Biodegradable Plastic Market rising at a CAGR of 9.7% from 2022 – 2030

Biodegradable Plastic Industry Overview

The global biodegradable plastic market size was estimated at USD 4.1 billion in 2021. It is expected to expand at a compound annual growth rate (CAGR) of 9.7% during the forecast period.

Governments prohibiting the use of single-use plastic coupled with rising awareness among the public regarding the ill effects of plastic waste are among the key trends stimulating market growth. Additionally, the increasing use of biodegradable plastics in packaging and agriculture is anticipated to supplement the growth of the segment. Non-decomposable plastics are a global issue. Governments around the world are tackling this problem by banning single-use plastics and promoting the use of biodegradable plastics. Moreover, consumers are willing to pay more for biodegradable plastics owing to their eco-friendly nature. The aforementioned factors, cumulatively, are providing a fillip to the market.

Gather more insights about the market drivers, restrains and growth of the Global Biodegradable Plastic Market

Despite environmental advantages, biodegradable plastics have some shortcomings too. Segregation of conventional plastics and biodegradable plastic is a big drawback as there is no distinct difference between them. The inclusion of conventional plastic in biodegradable plastic landfills can cause complications in the decomposition process.

Moreover, not all biodegradable plastics readily decompose in the natural environment, as they require a specific environment in terms of moisture and temperature. Some biodegradable plastics release greenhouse gases during decomposition, which is counterproductive to the environmental cause. These factors are likely to act as stumbling stones in the upward climb of the market.

Browse through Grand View Research’s Plastics, Polymers & Resins Industry Research Reports

• Antimicrobial Additives Market: The global antimicrobial additives market size was valued at USD 2.65 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 5.6% from 2022 to 2030.
• Specialty Carbon Black Market: The global specialty carbon black market size was valued at USD 2.29 billion in 2021 and is projected to expand at a compound annual growth rate (CAGR) of 10.0% in terms of revenue from 2022 to 2030.

Biodegradable Plastic Market Segmentation

Grand View Research has segmented the global biodegradable plastic market based on product, application, and region:

Biodegradable Plastic Product Outlook (Volume, Kilotons; Revenue, USD Million, 2019 – 2030)

• Starch Based
• PLA
• PBS
• PBAT
• PHA
• Polycaprolactone

Biodegradable Plastic Application Outlook (Volume, Kilotons, Revenue, USD Million, 2019 – 2030)

• Packaging
• Agriculture
• Consumer Goods
• Others

Biodegradable Plastic Regional Outlook (Volume, Kilotons, Revenue, USD Million, 2019 – 2030)

• North America
• Europe
• Asia Pacific
• Central & South America
• Middle East and Africa

Market Share Insights

• May 2022: Danimer Scientific, Inc. (NYSE: DNMR) and Kemira announced today a multi-year license and supply agreement, exclusive in Kemira’s core markets, to commercialize biobased barrier coatings for paper and board products.
• April 2022: Cargill to expand nutrient research and development capabilities of its Global Animal Nutrition Innovation Center to serve agriculture and food industry customers.

Key Companies profiled:

Some prominent players in the global biodegradable plastic market include:

• Cargill Incorporated
• PTT MCC Biochem Co., Ltd.
• Biome Technologies plc
• Plantic Technologies Limited
• BASF SE
• Total Corbion PLA
• Synbra Technology BV
• Futerro
• Novamont SpA
• NatureWorks LLC
• Eastman Chemical Company
• Trineso
• Danimer Scientific

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.