The Global Biodegradable Plastics Market Size accounted for USD 4,345 Million in 2021 and is estimated to achieve a market size of USD 12,915 Million by 2030 growing at a CAGR of 13.1% from 2022 to 2030. Governments limiting the use of single-use plastic, together with increased public awareness of the negative consequences of plastic waste, are among the key trends driving the market growth. Moreover, the growing inclination toward a reduction in carbon emissions is expected to drive the biodegradable plastics market value over the forecasting years.
Biodegradable Plastics Market Report Key Highlights
Biodegradable plastics are materials that, under certain conditions, are destroyed by living creatures, particularly microorganisms, into biomass, CO2 or methane, and water. Biodegradable plastics are often made from petrochemicals, microorganisms, as well as renewable basic resources. Biodegradable polymers are widely employed in a variety of applications, particularly packaging, due to their environmentally benign nature.
Global Biodegradable Plastics Market Trends
Biodegradable Plastics Market Report Coverage
|Market||Biodegradable Plastics Market|
|Biodegradable Plastics Market Size 2021||USD 4,345 Million|
|Biodegradable Plastics Market Forecast 2030||USD 12,915 Million|
|Biodegradable Plastics Market CAGR During 2022 - 2030||13.1%|
|Biodegradable Plastics Market Analysis Period||2018 - 2030|
|Biodegradable Plastics Market Base Year||2021|
|Biodegradable Plastics Market Forecast Data||2022 - 2030|
|Segments Covered||By Type, By End-Use, And By Geography
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Biome Technologies Plc, Cargill Incorporated, Plantic Technologies Limited, Futerro, Novamont SpA, NatureWorks LLC, Eastman Chemical Company, Danimer Scientific, Trineso, and BASF SE.|
||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
Governments restricting the utilization of single-utilized plastic combined with rising mindfulness among open in regards to sick impacts of plastic waste are among the key patterns animating business sector development. Also, expanding utilization of biodegradable plastics in packaging and horticulture is foreseen to enhance the development of the segment.
Non-decomposable plastics are a worldwide issue. Governments around the globe are handling this issue by prohibiting single-use plastics and advancing the utilization of biodegradable plastics. In addition, purchasers will pay more for biodegradable plastics inferable from their eco-accommodating nature. The previously mentioned variables, cumulatively, are giving a fillip to the market.
Biodegradable Plastics Market Segmentation
The worldwide biodegradable plastics market segmentation is based on the type, end use, and geography.
Biodegradable Plastics Market By Type
According to a biodegradable plastics industry analysis, the starch-based segment was the highest-growing segment in the market in 2021. Starch-based polymers are utilized in a variety of applications, including packaging, cars, and agriculture. Furthermore, starch-based can be used to reduce the carbon footprint of traditional resigns due to the ideal option for petroleum-based plastics, which is expected to drive market expansion in the coming years.
Biodegradable Plastics Market By End use
According to the biodegradable plastics market forecast, the agriculture segment is predicted to increase significantly in the industry over the next few years. The use of biodegradable mulching film conserves soil water, suppresses weed growth, and maintains a favorable soil temperature to allow faster crop development. Biodegradable polymers are increasingly being used in consumer items in industrialized economies.
Biodegradable Plastics Market Regional Outlook
The Middle East & Africa
Europe Holds The Major Share Of The Global Biodegradable Plastics Market
Europe was the biggest territorial market for biodegradable plastics in 2021. High mindfulness among individuals towards plastic waste combined with European Union restriction on single-use plastics is assessed to move the provincial market over the estimated time frame. Then again, Asia-Pacific is relied upon to develop as the quickest developing business sector in the worldwide field. Rising disposable income and enhancing way of life in creating nations, for example, China and India are foreseen to enlarge the market in the region. The Central and South America district additionally develops as a promising goal in the market. Accessibility of shoddy crude materials is probably going to foreshadow well for the market in the district.
Biodegradable Plastics Market Players
Some of the top biodegradable plastics market companies offered in the professional report include Biome Technologies Plc, Cargill Incorporated, Plantic Technologies Limited, Futerro, Novamont SpA, NatureWorks LLC, Eastman Chemical Company, Danimer Scientific, Trineso, and BASF SE.
The estimated value of global biodegradable plastics market in 2021 was accounted to be USD 4,345 Million.
The projected CAGR biodegradable plastics market during the analysis period of 2022 to 2030 is 13.1%.
The prominent players of the global biodegradable plastics market are Biome Technologies Plc, Cargill Incorporated, Plantic Technologies Limited, Futerro, Novamont SpA, NatureWorks LLC, Eastman Chemical Company, Danimer Scientific, Trineso, and BASF SE.
Europe held the dominating biodegradable plastics during the analysis period of 2022 to 2030.
North America region exhibited fastest growing CAGR for biodegradable plastics during the analysis period of 2022 to 2030.
Increasing use of renewable & Bio-based products and evolving consumer preferences toward eco-friendly packaging drives the growth of global biodegradable plastics market.
Based on type, starch based segment is expected to hold the maximum share of the biodegradable plastics market.