The report "Biodegradable Plastics Market by Type (PLA, Starch Blends, PHA, Biodegradable Polyesters), End Use Industry (Packaging, Consumer Goods, Textile, Agriculture & Horticulture), and Region (APAC, Europe, North America & RoW) - Global Forecast to 2026" 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.
Browse 153 market data Tables and 44 Figures spread through 236 Pages and in-depth TOC on "Biodegradable Plastics Market by Type (PLA, Starch Blends, PHA, Biodegradable Polyesters), End Use Industry (Packaging, Consumer Goods, Textile, Agriculture & Horticulture), and Region (APAC, Europe, North America & RoW) - Global Forecast to 2026"
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Biodegradable plastics are defined as plastics that undergo biodegradation (a process in which the degradation results from the action of naturally occurring micro-organisms such as bacteria, fungi, and algae). They decompose naturally within three-to-six months under the industrial composting system. Biodegradable plastics possess a high potential for growth due to their positive effect on the environment, like lower carbon footprint, reduced waste, improved compostability, and decreased energy costs. The biodegradable plastics market includes both bio-based biodegradable plastics and synthetic/petrochemical-based biodegradable plastics. The market is witnessing significant growth across the world due to the increasing awareness and stringent government regulations about the use of non-biodegradable plastics. Biodegradable plastics are used in packaging, consumer goods, textiles, and agriculture & horticulture among other end-use industries.
PLA type dominates the biodegradable plastics market in 2020
PLA is the most used type of biodegradable plastic. It is made from renewable resources; it is compostable as well as biodegradable. Plastic products may take up to a thousand years to degrade, while PLA products biodegrade within three-to-six months in an industrial composting system. The key applications of PLA are packaging, automotive, consumer electronics, and sportswear & goods. It is used in dairy containers, disposable tableware, agricultural mulch films, milk & juice cartons, and planter boxes. PLA has good rigidity and allows for the replacement of polystyrene and PET in such applications. It is being adopted rapidly as it is more economical to manufacture as compared with the synthesis of other biodegradable plastics.
The packaging segment is projected to account for the largest share of the biodegradable plastics market, by end-use industry, during the forecast period.
Packaging is one of the end-use industries that dominates the biodegradable plastics market. Biodegradable plastics have increasing demand to replace conventional plastics to address environmental concerns. Packaging applications of biodegradable plastics include food packaging, healthcare packaging, cosmetic & personal care packaging, shopping bags, and others. Thermoset plastics (soy polyurethanes and unsaturated polyester resins) and thermoplastics (PLA, starch blends, PBS, PHA, and cellulose) are the two types of biodegradable plastics mainly used in the packaging industry. The use of biodegradable plastics is increasing in applications such as bottles, films, clamshell cartons, waste collection bags, carrier bags, mulch films, and food service ware.
North America is estimated to be the fastest-growing market for biodegradable plastics between 2021 and 2026.
North America is estimated to be the fastest-growing market for biodegradable plastics between 2021 and 2026. The US is the largest market for biodegradable plastics in North America. The political and economic conditions have driven the market penetration of biodegradable plastics. The strict government norms and economic conditions have also driven the biodegradable plastics market. These factors have been responsible for the development of biodegradable plastics with collaborative research in the region.
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).
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