Global Biodegradable Plastics Market
Dublin, Dec. 06, 2022 (GLOBE NEWSWIRE) -- The "Biodegradable Plastics Global Market Opportunities And Strategies To 2031" report has been added to ResearchAndMarkets.com's offering.
The global biodegradable plastics market reached a value of nearly $4397.1 million in 2021, having increased at a compound annual growth rate (CAGR) of 7.4% since 2016. The market increased from $4,397.1 million in 2021 to $9,134.5 million in 2026 at a rate of 15.7%. The market is expected to grow to $18,771.4 million in 2031 at a compound annual growth rate (CAGR) of 15.5%.
Growth factors in the historic period include growing concerns for the environment, increasing use of biodegradable plastic and emerging markets growth. Factors that negatively affected growth in the historic period were challenges due to high cost, alternative products and pollution caused by bioplastics.
Going forward, new product launches, a rise in environmental awareness and government initiatives will drive the market for Biodegradable plastics. Factors that could hinder the growth of the biodegradable plastics market in the future include extra land required to produce bioplastics, a shift towards packaging free products, inability to replicate traditional plastics and reduction in free trade.
The biodegradable plastics market is segmented by type into polylactic acid (PLA), polybutylene adipate terephthalate (PBAT), polybutylene succinate (PBS), polyhydroxyalkanoates (PHA), starch blends and other types. The polybutylene adipate terephthalate (PBAT) market was the largest segment of the biodegradable plastics market segmented by type, accounting for 25.3% of the total in 2021 and going forward the polybutylene adipate terephthalate (PBAT) market is expected to be the fastest growing segment in the Biodegradable plastics market, at a CAGR of 16.9.
The biodegradable plastics market is segmented by end-user into packaging, agriculture, consumer goods and others. The packaging market was the largest segment of the biodegradable plastics market segmented by type, accounting for 52.2% of the total in 2021 and going forward the agriculture market is expected to be the fastest growing segment in the Biodegradable plastics market, at a CAGR of 17.3%.
North America was the largest region in the global biodegradable plastics market, accounting for 31.4% of the total in 2021. It was followed by Western Europe, Asia-Pacific and then the other regions. Going forward, the fastest-growing regions in the Biodegradable plastics market will be Asia-Pacific, and North America, where growth will be at CAGRs of 19.1% and 16.5% respectively. These will be followed by Western Europe and South America, where the markets are expected to grow at CAGRs of 15.0% and 12.6% respectively.
The biodegradable plastics market is highly fragmented, with a large number of large players dominating the market. Major players in the market include BASF SE, Mitsubishi Chemical Holding Corporation, Kaneka Corporation, Novamont SpA, Corbion N.V. (Total Cobion PLA), Eastman Chemical Company, Danimer Scientific, NatureWorks LLC, Biome Technologies Plc, Fkur Kunstsoff and others.
The top opportunities in the biodegradable plastics market segmented by type will arise in the polybutylene adipate terephthalate (PBAT) market segment, which will gain $1,315.7 million of global annual sales by 2026.
The top opportunities in the biodegradable plastics market segmented by end-user will arise in the packaging market segment, which will gain $2,449.2 million of global annual sales by 2026.
Market-trend-based strategies for biodegradable plastics market include product innovation, integrating antimicrobial technology in biodegradable polymers, use of biodegradable plastics lightweighting, increasing mergers and acquisitions, use of artificial intelligence and upcycled packaging materials.
No. of Pages
2021 - 2031
Estimated Market Value (USD) in 2021
Forecasted Market Value (USD) by 2031
Compound Annual Growth Rate
1) By Type: Polylactic Acid (PLA); Polybutylene Adipate Terephthalate (PBAT); Polybutylene Succinate (PBS); PHA (Polyhydroxyalkanoates); Starch Blends; Other Types
2) By End User: Packaging; Agriculture; Consumer Goods; Others
Key Topics Covered:
1. Biodegradable Plastics Market Executive Summary
2. Table of Contents
3. List of Figures
4. List of Tables
5. Report Structure
6. Introduction and Market Characteristics
7. Major Trends
8. Global Market Size And Growth
9. Global Biodegradable Plastics Market Segmentation
10. Biodegradable Plastics Market, Regional And Country Analysis
11. Asia-Pacific Market
12. Western Europe Market
13. Eastern Europe Market
14. North America Market
15. South America Market
16. Middle East Market
17. Africa Market
18. Competitive Landscape And Company Profiles
19. Company Profiles
20. Key Mergers And Acquisitions
21. Global Biodegradable Plastics Market Opportunities And Strategies
22. Biodegradable Plastics Market, Conclusions And Recommendations
Mitsubishi Chemical Holding Corporation
Corbion N.V. (Total Corbion PLA)
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