The global biodegradable plastics market size is projected to grow from USD 7.7 billion in 2021 to USD 23.3 billion by 2026, at a CAGR of 24.9% between 2021 and 2026. Rising population and rapid urbanization in emerging economies and increase in demand from end-use industries are expected to offer significant growth opportunities to manufacturers of biodegradable plastics.
Packaging accounted for the largest share in the biodegradable plastics market in terms of value. Packaging accounted for the largest share in the biodegradable plastics market in terms of value.Stringent regulations regarding environmental conservation, especially in developing economies, such as China, India, Brazil, Chile, Argentina, Indonesia, Thailand, Malaysia, and South Africa, are the major growth factors for the biodegradable plastics market.
Food & beverage manufacturers are increasingly switching to biodegradable plastics to mitigate environmental and economic issues. Stringent government regulations in regions such as Europe and North America are forcing industries to reduce their carbon footprint, which has increased the demand for biodegradable plastics products in the packaging industry.
PLA is the fastest-growing biodegradable plastic. PLA is the most commonly used type of biodegradable plastic.It is made from renewable resources; it is compostable as well as biodegradable.
It is derived from corn starch (in the US and Canada), tapioca roots, chips, or starch (mostly in Asia), or sugarcane (in RoW). PLA is a versatile material that features excellent barrier properties, non-toxic nature, and is available in high-performance PLA grades that are ideal replacements for PS (polystyrene), PP (polypropylene), and ABS in more demanding applications.
Europe is estimated to be the largest market for biodegradable plastics in 2021 Europe is estimated to be the largest market for biodegradable plastics in 2021, in terms of value.Germany, Italy, France, Spain, and the UK are the major countries in the European biodegradable plastics market.
Germany was the largest biodegradable plastics market in Europe in 2020. The demand for biodegradable plastics in the country is consistently increasing due to the rising environmental concerns and the implementation of stringent regulations on the use of petroleum-based plastics.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the biodegradable plastics market, and information was gathered from secondary research to determine and verify the market size of several segments. • By Company Type: Tier 1 – 30%, Tier 2 – 35%, and Tier 3 – 35% • By Designation: C Level Executives– 40%, Directors – 40%, and Others – 20% • By Region: APAC – 50%, Europe – 20%, North America – 10%, the Middle East & Africa –10%, and South America- 10%
The key players in this market are BASF (Germany), NatureWorks (US), Total Corbion (Netherlands), Novamont (Italy), Biome Bioplastics (UK), Mitsubishi Chemical Holding Corporation (Japan), Toray Industries (Japan), Plantic Technologies (Australia), Danimer Scientific (US), and Fkur Kunstsoff (Germany).
Research Coverage: The report offers insights into the biodegradable plastics market in key regions.It aims at estimating the size of the biodegradable plastics market during the forecast period and projects future growth of the market across various segments based on type, end-use industry, and region.
The report also includes an in-depth competitive analysis of the key players in the biodegradable plastics market, along with company profiles, MNM view, recent developments, and key market strategies.
Key Benefits of Buying the Report From an insight perspective, this research report focuses on various levels of analyses — industry analysis (industry trends), market share ranking of top players, and company profiles, which together comprise and discuss the basic views on the competitive landscape; emerging and high-growth segments of the biodegradable plastics market; high growth regions; and market drivers, restraints, opportunities, and challenges.
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