SAN FRANCISCO, June 23, 2022 /PRNewswire/ -- 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 plastics are plastics that decompose in the environment within a reasonable period. Biodegradable plastics are made up of renewable raw materials. Many of these plastics require biodegradable additives to enhance the biodegradation process and some may require a specific environment to disintegrate. Time taken by plastics to decompose depends upon various factors such as raw materials used and environmental conditions such as moisture and temperature.
Key Industry Insights & Findings from the report:
The PHA segment is projected to expand at a noteworthy CAGR of 10.2% in terms of revenue during the forecast period.
Packaging is the largest application segment that accounted for more than 60.0% of revenue in 2021, followed by the agriculture sector.
Europe is the largest region in terms of value and volume. However, Asia Pacific is expected to emerge as the fastest-growing region for biodegradable plastics.
Get more Insights from 102-page market research report, "Biodegradable Plastic Market Size, Share & Trends Analysis Report By Product (Starch Based, PLA, PHA, PBAT, PBS), By Application (Packaging, Consumer Goods, Agriculture), And Segment Forecasts, 2022 - 2030", published by Grand View Research.
Biodegradable Plastic Market Growth & Trends
The starch-based segment leads the global market. Starch-based plastics are used in various applications such as packaging, consumer electronics, agriculture, automotive, and textiles. PLA is also one of the most consumed biodegradable plastic-type. It is used in 3D printing, mulch film, and packaging.
Packaging is the leading application of biodegradable plastics. A ban on plastics by European Commission is anticipated to drive the segment during the forecast period. Novel applications of biodegradable plastics in the medical sector for drug encapsulation and medical surgeries are being increasingly practiced.
Around the world, people are facing grave issues of plastic waste as conventional plastics take hundreds of years to decompose. To tackle this, issue several countries have banned the use of single-use plastic products and are promoting the use of eco-friendly biodegradable plastics. Ban of non-reusable conventional plastics in many regions around the globe, especially in Europe and North America is estimated to propel the market. Additionally, improving the standard of living and increasing disposable income in developing countries are likely to augur well for the market in the Asia Pacific and Central & South America.
Key players are investing in research and development activities to create improved products that are strong and can be easily decomposed in the natural environment. Many the companies have integrated the value chain to serve customers better and improve the profits of the company
Biodegradable Plastic Market Segmentation
Grand View Research has segmented the global biodegradable plastic market based on product, application, and region:
Product Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030)
Application Outlook (Volume, Kilotons, Revenue, USD Million, 2019 - 2030)
Regional Outlook (Volume, Kilotons, Revenue, USD Million, 2019 - 2030)
Central & South America
Middle East & Africa
List of Key Players of the Biodegradable Plastic Market
PTT MCC Biochem Co., Ltd.
Biome Technologies plc
Plantic Technologies Limited
Total Corbion PLA
Synbra Technology BV
Eastman Chemical Company
FKuR Kunststoff GmbH
Check out more related studies published by Grand View Research:
Biodegradable Cutlery Market - The global biodegradable cutlery market size is expected to reach USD 50.7 million by 2025, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.9% over the forecast period. Implementation of stringent regulations pertaining to non-biodegradable plastic across the globe is a primary factor likely to drive the market over the forecast period.
Biodegradable Superabsorbent Material Market - The global biodegradable superabsorbent material market is expected to reach USD 190 million by 2024, according to a new report by Grand View Research, Inc. Significant usage of bio-based, high-performance absorption polymers in adult incontinence products, disposable diapers, and agriculture applications is likely to boost the industry growth over the forecast period.
Biodegradable Mulch Films Market - The global biodegradable mulch films market size is expected to reach USD 64.3 million by 2024, according to a new report by Grand View Research, Inc. Growing population coupled with depleting arable land is anticipated to drive the market growth over the next eight years.
Browse through Grand View Research's Plastics, Polymers & Resins Industry Research Reports.
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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