Biodegradable Plastics Market worth $33.52 billion by 2029
The report "Biodegradable Plastics Market by Type (PLA, Starch Blends, PBAT, PHA, PBS,Cellulose Based), End-Use Industry (Packaging, Consumer Goods, Textiles, Agriculture & Horticulture), and Region- Global Forecast to 2029", is projected to grow from USD 12.92 billion in 2024 to USD 33.52 billion by 2029, registering a CAGR of 21.3% during the forecast period.
Browse 215 market data Tables and 37 Figures spread through 230 Pages and in-depth TOC on "Biodegradable Plastics Market by Type (PLA, Starch Blends, PBAT, PHA, PBS, Cellulose Based), End-Use Industry (Packaging, Consumer Goods, Textiles, Agriculture & Horticulture), and Region- Global Forecast to 2029"
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The biodegradable plastics market is experiencing significant growth due to increasing demand from various major economies for different applications in different end use industries such as packaging, consumer goods, textiles, agriculture & horticulture and other end use industries as well. Growing economies in Asia Pacific region and stricter environmental regulations and the need for sustainable practices are driving industries to adopt advanced technologies to modify and make better biodegradable plastics. Additionally, the rapid expansion of packaging industry, which require biodegradable plastics in various applications, is further propelling the market.
PHA (Polyhydroxyalkanoates) type, is expected to have second highest CAGR in terms of value & volume during the forecast period.
PHA type biodegradable plastics is expected to have second highest CAGR of 22.0% in terms of value during the forecast period. PHAs are rapidly gaining recognition for their high potential since they are highly beneficial owing to their exceptional eco-friendly properties and multiple applications in the field of biodegradable plastics. These are bio-polyesters manufactured through microbial fermentation from renewable sources like plant oils and sugars. They are fully biodegradable and biocompatible; they degrade naturally into carbon dioxide, water, and biomass under microbial action, making them an excellent substitute for conventional petroleum-based plastics. PHAs can be tailored to be flexible or brittle depending on the chemical composition, opening new avenues of applications across the different sectors. In the packing area, the PHAs help in the development of biodegradable films, containers, and coatings, so that the industry produces a green product that reduces the plastic waste around it.
Consumer goods end use industry is anticipated to have the second fastest growth in terms of value, during the forecast period.
Consumer goods end use industry is estimated to have second fastest growth in end use industry segment in terms of value. The major consumer goods include electrical appliances, domestic appliances, and others. Major consumer goods producers change their base from the traditional plastics to biodegradable plastics in a move aimed at reducing negative effects on the environment. Biodegradable plastics helps to produce consumer goods such as touch-screen computer casing, loudspeakers, mobile casings, and vacuum cleaners. As the awareness of the environment increases, customers demand products with minimal environmental impacts. Consumer goods made out of biodegradable plastics can cater to consumers who are seeking products produced from environmental-friendly raw materials, which in turn enhances brand reputation and attracts ecologically-conscious consumers.
Asia Pacific is expected to be the fastest-growing region in the global biodegradable plastics market in terms of value, by region, during the forecast period.
The Asia Pacific region is expected to be the fastest growing region in the biodegradable plastics market in terms of value, owing to economic growth in countries such as India, China, South Korea, Malaysia, and Australia. The Asia Pacific biodegradable plastics market is driven by the economic development and growth in various countries in this region. It is one of the leading consumers of biodegradable plastics globally and has witnessed exponential growth in the consumption of biodegradable plastics in recent years. The low-cost raw materials and labour coupled with an increasing demand from the packaging, consumer goods, agriculture & horticulture and textile industries will make this region very attractive for investment by biodegradable plastic manufacturers. Government initiatives against global warming and single-use plastic bans will drive the market in the Asia Pacific region.
Key Players
To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the biodegradable plastics market. These are NatureWork LLC (US), BASF SE (Germany), TotalEnergies Corbion (Netherlands), Mitsubishi Chemical Group Corporation. (Japan), Biome Bioplastics (UK), Plantic (Australia), FKuR (Germany), Danimer Scientific (US), TORAY INDUSTRIES, INC. (Japan), and Novamont (Italy).
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