Market Reports | Sustainability

Biodegradable Plastics Market worth $23.3 billion by 2026

Published: March 4, 2023
Author: DIGITAL MEDIA EXECUTIVE

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. 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 composability, and decreased energy costs.

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•  153 Market data Tables
•  44 Figures
•  236 Pages and in-depth TOC on “Biodegradable Plastics Market – Global Forecast to 2026”

Some of the prominent key players 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),
  • Fkur Kunstsoff (Germany)

Opportunity: High potential in emerging countries of APAC

The biodegradable plastics market players are continuously implementing organic and inorganic strategies for their growth. In recent years, the players have made many strategic developments in the emerging countries of APAC. For instance, in 2019, Total Corbion set up a PLA plant in Rayong, Thailand, with a production capacity of 75,000 tons per year. In addition, Indonesia is exploring biodegradable plastic alternatives, such as seaweed.

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.

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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.

 

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