Overview:
The global biodegradable plastics market is on track to score a valuation exceeding the USD 11.25 billion mark by 2032, with a CAGR of 8.63% during the forecast period of 2024 to 2032. Market Research Future (MRFR) revealed several factors and discussed them in detail to understand prospects. These factors are growing consumer awareness regarding the benefits of biodegradable plastic use, government initiatives to include these types more into practice, rising investment for innovations, increasing demand from various end user industries, ability to support the price gap between biodegradable products and conventional ones, and other. However, its price and lack of market reach can prevent the market from having proper growth.
Segmentation:
The global market for biodegradable plastics can be segmented on the basis of type and application. This will allow a better understanding of various triggers that can help the market in its growth.
By type, the global report on the biodegradable plastics market can be segmented into Polyhydroxyalkanoates (PHA), Polybutylene Succinate (PBS), Polylactic Acid (PLA), Starch-Based Plastics, Polycaprolactone (PCL), and Regenerated Cellulose. The PLA segment is expected to hold the largest market share during the forecast period as it is getting traction for its low toxicity and better mechanical strength. Its inclusion in the packaging industry would be substantial, which will boost the global market demand for the segment.
By application, the global study of the biodegradable plastics market can be segmented into packaging, agriculture, injection molding, textile, and others. The packaging segment will get more traction due to the rise in global consumption and increasing e-commerce and logistics demand.
Regional Analysis:
Europe is emerging as the largest consumer of biodegradable plastic. This is due to its increasing demand to meet the regional awareness regarding environment. Europe follows strict regulations when it comes to products that have an adverse environmental impact. Several end user industries are creating a scope for the biodegradable plastics market to ensure its growth. Also, the better per capita income is expected to boost the regional intake. In North America, the US and Canada will follow the same trail. The infrastructural advantage and better technical support to boost regional markets of biodegradable ingredients during the forecast period.
Competitive Landscape:
The global market for biodegradable plastics is expected to benefit from the contributions made by companies like BASF SE (Germany), Corbion (Netherland), Biome Technologies PLC (U.K.), Mitsubishi Chemical Corporation (Japan), NatureWorks LLC (U.S.), BIO-ON (Italy), FKuR Kunststoff GmbH (Germany), Cardia Bioplastics Limited (Australia), Cereplast Inc (U.S), Plantic Technologies Ltd (Australia) are expected to lead the global market in the coming years.
Industry News:
December 2022: Futerro’s groundbreaking decision made headlines in December 2022 when it announced plans to build Europe’s first vertically integrated biorefinery at Normandy, France, to produce and recycle PLA, converting lactic acid feedstock sourced from agriculture into PLA through its pilot fermentation unit as well as recycling monomers back into virgin resin process stream through melt process steps for building blocks either based on lactide or directly from dimerized lactic acid units via depolymerization into lactide which could then be used as building block for PLA.
About Market Research Future:
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
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