Global Biodegradable Plastics Market Size To Worth USD 65.80 Billion By 2033 | CAGR of 19.97%
Category: Specialty & Fine ChemicalsGlobal Biodegradable Plastics Market Size To Worth USD 65.80 Billion By 2033
According to a research report published by Spherical Insights & Consulting, the Global Biodegradable Plastics Market Size is Expected to Grow from USD 10.65 Billion in 2023 to USD 65.80 Billion By 2033, at a CAGR of 19.97% during the Forecast period 2023-2033.
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Browse key industry insights spread across 230 pages with 130 Market data tables and figures & charts from the report on the "Global Biodegradable Plastics Market Size, Share, and COVID-19 Impact Analysis, By Type (PLA, Starch Blends, PBAT, PHA, PBS, and Cellulose Based), By End User (Packaging, Consumer Goods, Textiles, and Agriculture & Horticulture), 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-plastics-market
The market for biodegradable plastics is the sector that manufactures, sells, and consumes plastics designed to break down naturally as a result of biological processes, such as those involving bacteria, fungi, or microorganisms. The purpose of biodegradable polymers is to decompose faster and produce less toxic residues in the environment. Typically, renewable materials like plants, starches, or oils are used to make them. They are commonly found in packaging, agricultural films, restaurant products, and disposables like straws and silverware. The government's increased focus on new rules about the substitution of biodegradable polymers for conventional plastics is the main factor driving the growing demand for biodegradable plastics. Growing environmental consciousness among the public and the demand for packaging end-use industries in developing countries are anticipated to drive the market. Growing public awareness of the detrimental effects of plastic waste and government regulations prohibiting the use of single-use plastics are two key drivers propelling the biodegradable plastics market. However, market performance can be significantly restricted by raw material price fluctuation since it may have an impact on the profit margin of the participating companies.
The starch blends segment held the highest share in 2023 and is anticipated to grow at a significant CAGR during the projected timeframe.
Based on the type, the biodegradable plastics market is classified into PLA, starch blends, PBAT, PHA, PBS, and cellulose based. Among these, the starch blends segment held the highest share in 2023 and is anticipated to grow at a significant CAGR during the projected timeframe. Starch blends have gained popularity in the biodegradable polymer sector due to their versatility and environmental friendliness.
The packaging segment held the highest share in 2023 and is anticipated to grow at a significant CAGR during the projected timeframe.
Based on the end user, the biodegradable plastics market is divided into packaging, consumer goods, textiles, and agriculture & horticulture. Among these, the packaging segment held the highest share in 2023 and is anticipated to grow at a significant CAGR during the projected timeframe. Packaging is composed of naturally decomposing plant-based polymers, such as PLA and starch, which minimize landfill waste and contamination.
North America is estimated to hold the largest share of the biodegradable plastics market over the forecast period.
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North America is estimated to hold the largest share of the biodegradable plastics market over the forecast period. Bio-based plastic and bags are easier to use, more tensile strong, and more environmentally benign than conventional plastic in the region. Applications ranging from packaging and agriculture to textiles are growing as a result of major regional players, such as the U.S. and Canada, placing an emphasis on innovation and eco-friendly methods.
Asia Pacific is predicted to grow at the fastest CAGR growth in the biodegradable plastics market over the forecast period. The availability of cheap labor and raw materials, together with growing demand from Asia Pacific's consumer goods, packaging, and agriculture and horticulture end-use industries, are all factors driving the application sectors' expansion.
Major key players in the biodegradable plastics market include Cargill Incorporated, Biome Technologies plc, Plantic Technologies Limited, SPHERE, Trineso, BASF SE, Total Corbion PLA, BIO-FED, NatureWorks LLC, Danimer Scientific, Eastman Chemical Company, TotalEnergies Corbion, TianAn Biologic Materials Co., Ltd., Mitsubishi Chemical Group Corporation., 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, CJ Biomaterials and Beyond Plastic developed a partnership to develop plastic bottle caps that decompose naturally.The cap is made of polyhydroxyalkanoate (PHA), a biopolymer derived from natural sources. It has beneficial impacts on the environment and enhances the performance of conventional polymers.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the biodegradable plastics market based on the below-mentioned segments:
Global Biodegradable Plastics Market, By Type
- PLA
- Starch Blends
- PBAT
- PHA
- PBS
- Cellulose Based
Global Biodegradable Plastics Market, By End User
- Packaging
- Consumer Goods
- Textiles
- Agriculture & Horticulture
Global Biodegradable Plastics 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
Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
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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