The report “Biodegradable Plastics Market by Type (PLA, Starch Blends, PBAT, PHA, PBS,Cellulose Based), End-Use Industry (Packaging, Consumer Goods, Textiles, Agriculture & Horticulture), and Region- Global Forecast to 2029″, biodegradable plastics market size is projected to grow from USD 9.64 billion in 2024 to USD 30.05 billion by 2029, registering a CAGR of 25.5% during the forecast period. The biodegradable plastics market is experiencing significant growth due to increasing demand from various major economies for different applications in different end use industries such as packaging, consumer goods, textiles, agriculture & horticulture and other end use industries as well. Growing economies in Asia Pacific region and stricter environmental regulations and the need for sustainable practices are driving industries to adopt advanced technologies to modify and make better biodegradable plastics. Additionally, the rapid expansion of packaging industry, which require biodegradable plastics in various applications, is further propelling the market.
Key Market Players
NatureWorks LLC (US), BASF SE (Germany), TotalEnergies Corbion (Netherlands), Mitsubishi Chemical Group Corporation. (Japan), Biome Bioplastics (UK), Plantic (Australia), FKuR (Germany), Danimer Scientific (US), TORAY INDUSTRIES, INC. (Japan), and Novamont (Italy).
Consumer goods end use industry is anticipated to have the second fastest growth in terms of value, during the forecast period.
Consumer goods end use industry is estimated to have second fastest growth in end use industry segment in terms of value. The major consumer goods include electrical appliances, domestic appliances, and others. Major consumer goods producers change their base from the traditional plastics to biodegradable plastics in a move aimed at reducing negative effects on the environment. Biodegradable plastics helps to produce consumer goods such as touch-screen computer casing, loudspeakers, mobile casings, and vacuum cleaners. As the awareness of the environment increases, customers demand products with minimal environmental impacts. Consumer goods made out of biodegradable plastics can cater to consumers who are seeking products produced from environmental-friendly raw materials, which in turn enhances brand reputation and attracts ecologically conscious consumers.
Biodegradable Plastics Market Dynamics
- Drivers: Consumers with strong purchasing power and commitment to environmental sustainability
- Restraint: Volatility in raw material prices
- Opportunity: Increasing use of biodegradable plastics in packaging industry
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Challenge: High price and complex production process.
