Biodegradable Plastics Market by Type (PBAT, PBS, PHA), Application (Agriculture, Injection Molding, Packaging) - Global Forecast 2024-2030

Biodegradable Plastics Market by Type (PBAT, PBS, PHA), Application (Agriculture, Injection Molding, Packaging) - Global Forecast 2024-2030

The Biodegradable Plastics Market size was estimated at USD 7.38 billion in 2023 and expected to reach USD 8.31 billion in 2024, at a CAGR 12.60% to reach USD 16.96 billion by 2030.

Biodegradable plastics are environmentally friendly materials designed to break down efficiently and safely under natural conditions, leading to their disintegration into harmless byproducts. These materials are engineered to undergo degradation processes facilitated by various biological agents, such as microorganisms, fungi, and algae. The production of biodegradable plastics involves using renewable resources, such as starches derived from corn or potatoes, cellulose extracted from plants, and organic polymers synthesized by bacteria. The stringent government regulations on single-use plastics disposal and increasing public awareness about environmental conservation can increase the adoption of biodegradable plastics. However, higher production costs of bio-based materials than traditional petroleum-based plastics deter widespread adoption. Nevertheless, technological advancements leading to new product development using bio-based raw materials, including polylactic acid (PLA) or polyhydroxyalkanoate (PHA), and the increasing demand for biodegradable plastics in niche applications such as 3D printing materials, biomedical devices, and marine pollution control solutions creates significant opportunities for the biodegradable plastic industry.

Regional Insights

In America, factors such as supportive governmental policies for reducing single-use plastics, increased consumer awareness about plastic waste, and growing interest in environmentally friendly packaging solutions are driving the market growth. The European Union's stringent regulations on plastic waste management have significantly contributed to the development and adoption of biodegradable plastic. In addition, several manufacturing industries adopt sustainable materials in their production, supporting the penetration of biodegradable plastic.

Rapid urbanization and industrialization, coupled with increased environmental concerns, are driving this growth, particularly in countries such as China, India, Japan, and South Korea. In addition to that, several market players are focusing on R&D, and the introduction of innovative biodegradable plastic are propelling the adoption of biodegradable plastics in this region.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Biodegradable Plastics Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers

• Increasing use of Bioplastics in the Packaging due to Biodegradability
• Increasing Concerns Linked with Environment and Human Health
• Growing Regulations across Globe and Focus on Bio-Content

Market Restraints

• High Cost of Bioplastics
• Performance Limitations of Bioplastics

Market Opportunities

• Shifting the Focus Away from Petroleum Resources and Increasing R&D Investment
• Increasing Application Areas of Bioplastics in Healthcare and Others
• Necessity for Sustainable Solutions has Encompassed Several Industries, including Food & Beverages, E-Commerce, and FMCG

Market Challenges

• Segregation and Processing of Bioplastics

Market Segmentation Analysis

• Type: Burgeoning adoption of polyhydroxyalkanoates (PHA) in medical implants and devices due to its biocompatibility
• Applications: Proliferating adoption of biodegradable plastic that reduces labor costs and improves soil quality in the agricultural sector

Market Disruption Analysis

• Porter’s Five Forces Analysis
• Value Chain & Critical Path Analysis
• Pricing Analysis
• Technology Analysis
• Patent Analysis
• Trade Analysis
• Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Biodegradable Plastics Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Biodegradable Plastics Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

LOTTE Chemical and Polymateria Ltd Partner to Develop Biodegradable Plastics

Lotte Chemical and Polymateria Limited have joined forces to develop biodegradable plastics, aiming to address environmental concerns. This innovative material is designed to decompose more quickly than traditional plastics, thus minimizing its impact on the environment. It is anticipated that the use of such plastics will become more widespread in future manufacturing practices.

Tricorbraun partners with BioBottles to supply biodegradable plastics

TricorBraun has partnered with BioBottles to provide the first biodegradable plastics. These plastics are designed to degrade at a significantly faster rate compared to traditional plastic materials, thereby reducing their environmental impact. The process involves converting this material into organic substances that can be safely absorbed into the soil and water. Additionally, BioBottles utilizes a blend of sustainable packaging materials that are not only more durable but also easier to recycle. This collaboration highlights TricorBraun's commitment to environmental sustainability and their efforts to offer innovative solutions for a greener future.

AGI launches AGI Cares 2028 with biodegradable plastics

Biodegradable Plastics AGI Cares 2028 initiative by Alliance Ground International (AGI) has been launched with a focus on introducing biodegradable plastics. These plastics are being developed as a solution to combat the environmental consequences of non-biodegradable plastic. The AGI Cares 2028 program has been specifically designed to ensure that plastic does not leak into the environment.

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Biodegradable Plastics Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Biodegradable Plastics Market, highlighting leading vendors and their innovative profiles. These include Arkema SA, ARMANDO ÁLVAREZ, S.A., BASF SE, Bewi Group, Bio-on S.p.A., Biome Bioplastics Limited, BioPak Pty Ltd by Duni AB, Braskem SA, CHUKOH CHEMICAL INDUSTRIES, LTD., Clondalkin Group Holdings B.V., Coperion GmbH, Danimer Scientific, European Bioplastics e.V, Green Dot Bioplastics Inc., Kuraray Co., Ltd., Mitsubishi Chemical Corporation, NatureWorks LLC, Novamont SpA, Plantic Technologies Ltd., Shimadzu Corporation, SpecialChem S.A., TianAn Biologic Materials Co., Ltd., Tianjin Greenbio Materials Co., Ltd., Toray Industries Inc., and Total Corbion PLA.

Market Segmentation & Coverage

This research report categorizes the Biodegradable Plastics Market to forecast the revenues and analyze trends in each of the following sub-markets:

• Type
• PBAT
• PBS
• PHA
• PLA
• Starch Based
• Application
• Agriculture
• Injection Molding
• Packaging
• Textile

Region

• Americas
• Argentina
• Brazil
• Canada
• Mexico
• United States
• California
• Florida
• Illinois
• New York
• Ohio
• Pennsylvania
• Texas
• Asia-Pacific
• Australia
• China
• India
• Indonesia
• Japan
• Malaysia
• Philippines
• Singapore
• South Korea
• Taiwan
• Thailand
• Vietnam
• Europe, Middle East & Africa
• Denmark
• Egypt
• Finland
• France
• Germany
• Israel
• Italy
• Netherlands
• Nigeria
• Norway
• Poland
• Qatar
• Russia
• Saudi Arabia
• South Africa
• Spain
• Sweden
• Switzerland
• Turkey
• United Arab Emirates
• United Kingdom

Please Note: PDF & Excel + Online Access - 1 Year