Biodegradable plastics Market Market Witnessing Incremental USD 22.28 billion by Forecast to 2029
Global biodegradable plastics market was valued at USD 7.70 billion in 2021 and is expected to reach USD 22.28 billion by 2029, registering a CAGR of 14.20% during the forecast period of 2022-2029. Over the last few years, governments have increasingly focused on green procurement policies, which is also acting as a key determinant favoring the growth of the biodegradable plastics market. For instance, the German government announced in 2020 that from July 2021, single-use plastic products such as cutlery, straws, food containers, and other similar products will be prohibited from being sold in the country.
Moreover, the various advantages of biodegradable plastic over non-degradable and non-decomposable plastic as non-degradable plastic creates major waste management problems such as water and land air pollution, largely contributing to the expansion of biodegradable plastics market.
Biodegradable plastics are also known as the eco-friendly decomposable by the living organisms such as bacteria and microorganisms. These plastics are mainly formed with two methods either from renewable raw materials or petrochemicals inclusive of biodegradable additives resulting in a better biodegradation process
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Some of the major players operating in the Biodegradable Plastics market are:
BASF SE (Germany), NatureWorks LLC (U.S.), TT Global Chemical Public Company Limited (Thailand), Total Energies (Netherlands), Novamont S.p.a. (Italy), Fkur (Germany), Dupont (U.S.), Biome Bioplastics (U.K.), Mitsubishi Chemical Holding Corporation (Japan), Toray Industries Inc., (Japan), Dow (U.S.), Plantic (Australia), TianAn Biologic Materials Co., Ltd. (China), Danimer Scientific (U.S.), Evonik Industries AG (Germany), Eastman Chemical Company (U.S.) DAIKIN (Japan) and SOLVAY (Belgium)
The Study Is Segmented By Following:
The biodegradable plastics market is segmented on the basis of product type and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Product Type
Polylactic Acid (PLA) Starch Blends Biodegradable Polyesters Polyhydroxyalkanoates (PHA) Others
Application
Packaging and Bags Consumer Goods Agriculture and Horticulture Textile Others
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COVID-19 Impact on Biodegradable Plastics Market
The coronavirus had an adverse impact on the biodegradable plastics market. The consumer goods, packaging, textiles, agriculture, and horticulture are all industries that use biodegradable plastics, which were all negatively affected by the pandemic. The global suspension of vehicle movement is expected to disrupt the logistics of various companies, affecting market growth over the forecast period. The total shutdown of downstream operations results in high inventory costs. Furthermore, future project delays and investment cuts will have a negative impact on growth.
The rapid growth of single-use plastics in the mask and glove industry will have an impact on biodegradable plastics market growth. Delays in key approvals, such as the resolution of new plants due to a travel advisory, currency risks, and weak demand in emerging markets, may stymie growth. The supply chain disruptions led to the reduction in revenue targets of almost 75% of the businesses as per the Institute for Supply Management Research. Moreover, consumer demand has decreased as people are now more focused on removing non-essential expenses from their budgets since the general economic situation of most people has been badly impacted by the outbreak.
Recent Development
In February 2020, BASF and the Fabbri Group (Italy) formed a joint venture to develop a sustainable cling film solution for fresh-food packaging. Meat, seafood, and fresh fruits and vegetables will all be wrapped in the film. The Fabbri group will produce it using BASF's Ecovio bioplastic, which will increase demand for biodegradable plastics in packaging applications.
In April 2021, IMA Coffee, a market leader in coffee handling, processing, and packaging, has announced a new strategic partnership with NatureWorks. This collaboration aims to expand North America's market for high-performance compostable K-cups.
This Biodegradable Plastics market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market.
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Focuses Covered in The Report:
The focuses that are talked about inside the report are the significant market players that are engaged with the market. The total profile of the organizations is referenced. The creation, deals, future techniques, and the mechanical advancements that they are making are likewise included inside the report. The development variables of the market is talked about exhaustively wherein the different end clients of the market are clarified exhaustively. The application region of the market are additionally examined accordingly giving a wide thought regarding the market to the clients. The report contains the SWOT investigation of the market. At last, the report contains the end part where the assessments of the modern specialists are incorporated.
Biodegradable Plastics Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers
Growing Consumer Inclination towards Biodegradable Plastics
The worldwide demand for biodegradable plastics is being fueled by the excessive use of disposable single-use plastics and their negative impact on the environment and human health. Plastics are one of the most pressing environmental concerns, as they are made from petroleum take decades to degrade and end up in landfills. Biodegradable plastics degrade quickly and are absorbed into the environment. Furthermore, when compared to traditional plastics, biodegradable plastics decompose faster.
According to data published by the European Environment Agency in January 2021, nearly 40% of respondents said they planned to adopt more sustainable behavior in the future. As a result, rising environmental concerns are expected to drive the biodegradable plastics market.
Furthermore, the mulching films and plant pots are made from biodegradable plastics in the agriculture and horticulture industries. This, combined with the growing use of agricultural products in the burgeoning food and beverage (F&B) sector and growing use in food packaging and compostable bags applications and the rapidly increasing glass industry are the key factors driving market expansion. The increased use of biodegradable plastics in packaging and agriculture is also expected to contribute to the segment's growth.
Opportunities
Surging Consumer Awareness
Furthermore, rising consumer awareness of eco-friendly plastic solutions and increased efforts to reduce the use of conventional plastics extend profitable opportunities to the market players in the forecast period of 2022 to 2029.
Favourable Regulations and Policies
Additionally, the biodegradable plastic producers have significant growth opportunities in various end-use industries such as electronics, automotive, and medical, thanks to favorable government regulations and a growing focus on eco-friendly plastics for green procurement policies. The biodegradable plastics converters are heavily investing in research and development for eco-friendly plastics in biomedical applications such as screws, stitching materials, and implants, which will further expand the future growth of the biodegradable plastics market.
Restraints/Challenges
High Costs
The high cost of biodegradable plastics is one of the most significant factors impeding the biodegradable plastic market. The increased prices are due to the complex engineering processes as well as the instability of raw materials used in the fabrication of biodegradable plastics.
Issues Associated with Performance
The key performance issues with biodegradable plastics include low heat resistance and low barrier properties to water, air, and oxygen. As a result, penetration in several industries, including automotive and electronics, has been limited. Furthermore, poor mechanical properties such as low tensile and impact strength and processing capabilities are preventing biodegradable plastics from being used in a variety of applications. Biodegradable plastics' limitations pose a significant barrier to market expansion. These performance issues will further challenge the biodegradable plastics market growth rate.
TOC of Global Biodegradable Plastics Market:
Market Penetration: Comprehensive information on the product portfolios of the top players in the Biodegradable Plastics Market.
Product Development/Innovation: Detailed insights on the upcoming technologies, R&D activities, and product launches in the market.
Competitive Assessment: In-depth assessment of the market strategies, geographic and business segments of the leading players in the Biodegradable Plastics market.
Market Development: Comprehensive information about emerging market. This report analyses the market for various segments across geographies.
Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the Biodegradable Plastics Market.
Market Growth: The growth factors of the market are discussed where the different users of the market are described in detail.
Market Segmentation: Data and information by market player, by region, by type, by application, etc and custom research can be added.
Appendix: The final of the report contains conclusion part where the industrial experts opinions are included.
Source : PR Newswire