The Global Market For Biodegradable Plastics Estimated at US$ 7.7 Bn in the year 2021, is projected to reach a revised size of US$ 23.3 Bn by 2030, growing at a CAGR of 16.4%. Biodegradable plastic is a plant-based plastic that has no negative environmental consequences. In a reasonable amount of time, it degrades spontaneously in base compounds. As a result, biodegradable plastic is composed of molecules that can degrade spontaneously through the activity of microorganisms. Polylactic Acid) (PLA), Polybutylene adipate terephthalate (PBAT), Polybutylene Succinate (PBS), Polyhydroxyalkanoates (PHA), and starch blends are some of the most common biodegradable plastics. The growth of the market for biodegradable plastics from a variety of end-use sectors, severe regulatory and sustainability regulations, and rising environmental concerns are projected to boost the biodegradable plastics market.
 

The rising use of PHA in medical and other applications is likely to drive market expansion in the PHA segment. PHA is mostly employed in pharmaceutical encapsulation and medical implants. Tissue engineering, bone marrow scaffolds, and bone plates are some of the other medical applications. Aside from medicinal applications, PHA is also utilized in the manufacture of compost bags, agricultural foil and films, and packaging for food, drinks, and consumer products. These factors are predicted to promote the global growth of PHA.
 

Governments restricting the use of solitary plastic, together with increased public awareness of the negative consequences of plastic waste, are among the key trends driving market expansion. Furthermore, the increased usage of biodegradable plastics in packaging and agriculture is expected to augment the segment's growth. Non-biodegradable plastics are a worldwide problem. Governments all over the world are addressing this issue by prohibiting single-use plastics and encouraging use of biodegradable plastics. Furthermore, consumers are willing to pay as much for biodegradable plastics due to their environmental friendliness.
 

Type Outlook

The starch blends segment dominated the global biodegradable plastics market owing to widely utilised in a variety of applications, including packaging, cars, and agriculture. PLA Product plastics are also fast gaining traction in the market. The low cost of PLA in comparison to other products is a major driving factor for the industry.
 

End-Use Outlook

The packaging segment dominated the global biodegradable plastics market owing to the shift in customer preference from artificial to biobased products in response to rising environmental consciousness. Biodegradable plastic offers potential functionality in food packaging and is employed in a variety of applications. The rise in packaged food choices because of demographic and lifestyle changes has a direct impact on the need for biodegradable plastic in packaging applications.
 

Regional Outlook

Europe region is dominating the market share of global biodegradable plastics market owing due to stringent environmental laws, increased consumer environmental concerns, and rising R&D investments in the bioplastics sector by corporate and public institutions are all factors. Furthermore, government measures like as the EU's decision to reduce overall use of single-use plastic items in the region by around 80% by 2019 are expected to drive demand for biodegradable plastics throughout the projected period.
 

Key Companies & Recent Developments

Partnerships, strategic mergers, and acquisitions are expected to be the most successful strategies for industry participants to get speedy access to growing markets while also improving technological capabilities. In addition, product differentiation and developments, as well as service expansion, are projected to help organizations thrive in the market. Generic strategies adopted by the companies usually include mergers & acquisitions, distribution network expansion, and product portfolio expansion. For instance, in April 2021, NatureWorks announced a new strategic alliance with IMA Coffee, an industry leader in coffee processing and packaging. This collaboration intends to expand the market reach of high-performing biodegradable K-cups in North America. BASF and the Fabbri Group (Italy) have created a partnership to develop a sustainable solution for cling film used in fresh-food packaging. The film will be used to wrap fresh fruits and vegetables, as well as meat and seafood. The major companies profiled in this report include 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, Danimer Scientific, FKuR Kunststoff GmbH
 

Segmentation:

By Type

• PLA
• Starch Blends
• PHA
• Biodegradable Polyesters

By End-Use

• Packaging
• Consumer Goods
• Textile
• Agriculture
• Horticulture

By Region

• North America- U.S., Mexico, Canada
• Europe- UK, France, Germany, Italy
• Asia-Pacific- China, Japan, India
• Latin America- Brazil, Argentina, Colombia
• The Middle East and Africa- United Arab Emirates, Saudi Arabia

Key Players

• BASF SE
• Biome Technologies plc
• Cargill Incorporated
• Danimer Scientific
• Eastman Chemical Company
• FKuR Kunststoff GmbH
• Futerro
• NatureWorks LLC
• Novamont SpA
• Plantic Technologies Limited
• PTT MCC Biochem Co., Ltd.
• Synbra Technology BV
• Total Corbion PLA
• Trineso