company's sustainable packaging solutions, including recycled glass and plastics, bio-based, biodegradable, or compostable plastics, and innovative polymer goods.
- In May 2022, CJ BIO, a division of CJ CheilJedang in South Korea, launched PHACT Marine Biodegradable Polymers, which are based on the company's patented polyhydroxyalkanoate (PHA) technology.
Global Biodegradable Plastic Key Market Trends
- Industry trends are shifting toward bio-based products to reduce dependence on non-biodegradable plastics. However, most of the manufacturers in industries such as consumer goods, packaging, textile and agriculture are shifting toward bio-based plastic due to stringent regulations enforced by the government. Such factors are largely impacting the growth of biodegradable plastic market.
- Non-decomposable plastics has become a global issue. Wherein, countries around the world are handling this problem by banning single-use plastics and promoting the use of biodegradable plastics. In addition to governments initiatives, consumers are willing to pay more for biodegradable plastics due to growing environmental friendliness.
Global Biodegradable Plastic Market SkyQuest Analysis
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.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 7.7 billion |
| Market size value in 2031 | USD 71.14 billion |
| Growth Rate | 24.9% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| 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) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Biodegradable Plastic Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Biodegradable Plastic Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
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.
Analyst Support
Customization Options
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.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Biodegradable Plastic Market Report Snapshots
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