Global Marine Biodegradable Material Market Size To Worth USD 5.65 Billion by 2033 | CAGR of 12.24%
Category: Chemicals & MaterialsGlobal Marine Biodegradable Material Market Size To Worth USD 5.65 Billion by 2033
According to a research report published by Spherical Insights & Consulting, The Global Marine Biodegradable Material Market Size is Expected to Grow from USD 1.78 Billion in 2023 to USD 5.65 Billion by 2033, at a CAGR of 12.24% during the forecast period 2023-2033.
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Browse key industry insights spread across 210 pages with 111 Market data tables and figures & charts from the report on the "Global Marine Biodegradable Material Market Size, Share, and COVID-19 Impact Analysis, By Material Type (Starch Blends, Polyhydroxyalkanoates (PHA), Polylactic Acid (PLA), Cellulose Blends, and Others), By Application (Consumer Goods, Agriculture, Textiles, Packaging, and Others), 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/marine-biodegradable-material-market
The global marine biodegradable material market includes environmentally friendly materials that naturally degrade in marine environments, lowering plastic pollution and environmental impact. Biopolymers such as PHA, PLA, and starch blends are used to promote ocean sustainability in packaging, fishing gear, and disposable products. The marine biodegradable material market has significant growth potential, driven by increased environmental awareness and stringent plastic waste regulations. Furthermore, consumer awareness and preferences are also important factors in driving the market. Consumers are increasingly choosing eco-friendly products as they become more aware of the importance of environmental sustainability. This shift in consumer behavior encourages manufacturers in a wide range of industries, including packaging, agriculture, and consumer goods, to incorporate marine biodegradable materials into their products, resulting in market growth. However, the high cost of manufacturing biodegradable materials in comparison to conventional plastics is one of the biggest obstacles. Widespread adoption of biodegradable materials may be hampered by the often complex and costly technologies required for their production. Additionally, it can be difficult to use biodegradable materials in some applications because their strength and durability may not always be on par with those of traditional plastics.
The polylactic acid (PLA) segment held the highest share in 2023 and is anticipated to grow at a significant CAGR during the projected timeframe.
Based on the material type, the marine biodegradable material market is divided into starch blends, polyhydroxyalkanoates (PHA), polylactic acid (PLA), cellulose blends, and others. Among these, the polylactic acid (PLA) segment held the highest share in 2023 and is anticipated to grow at a significant CAGR during the projected timeframe. The growth is due to its widespread availability, low cost, and strong mechanical properties, which make it a viable alternative to traditional plastics. PLA is derived from renewable resources such as corn starch and sugarcane, making it an environmentally friendly material for packaging, single-use products, and fishing gear.
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 application, the marine biodegradable material market is divided into consumer goods, agriculture, textiles, packaging, and others. Among these, the packaging segment held the highest share in 2023 and is anticipated to grow at a significant CAGR during the projected timeframe. This is due to increased demand for environmentally friendly alternatives to traditional plastic packaging. Governments around the world are enforcing stringent regulations to reduce plastic pollution, particularly in marine environments, hastening the adoption of biodegradable materials in the food packaging, e-commerce, and retail sectors.
Europe is estimated to hold the largest share of the marine biodegradable material market over the forecast period.
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Europe is estimated to hold the largest share of the marine biodegradable material market over the forecast period. This is due to stringent environmental regulations, strong government backing for sustainability, and widespread consumer awareness of plastic pollution. The European Union has enacted stringent policies, such as the Single-Use Plastics Directive, which prohibits certain non-biodegradable plastic products and promotes the use of environmentally friendly alternatives. Furthermore, Europe has an advanced waste management infrastructure and a high rate of biodegradable material adoption in industries such as packaging, agriculture, and fishing.
Asia-Pacific is predicted to have the fastest CAGR growth in the marine biodegradable material market over the forecast period. Rapid industrialization, rising population, and growing environmental awareness in countries like China, India, and Japan are driving up demand for biodegradable products. These countries' governments are enacting regulations to reduce plastic waste and promote the use of sustainable materials.
Major key players in the Marine Biodegradable Material market include FKuR Kunststoff GmbH, NatureWorks LLC, Tianan Biologic Material Co., Ltd., Danimer Scientific, Plantic Technologies Limited, Biome Bioplastics Limited, BASF SE, Total Corbion PLA, Novamont S.p.A., Mitsubishi Chemical Corporation, Cardia Bioplastics, Zhejiang Hisun Biomaterials Co., Ltd., Green Dot Bioplastics, Futerro SA, and Others.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Recent Development
- In December 2023, The Mitsubishi Chemical Group (MCG Group) is pleased to announce that its plant-derived compostable polymer BioPBS has been certified as a marine biodegradable biomass plastic by the Japan BioPlastics Association's marine biodegradable plastic identification and labeling system, effective November 2023.
Market Segment
- This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the Marine Biodegradable Material market based on the below-mentioned segments:
Global Marine Biodegradable Material Market, By Material Type
- Starch Blends
- Polyhydroxyalkanoates (PHA)
- Polylactic Acid (PLA)
- Cellulose Blends
- Others
Global Marine Biodegradable Material Market, By Application
- Consumer Goods
- Agriculture
- Textiles
- Packaging
- Others
Global Marine Biodegradable Material 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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