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Global Biobased Biodegradable Plastics Market size is predicted to reach $15.7 Billion by 2030, growing at a CAGR of 20.2% during the forecast period 2024-2030 according to the latest market research report published by IndustryARC. The biobased biodegradable plastics market is expanding as consumers and industries seek sustainable alternatives to traditional plastics. Driven by environmental concerns and regulatory support, demand for these plastics is rising in packaging, agriculture, and consumer goods. Innovations and advancements in material technology are fueling growth and adoption, finds IndustryARC in its recent report, titled “Biobased Biodegradable Plastics Market – By Type (Polyhydroxyalkanoate (PHA), Polylactide Acid (PLA), Polybutylene Succinate (PBS), Polybutylene Adipate Terephthalate (PBAT), Starch Blends, and Others), By End-Use Industry (Packaging, Textile, Agriculture, Transportation, Building & Construction, Electrical & Electronics, Consumer Goods, and Others)By Geography – Global Opportunity Analysis & Industry Forecast, 2024-2030”
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APAC to Register Highest Growth:
The APAC region is projected to experience a robust CAGR of 11.3% in the Biobased Biodegradable Plastics market. This growth is driven by increasing environmental awareness and the rising demand for sustainable packaging solutions across various industries. Governments and businesses are increasingly investing in eco-friendly technologies and policies to reduce plastic waste and carbon footprints. The region’s rapid industrialization and expanding consumer base further fuel the demand for biodegradable plastics, offering a promising market opportunity for manufacturers and innovators. As consumer preferences shift towards greener alternatives and regulatory frameworks tighten, the APAC market is expected to witness significant advancements and expansions in biobased biodegradable plastics.
Biobased Biodegradable Plastics Market 2024-2030: Scope of the Report
|
Report Metric |
Details |
|
Base Year Considered |
2023 |
|
Forecast Period |
2024–2030 |
|
CAGR |
20.2% |
|
Market Size in 2030 |
$15.7 billion |
|
Segments Covered |
By Type, By End User, and By Region. |
|
Geographies Covered |
North America (U.S., Canada and Mexico), Europe (Germany, France, UK, Italy, Spain, Russia and the Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia, New Zealand and the Rest of Asia-Pacific), South America (Brazil, Argentina, Chile, Colombia and Rest of South America), Rest of the World (Middle East and Africa). |
|
Key Market Players |
1. Versalis 2. Arkema S.A. 3. Toyota Tsusho Corporation 4. BASF SE 5. Mitsubishi Plastics Inc. 6. Corbion NV 7. Teijin Ltd. 8. Natureworks LLC 9. Toray Industries Inc. 10. Solvay SA. |
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Biobased Biodegradable Plastics Market Report – Key Takeaways:
By Type, the PLA-based biodegradable plastic segment is expected to grow at a CAGR of over 6.92% in the forecast period 2024 to 2030 in the biobased biodegradable plastics market. PLA-based biodegradable plastics are anticipated to lead the biodegradable plastic market in growth due to their cost-effectiveness and eco-friendly attributes. PLA, derived from renewable plant sources like corn, cassava, and sugarcane, offers a sustainable alternative to conventional plastics. It boasts attractive mechanical properties and is less expensive than other biopolymers. Notably, PLA degrades rapidly without releasing harmful chemicals, making it a safer choice for the environment. Its versatility extends to transparent and durable plastics for containers and bottles, as well as fibers and films for diverse applications. The combination of these benefits positions PLA as a key player in the expanding biodegradable plastic market.
The consumer goods held the largest share of 30% in 2023 in the biobased biodegradable plastics market. This robust expansion is driven by increasing consumer demand for environmentally friendly and sustainable packaging solutions. As awareness of environmental issues grows, manufacturers are focusing on developing biodegradable plastics that reduce waste and minimize ecological impact. The Consumer Goods sector, which includes products ranging from packaging materials to household items, is at the forefront of this shift. This trend reflects a broader movement towards greener alternatives and is expected to contribute significantly to the overall growth of the biobased biodegradable plastics market.
