Rising income levels, increasing awareness about pollution and supportive Government Policies are driving the Global Biodegradable Plastic Market through 2027.
According to TechSci Research report, “Biodegradable Plastic Market – Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2017-2027”, The global Biodegradable Plastic Market stood at USD 3438.70 million in 2021 and is expected to grow at a CAGR of 9.03% during the forecast period on account of growing environmental consciousness in the public and increasing expenditure by the government of various countries on research and development in this field.
Increase in the prices of fossil fuels, especially crude oil, will also result in rise in price of conventional plastic. And in the recent past crude oil price has risen sharply, firstly, due to spread of pandemic and secondly, due to geopolitical tensions in the west. Also, knowing the fact that conventional fuels are exhaustible, so in the long run their prices will continue to soar as a result, which will make biodegradable Plastic more affordable for large section of people.
Additionally, the sudden outbreak and spread of COVID-19 pandemic has led to an increase in demand for biodegradable plastic being widely used by food packaging and consumer goods industry during COVID-19 period, which in turn fueled the market growth in 2020. Also, supportive policies, rules and regulations made by lawmakers and environmental awareness among general public across the globe is expected to foster the market growth during the forecast period.
In addition to above factors, developing countries like South Africa and Brazil will serve as a bigger market for biodegradable Plastic owing to the surplus production of water extensive crops like corn and maize, large population base, high economic growth rate and several government initiatives in these countries to adopt biodegradable Plastic.
However, the global Biodegradable Plastic market has some challenge as well. With the adoption of biodegradable plastic there has been a supply issue. To maintain supply at required level, the agricultural production of sugar cane or other feedstock need to be increased. However agricultural production is already pressed to its limits.
Browse over 130 market data Figures spread through 110 Pages and an in-depth TOC on“Global Biodegradable Plastic Market“
The global Biodegradable Plastic Market is segmented based on type, end user industry, company, and regional distribution. In terms of type, the market can be divided into Starch Blends, PLA, PBAT, PHA and Others. The Starch Blends segment dominated the market in 2021 with a share of around 47.11% because of cheap and easily available feedstock. Apart from that, Starch is renewable and thus most reliable feedstock to manufacture biodegradable plastic. In terms of end user industry, the market can be categorized into packaging, textiles. Consumer goods and others. The Packaging segment is expected to dominate the market with CAGR of 7.27% during the forecast period as use and awareness about sustainable packaging is raising especially in the developing countries such as Brazil, South Africa, India.
Key market players in the Global Biodegradable Plastic Market include:
- Novamont S.p.A
- NatureWorks LLC
- Futerro
- TotalEnergies Corbion
- BASF SE
- Kingfa SCI. & TECH. Co. Limited
- Zhejiang Hisun Biomaterials Co. Limited
- Danimer Scientific
- Kaneka Corporation
- Mitsubishi Chemical Holdings Corporation
- Toray Industries, Inc
- Biome BioPlastics
Global Biodegradable Plastic Market is consolidated with a lot of well-established players having presence in several countries with several domestic players possessing leadership in certain regions and countries, among others. Novamont S.p.A. holds the highest market share and is among the top five market players globally. NatureWorks LLC ranks second in terms of market share in the overall Biodegradable Plastic Market. The company has a strong presence worldwide and a huge brand value with unique product portfolio.
Additionally, there are other prominent players such as BASF SE, Zhejiang Hisun Biomaterials Co. Limited, Toray Industries, INC., Danimer Scientific, TotalEnergies Corbion, Kingfa SCI. & TECH. Co. Ltd., Futerro, Biome BioPlastics, Kaneka Corporation, and among others, holding a significant position in the global Biodegradable Plastic Market.
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“The Asia Pacific region will register the fastest CAGR during the forecast period. This can be attributed to the growing government support for biodegradable plastic industries, majorly across developing countries like India, Japan and Southeast Countries. Additionally, rising crude oil prices will directly contribute to increase in demand for biodegradable Plastic in the region, which is expected to support market growth. Also, strict regulations and bans on non-biodegradable plastic from countries like India and Australia will act as catalyst for growth of this market”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Biodegradable Plastic Market – Global Industry Size, Share, Trends, Competition, Opportunity and Forecast, 2017-2027, Segmented By Type (Starch Blends, Polylactic Acid (PLA), Polybutylene Adipate Terephthalate (PBAT), Polyhydroxyalkanoate (PHA), Others), By End User Industry (Packaging, Consumer Goods, Textiles, Others), By Region”, has evaluated the future growth potential of global Biodegradable Plastic market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global Biodegradable Plastic Market.
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