Biodegradable Plastic Industry Overview
The global biodegradable plastic market size is projected to reach USD 10.0 billion by 2030, according to a report by Grand View Research, Inc., rising at a CAGR of 9.7% during the forecast period. The increasing use of biodegradable plastics, owing to strict governmental laws prohibiting the use of conventional plastics, coupled with growing awareness among the public towards the ill effects of plastic waste is stoking the growth of the market. The above factors are expected to spur market growth during the forecast period.
Biodegradable Plastic Market Segmentation
Grand View Research has segmented the global biodegradable plastic market based on product, application, and region:
Based on the Product Insights, the market is segmented into Starch Based, PLA, PBS, PBAT, PHA, Polycaprolactone.
- Starch-Based was the largest product segment for biodegradable plastics in 2021 with a revenue share of more than 40.0%.
- The starch-based segment is projected to dominate the market in terms of value as well as volume throughout the forecast horizon. Starch-based plastics are used in application industries such as packaging, automobiles, and agriculture. The PLA Product plastics are also rapidly gaining their ground in the arena.
- PHA is projected to register significant growth during the forecast period. The increasing use of PHA in medical and other applications is expected to fuel the growth of the PHA segment in the market. PHA is majorly used in medical applications such as drug encapsulation and medical implants.
Based on the Application Insights, the market is segmented into Packaging, Agriculture, Consumer Goods, Others.
- Packaging was the largest application segment for biodegradable plastics in 2021 with a revenue share of more than 60.0%. Packaging is one of the leading application sectors for biodegradable plastics.
- It is used in both rigid and flexible packaging. Replacement of conventional plastics by these plastics in food packaging such as boxes, wraps, cups, and plates is gaining momentum, which is supporting the growth of the biodegradable plastic market.
- The agriculture sector also held a significant share in the market. The use of biodegradable mulch film ensures conservation of water in the soil, suppression of weed growth, and conducive soil temperature maintenance to facilitate faster crop development. The surging use of biodegradable plastics in consumer goods is also evident in developed economies.
Biodegradable Plastic Regional Outlook
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
Competition in the market varies from low to medium from region to region. Competition in Europe and North America is medium owing to a large number of players. On the flip side, competitive rivalry in the Asia Pacific is low due to fewer market players.
Some prominent players in the global biodegradable plastic market include
- Cargill Incorporated
- PTT MCC Biochem Co., Ltd.
- Biome Technologies plc
- Plantic Technologies Limited
- BASF SE
- Total Corbion PLA
- Synbra Technology BV
- Novamont SpA
- NatureWorks LLC
- Eastman Chemical Company
- Danimer Scientific
- FKuR Kunststoff GmbH
Order a free sample PDF of the Biodegradable Plastic Market Intelligence Study, published by Grand View Research.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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