Biodegradable Plastic Market to Hit $10.0 Billion by 2030 at CAGR of 9.7%: Grand View Research, Inc.

ASH FRANCISCO, November 23, 2022 /PRNewswire/ — The global biodegradable plastics market size is projected to reach USD 10.0 billion by 2030, according to a new report by Grand View Research, Inc., advancing at a steady CAGR of 9.7% during the forecast period. Biodegradable plastics can be broken down, through the action of microbes and other living organisms, into carbon dioxide, water, and biomass. As the number of companies with ‘Green’ credentials grows exponentially, production and demand for this type of plastic is expected to progress at a rapid pace. Governments around the world have implemented strict regulations regarding the use of conventional plastics, while consumers in many developed and developing economies have become aware of the environmental damage of this product. Subsequently, several initiatives and projects to support sustainability have been established in recent years, which is a positive factor driving market growth.

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Key industry findings and findings from the report:

  • Biodegradable plastics, prepared from renewable raw materials, undergo environmental decomposition in a reasonable period of time. These plastics generally require the presence of biodegradable additives to improve the decomposition process, and some also require a specific environment for decomposition.

  • According to the United Nations Environment Program, 400 million tons of plastic waste are produced every year. The production of conventional plastics is done mainly using fossil fuels, and GHG emissions due to the production, use, and disposal of these plastics will amount to 19% of the global carbon budget by 2040. This has given an urgency to eco-. friendly alternative, driving the growth of the biodegradable plastic industry.

  • In terms of products, starch-based biodegradable plastics accounted for more than 40% of the revenue share in 2021, because it is inexpensive and widely used in fields such as agriculture, packaging, and automobiles.

  • According to the application, the agriculture segment represents a significant part of the market revenue, as biodegradable mulch films offer benefits such as soil water conservation, minimizing weed growth, and allowing faster development of crops by maintaining optimal soil temperatures.

  • United States is a notable revenue generator in the biodegradable plastic market. The food and consumer goods sectors have helped significantly in driving the demand for biodegradable packaging and products in the region. In addition, the passage of laws to eliminate single-use plastics has also played a part in market growth. For example, the legislators in California passed a law in June 2022 to phase out the use of these products in the state.

  • Key companies are banking on research and development activities, partnerships, and expanding capabilities to drive sales and improve growth. For example, in November 2022TotalEnergies Corbion and Be Good Friends (BGF) announced a long-term collaboration to develop and supply Luminy PLA in Korea.

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Read the 102-page market research report, “Biodegradable Plastics Market Size, Share and Trends Analysis Report by Product (Starch-Based, PLA, PHA, PBAT, PBS), by Application (Packaging, Consumer Goods, Agriculture), and Forecast segment, 2022. – 2030”, published by Grand View Research.

Biodegradable Plastics Market Growth and Trends

Single-use plastics are widely used in food packaging, as well as in the manufacture of straws, water bottles, and carrier bags. However, they are generally thrown haphazardly, and their accumulation leads to environmental degradation. According to EARTHDAY.ORG, human beings use 1.2 million plastic bottles every minute; In addition, around 50% of the annual plastic production worldwide is made keeping single-use products in mind, while 91% of the plastics used are not recycled. As a result, the promotion of biodegradable plastics in place of conventional ones has gone into full swing across many leading nations, and eco-conscious consumers want to pay a higher amount for these products. Biodegradable plastics can be prepared from a variety of raw materials including starch, polyhydroxyalkanoates (PHA), polybutylene adipate terephthalate (PBAT), polylactic acid (PLA), and polybutylene succinate (PBS), among others. Plastics made from these products are widely used in packaging and consumer goods applications.

Conventional plastics have become a nuisance to terrestrial and marine ecosystems, as their decomposition takes hundreds of years, which has resulted in the rapid ban of products especially in North America and Europe. For example, the European Commission has implemented restrictions on the use of certain single-use plastic items, starting July 3, 2021. These include cutlery, balloon sticks, plastic plates, and straws, as well as food and beverage containers prepared from. EPS (expanded polystyrene). In tune with these regulations, notable industry players have made significant investments in R&D activities to improve product quality and improve its decomposition properties. However, the industry is also facing a remarkable challenge in the form of difficulties in the decomposition process due to the problem of segregation from conventional plastics, as they are no different. Moreover, certain biodegradable plastics can only decompose in a specific environment, while some products, during decomposition, release greenhouse gases.

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Biodegradable plastics market segmentation

Grand View Research has segmented the global biodegradable plastics market based on product, application, and region

Product Outlook (Volume, Kilotons; Revenue, Million USD, 2019 – 2030)

  • Based on starch

  • PLA

  • PBS

  • PBAT

  • PHA

  • Polycaprolactone

Application Outlook (Volume, Kilotons, Revenue, Million USD, 2019 – 2030)

  • Packaging

  • Agriculture

  • Consumer Goods

  • Other people

Regional Outlook (Volume, Kilotons, Revenue, Million USD, 2019 – 2030)

  • North America

  • Europe

  • Asia Pacific

  • Central & South America

  • Middle East & Africa

List of Key Players in Biodegradable Plastics Market

  • Cargill Incorporated

  • PTT MCC Biochem Co., Ltd.

  • Biome Technologies plc

  • Plantic Technologies Limited

  • BASF SE

  • Total Corbion PLA

  • Synbra Technology BV

  • Futerro

  • Novamont SpA

  • NatureWorks LLC

  • Eastman Chemical Company

  • Trineso

  • Scientific Danimer

  • FKur Kunststoff GmbH

Check out more related studies published by Grand View Research:

  • Edible packaging market The global edible packaging market size is expected to reach USD 1.1 billion by 2025, showing a CAGR of 6.2% during the forecast period, according to a new report by Grand View Research, Inc. Growing innovation in food packaging coupled with rising concerns about overuse of plastic are among the key factors driving the growth. the world market.

  • Folding Carton packaging market – The size of the global folding carton packaging market is forecast to reach USD 171.35 billion by 2025, according to a new report by Grand View Research, Inc. The steady expansion of several end industries including food and beverage, electronics, household, personal care and cosmetics, health care, and others was attributed to the growth. market from the past several years.

  • Plastic market – The size of the global plastics market is expected to reach USD 811.57 billion by 2030, according to a new study by Grand View Research, Inc. The market is expected to advance at a CAGR of 3.7% between 2022 and 2030. Automotive production increases with the subsequent increase in plastic consumption in the manufacture of automotive components, due to regulation. policies regarding vehicle weight reduction and fuel efficiency, are expected to drive the market during the forecast period.

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Browse Grand View Research’s Plastics, Polymers and Resins Industry Research Report.

About Grand View Research

Grand View Research, a US-based market research and consulting firm, provides syndicated and customized research reports and consulting services. Register in California with its headquarters at the ashes of Francisco, the company has more than 425 analysts and consultants, adding more than 1200 market research reports to its vast database every year. These reports offer in-depth analysis of 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 assess the opportunities that lie ahead.

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