IMARC Group has recently released a new research study titled “Biodegradable Plastic Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios.
How big is the biodegradable plastic market?
The global biodegradable plastic market size reached US$ 4.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 8.1 Billion by 2028, exhibiting a growth rate (CAGR) of 9.2% during 2023-2028.
What is biodegradable plastic?
Biodegradable plastic is a type of plastic material designed to break down and decompose naturally in the environment, thereby reducing its environmental impact as compared to conventional plastics. Biodegradable plastics can be derived from renewable resources like corn starch, vegetable oils, or cellulose, reducing reliance on fossil fuels and mitigating carbon emissions. Alternatively, they can be produced by incorporating additives into traditional petrochemical-based plastics to enhance their biodegradability. The breakdown process of biodegradable plastics varies based on factors, such as the specific material, environmental conditions, and the presence of microorganisms.
Some biodegradable plastics require specific conditions, such as composting facilities with optimal moisture, temperature, and microbial activity, to facilitate decomposition. Others can break down in natural environments like soil, water, or marine ecosystems. Biodegradable can be used with different meanings and timeframes. While some biodegradable plastics can fully break down relatively quickly, others may require more time or specific conditions for complete degradation.
Additionally, the biodegradation of plastics can result in the formation of smaller particles or microplastics, which may still pose environmental challenges. Biodegradable plastics offer a potential solution to address the issue of plastic waste by providing an alternative that is designed to degrade naturally. However, it is pivotal to balance the benefits of biodegradable plastics with considerations, such as their production, performance characteristics, disposal infrastructure, and potential impacts on ecosystems and human health.
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Biodegradable Plastic Market Growth Drivers and Trends:
The rising demand for sustainable alternatives to conventionally used plastics represents one of the key factors driving the growth of the market across the globe. This is primarily attributed to the rising environmental awareness and concerns about plastic pollution, which is driving the growth of the market. In line with this, significant technological advancements, along with the development of new and improved biodegradable plastic materials with enhanced properties, such as strength, flexibility, and heat resistance are contributing to the growth of the market.
The market is also driven by the rising demand for environmentally friendly products and packaging solutions and the widespread adoption of corporate sustainability initiatives by various companies to reduce their environmental footprint and enhance their brand image. In addition to this, governments in several countries around the world are implementing regulations and policies to address plastic pollution and promote the use of biodegradable plastics, including restrictions on single-use plastics, incentives for using biodegradable materials, or mandates for composting infrastructure, which are driving the growth of the market.
Apart from this, the increasing circular economy, which aims to minimize waste and maximize resource efficiency, is further driving the demand for biodegradable plastics, thus acting as a major growth-inducing factor. Other factors, including the increasing investment in research and development (R&D) activities to introduce novel biodegradable plastic products, collaboration and partnerships among stakeholders, such as governments, businesses, and research institutions, and cost competitiveness and scalability, are creating a positive outlook for the market across the globe.
Who are the key players operating in the industry?
The report covers the major market players including:
Biodegradable Plastic Companies Covered:
- BASF SE
- Biome Technologies plc
- Bio-on S.p.A.
- Corbion N.V.
- Danimer Scientific
- Eastman Chemical Company
- Mitsubishi Chemical Corporation
- NatureWorks LLC (Cargill Incorporated)
- Novamont S.p.A.
- Plantic Technologies Limited (KURARAY CO. LTD.)
- Toray Industries Inc.
- Total Corbion PLA.
Key Market Segmentation:
The report has segmented the market into the following categories:
Breakup by Type:
- Starch-based
- PLA
- PBS
- PBAT
- PHA
- Others
Breakup by End Use:
- Packaging
- Agriculture
- Consumer Goods
- Others
Breakup by Region:
- North America
- Asia-Pacific
- Europe
- Latin America
- Middle East and Africa
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Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
Our offerings include comprehensive market intelligence in the form of research reports, production cost reports, feasibility studies, and consulting services. Our team, which includes experienced researchers and analysts from various industries, is dedicated to providing high-quality data and insights to our clientele, ranging from small and medium businesses to Fortune 1000 corporations.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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