Biodegradable Plastics Market by Type, End-use Industry and Region - Global Forecast to 2026 - ResearchAndMarkets.com

26 November 2021

The "Global Biodegradable Plastics Market by Type , End Use Industry (Packaging, Consumer Goods, Textile, Agriculture & Horticulture), and Region (APAC, Europe, North America & RoW) - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.

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.

Market Dynamics

Drivers

  • Changing Consumer Preference Toward Eco-Friendly Plastic Products
  • Increasing Use in Packaging and Compostable Bag Applications
  • Government Focus on Green Procurement Policies and Regulations

Restraints

  • Higher Prices of Biodegradable Plastics Than Conventional Plastics

Opportunities

  • Development of New Applications
  • High Potential in Emerging Countries of APAC

Challenges

  • Performance Issue
  • Fluctuating Oil Prices Create Volatility in Demand for Biodegradable Plastics
  • Expensive and Complex Production Process
  • Limited Regulations Related to Biodegradable Plastic in Developing Countries

Companies Mentioned

  • Agrana
  • Akro-Plastic
  • Basf
  • Bio-On
  • Biome Bioplastics
  • Carbiolice
  • Danimer Scientific
  • Eastman Chemical Company
  • Fkur Kunstsoff
  • Futerro
  • Green Dot Bioplastics
  • Ingevity
  • Mitsubishi Chemical Holdings Corporation
  • Natureworks
  • Novamont
  • Plantic Technologies
  • Ptt Mcc Biochem
  • Sphere
  • Succinity
  • Synbra Technology
  • Tianan Biologic Materials
  • Toray Industries
  • Total Corbion
  • Yield 10 Bioscience
  • Zhejiang Hisun Biomaterials

For more information about this report visit https://www.researchandmarkets.com/r/bx15be

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Source:businesswire.com