Global Biodegradable Plastic Additives Market Size To Worth USD 2.99 Billion By 2033 | CAGR of 8.04%
Category: Chemicals & MaterialsGlobal Biodegradable Plastic Additives Market Size To Worth USD 2.99 Billion By 2033
According to a research report published by Spherical Insights & Consulting, the Global Biodegradable Plastic Additives Market Size is Expected to Grow from USD 1.38 Billion in 2023 to USD 2.99 Billion by 2033, at a CAGR of 8.04% during the forecast period 2023-2033.
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Browse key industry insights spread across 256 pages with 107 Market data tables and figures & charts from the report on the "Global Biodegradable Plastic Additives Market Size, Share, and COVID-19 Impact Analysis, By Chemistry Type (Bio-Based Aromatic and Bio-Based Non-Aromatic), By Application (Plasticizers, Flame Retardants, Impact Modifiers, Antioxidants, Antimicrobials, UV Stabilizers, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033." Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/biodegradable-plastic-additives-market
The biodegradable plastic additives market is the industry that makes additives for the natural breakdown of plastics. Biodegradable plastic additives are degradation initiator chemicals that speed up the breakdown of plastics into compost or soil. Businesses can create eco-friendly items that lessen the impact of plastic waste on the environment by implementing these additives into the manufacturing process. Government incentives and subsidies including tax rebates and grants for encouraging the development of eco-friendly alternatives, offering biodegradable plastic additives market growth opportunities. The increasing emphasis on the safety and non-toxicity of plastic in food packaging and consumer goods is driving the biodegradable plastic additives market. Further, the incorporation of ecologically friendly additives that provide a healthier option over conventional plastics is propelling the market growth. On the contrary, the lack of established supply chains and competition posed by fossil-based alternatives that are more accessible and affordable are challenging the market growth.
The bio-based aromatic segment dominated the biodegradable plastic additives market and is anticipated to witness significant CAGR growth during the projected timeframe.
Based on the chemistry type, the biodegradable plastic additives market is classified into bio-based aromatic and bio-based non-aromatic. Among these, the bio-based aromatic segment dominated the biodegradable plastic additives market and is anticipated to witness significant CAGR growth during the projected timeframe. The aromatic ring in the molecular structure is added to polymers to improve their biodegradability. The consumers’ growing desire for sustainability in both the economy and environment is contributing to driving the market growth in the bio-based aromatic segment.
The plasticizers segment held the largest revenue share of the biodegradable plastic additives market in 2023 and is expected to grow at a significant CAGR during the forecast period.
Based on the application, the biodegradable plastic additives market is classified into plasticizers, flame retardants, impact modifiers, antioxidants, antimicrobials, UV stabilizers, and others. Among these, the plasticizers segment held the largest revenue share of the biodegradable plastic additives market in 2023 and is expected to grow at a significant CAGR during the forecast period. To increase polymers’ flexibility and lessen their environmental impact, biodegradable plastic additives are utilized as plasticizers. The growing requirement for flexible and eco-friendly substitutes is propelling the market in the plasticizers segment.
Europe is estimated to hold the largest share of the biodegradable plastic additives market over the forecast period.
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Europe is estimated to hold the largest share of the biodegradable plastic additives market over the forecast period. The region’s robust investment in R&D has catalyzed technological advancements for the development of biodegradable additives which are propelling the regional market growth. Further, the stringent environmental regulations about plastic waste via single-use plastics directive fostering advanced sustainability market are contributing to driving the biodegradable plastic additives market.
Asia Pacific is predicted to grow at the fastest CAGR in the biodegradable plastic additives market over the forecast period. The need for additives and other biodegradable solutions owing to the environmental issues caused by plastic pollution is driving the market demand. The increasing government regulations aimed at curbing plastic waste, particularly in China and India are propelling the market for biodegradable plastic additives.
Major key players in the global biodegradable plastic additives market include DIC Corporation, Cargill Inc., ADEKA Corporation, Avient Corporation, BASF, Croda International Plc., Stora Enso, UPM-Kymmene OYJ, Clariant AG, Emery Oleochemicals, Greenchemicals S.r.l., Dow, Evonik Industries AG, LANXESS, Solvay, and Others.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Recent Developments
- In March 2024, Baerlocher USA, part of the Baerlocher Group, a leading global supplier of plastics additives, and Innoleics, a U.S. innovator in bio-based plasticizers, announced a new partnership agreement. Under the terms of the deal, Baerlocher USA distributes Innoleics' full line of bio-based plasticizers for flexible polyvinyl chloride (PVC) applications to the U.S. market, providing customers with greater access to these innovative, sustainable materials.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the biodegradable plastic additives market based on the below-mentioned segments:
Global Biodegradable Plastic Additives Market, By Chemistry Type
- Bio-Based Aromatic
- Bio-Based Non-Aromatic
Global Biodegradable Plastic Additives Market, By Application
- Plasticizers
- Flame Retardants
- Impact Modifiers
- Antioxidants
- Antimicrobials
- UV Stabilizers
- Others
Global Biodegradable Plastic Additives Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
About the Spherical Insights & Consulting
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Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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