Biodegradable Plastic Market Innovations: Advancements in Material Science
The global biodegradable plastic market size is expected to reach USD 10.04 billion by 2030, registering a CAGR of 9.2% from 2024 to 2030, according to a new report by Grand View Research, Inc. The increasing use of biodegradable plastics, owing to strict governmental laws prohibiting the use of conventional plastics, coupled with growing awareness among the public towards the ill effects of plastic waste is stoking the growth of the market. The above factors are expected to spur market growth during the forecast period. Biodegradable plastics are plastics that decompose in the environment within a reasonable period. Biodegradable plastics are made up of renewable raw materials. Many of these plastics require biodegradable additives to enhance the biodegradation process and some may require a specific environment to disintegrate. Time taken by plastics to decompose depends upon various factors such as raw materials used and environmental conditions such as moisture and temperature.
The starch-based segment leads the global market. Starch-based plastics are used in various applications such as packaging, consumer electronics, agriculture, automotive, and textiles. PLA is also one of the most consumed biodegradable plastic-type. It is used in 3D printing, mulch film, and packaging. Packaging is the leading application of biodegradable plastics. A ban on plastics by European Commission is anticipated to drive the segment during the forecast period. Novel applications of biodegradable plastics in the medical sector for drug encapsulation and medical surgeries are being increasingly practiced.
Access the Biodegradable Plastic Market Size, Share & Trends Analysis Report By Process (Starch Blends, Polylactic Acid), By End-use, By Region, And Segment Forecasts, 2024 - 2030
Around the world, people are facing grave issues of plastic waste as conventional plastics take hundreds of years to decompose. To tackle this, issue several countries have banned the use of single-use plastic products and are promoting the use of eco-friendly biodegradable plastics. Ban of non-reusable conventional plastics in many regions around the globe, especially in Europe and North America is estimated to propel the market. Additionally, improving the standard of living and increasing disposable income in developing countries are likely to augur well for the market in the Asia Pacific and Central & South America. Key players are investing in research and development activities to create improved products that are strong and can be easily decomposed in the natural environment. Many the companies have integrated the value chain to serve customers better and improve the profits of the company.
Biodegradable Plastic Market Report Highlights
· The polylactic acid (PLA) segment is expected to grow at the fastest CAGR over the forecast period, owing to its strong environmental benefits and wide range of uses.
· Packaging was the largest application segment for biodegradable plastics in 2023 with a revenue share of more than 53.91%.
· Europe is the largest region in terms of value and volume. However, Central & South America is expected to emerge as the fastest-growing region for biodegradable plastics.
Order your free sample copy of “Biodegradable Plastic Market Report 2024 - 2030, published by Grand View Research
Key Biodegradable Plastic Company Insights
Key companies are adopting several organic and inorganic expansion strategies, such as mergers & acquisitions, new product launches, capacity expansion, mergers & acquisitions, and joint ventures, to maintain and expand their market share.
Key Biodegradable Plastic Companies:
The following are the leading companies in the biodegradable plastic market. These companies collectively hold the largest market share and dictate industry trends.
· Cargill Incorporated
· PTT MCC Biochem Co., Ltd.
· Biome Technologies plc
· Plantic Technologies Limited
· BASF SE
· Total Corbion PLA
· NatureWorks LLC
· Eastman Chemical Company
· Trineso
· Danimer Scientific
About Grand View Research:
Grand View Research, Inc. is a market research and consulting company that provides off-the-shelf, customized research reports and consulting services. To help clients make informed business decisions, we offer market intelligence studies, ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials, and energy. With a deep-seated understanding of varied business environments, Grand View Research provides strategic objective insights. For more information, visit www.grandviewresearch.com
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