The packaging industry, traditionally dependent on conventional plastics, is witnessing a significant shift towards biobased biodegradable plastics. This transition is driven by growing environmental concerns and stringent sustainability goals. Biodegradable plastics, derived from renewable sources like corn starch, sugarcane, and cellulose, offer an eco-friendly alternative to petroleum-based plastics. For instance, according to the Invest India, the India Packaging Market’s projected growth to $204.81 billion by 2025 at a 26.7% CAGR. Consumers and companies are increasingly seeking sustainable packaging solutions, boosting the need for eco-friendly, biodegradable alternatives in the packaging industry. Companies are investing in research and development to enhance the performance and cost-effectiveness of these materials. Governments worldwide are implementing policies and regulations to encourage the adoption of biodegradable plastics. As a result, the biobased biodegradable plastics market is poised for significant expansion, addressing both environmental and economic objectives in the packaging industry.
Biobased biodegradable plastics often face higher production costs compared to conventional plastics, posing a significant challenge for their widespread adoption. The advanced technology and raw materials required for these plastics contribute to their elevated price. This cost disparity can make them less appealing to both manufacturers and consumers, who might prefer the lower-cost, non-biodegradable alternatives. As a result, the market for biobased biodegradable plastics can be limited. For these sustainable options to become more competitive, advancements in production efficiency and economies of scale are crucial. Reducing costs while maintaining performance and sustainability will be key to increasing their appeal and adoption in the market.
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Key Opportunity Analysis:
Government Policies Enhancing Biobased Biodegradable Plastics
Governments are increasingly enacting policies and providing incentives to promote the use of sustainable materials, which significantly benefits the biobased biodegradable plastics industry. For instance, with the EU’s 2024 measures pushing for enhanced packaging safety and sustainability, there is a growing demand for government regulation in the biobased biodegradable plastics market. Regulations should focus on ensuring these materials meet recyclability standards, limit harmful substances, and reduce unnecessary packaging. Targets to cut packaging by 5% by 2030, 10% by 2035, and 15% by 2040 underscore the need for robust standards in biobased and biodegradable options. These regulatory measures often include financial subsidies, tax credits, and stricter environmental regulations that encourage the adoption of eco-friendly alternatives. By aligning industry practices with environmental goals, governments help accelerate the development and commercialization of biodegradable plastics, which can lead to reduced plastic waste and lower environmental impact. Such supportive frameworks are crucial for driving innovation and increasing the market adoption of sustainable materials.
Bioplastics Enhancing Agricultural Practices
Biobased biodegradable plastics offer significant opportunities for agriculture by providing sustainable alternatives to conventional plastics. These materials, derived from renewable resources like corn starch or sugarcane, decompose naturally in soil, reducing long-term waste and environmental impact. They can be used in various agricultural applications, including mulch films, seedling pots, and irrigation systems. By improving soil health and reducing plastic pollution, these bioplastics enhance crop growth and support eco-friendly farming practices. Additionally, its usage can help farmers meet regulatory requirements and cater to an increasingly eco-conscious market. Investing in biobased biodegradable plastics aligns with global sustainability goals and offers both environmental and economic benefits to the agricultural sector.
Development of Biobased Plastics for use in Construction Materials.
The development of biobased plastics for use in construction materials represents a significant advancement towards sustainable building practices. These plastics, derived from renewable resources like plant fibers or algae, offer an eco-friendly alternative to traditional petroleum-based plastics. By integrating biobased plastics into construction, we can reduce the carbon footprint of building projects and lessen dependency on fossil fuels. These materials also possess unique properties such as improved thermal insulation and durability, enhancing the performance of construction components. Furthermore, the use of biobased plastics aligns with circular economy principles, as they can be designed for easier recycling or biodegradation. This innovative approach not only supports environmental sustainability but also drives the construction industry toward more responsible and resilient building practices.
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The report also covers the following areas:
Biobased Biodegradable Plastics Market 2024-2030: Key Highlights
Covid and Ukrainian Crisis Impact:
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List of Key Market Players in Biobased Biodegradable Plastics Market:
The Global Biobased Biodegradable Plastics Market is fragmented with several global and regional companies operating with expansive manufacturing capabilities and extensive distribution networks. The key companies profiled are listed below:
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