Biodegradable Plastics Market Forecast Report 2023-2028: Changing Consumer Preference Toward Eco Friendly Plastic Products and Increasing Use of Packaging and Compostable Bags

News provided by

Nov 21, 2023, 20:00 ET

DUBLIN, Nov. 21, 2023 /PRNewswire/ -- The "Biodegradable Plastics Market by Type (PLA, Starch Blends, PHA, Biodegradable Polyesters), End Use Industry (Packaging, Consumer Goods, Textile, Agriculture & Horticulture), and Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.

The Biodegradable plastic market is projected to reach USD 20.9 billion by 2028, at a CAGR of 21.3% from USD 7.9 billion in 2023. The combination of environmental concerns, regulatory actions, consumer demand, corporate sustainability efforts, and advancements in biodegradable plastics technology are driving the adoption and use of biodegradable plastics.

Packaging application accounted for the fastest growth during the forecast period

Packaging is the largest end-use industry of biodegradable plastics. Increasing environmental regulations and changing lifestyles of consumers have increased the demand for biodegradable plastics in the packaging industry. The high durability and impermeability to water has encouraged plastic usage in packaging. Food & beverage manufacturers are increasingly switching to biodegradable plastics to mitigate environmental and economic issues. In many regions, especially Europe and North America, stringent governmental regulations are forcing industries to reduce their carbon footprint, which has increased the demand for bio-based products.

PLA biodegradable plastic is expected to be the largest type during the forecast period, in terms of value

PLA) is a biodegradable plastic that has gained significant attention and popularity in recent years. PLA has a wide range of applications, including packaging materials, disposable cutlery, food containers, films, fibers, and 3D printing filaments. It offers good clarity, strength, and printability, making it suitable for various uses. PLA's biodegradability and renewable nature make it a promising alternative to conventional plastics.

Based on region, Asia Pacific is the second fastest growing market for biodegradable plastic in 2022, in terms of value

Based on region, Asia Pacific is a key market to produce biodegradable plastics. The availability of low-cost raw materials and labor, coupled with growing awareness among people, makes the region an attractive investment destination for biodegradable plastic manufacturers. The rising population, urbanization, and industrialization are some of the factors that will drive the biodegradable plastic market in this region.

Key Topics Covered:

Executive Summary

PLA Biodegradable Plastics to Witness Fastest-Growth in Type
Packaging to Lead Overall Market During Forecast Period
Europe to be Fastest-Growing Market During Forecast Period

Premium Insights

Attractive Opportunities for Players in Biodegradable Plastics Market - Europe to Witness High Growth in Biodegradable Plastics Market During Forecast Period
Europe: Biodegradable Plastics Market, by End-Use Industry and Country - Packaging Segment and Germany Led Market in Europe
Biodegradable Plastics Market, by Type - PLA Biodegradable Plastics to Register Highest CAGR During Forecast Period
Biodegradable Plastics Market, by End-Use Industry - Packaging to Lead Market by 2028
Biodegradable Plastics Market, by Region - India to Register Highest CAGR in Biodegradable Plastics Market

Market Dynamics

Drivers

Changing Consumer Preference Toward Eco Friendly Plastic Products
Increasing Use of Packaging and Compostable Bags
Government Focus on Green Procurement Policies and Regulations

Restraints

Higher Price of Biodegradable Plastics Compared to Conventional Plastics

Opportunities

Development of New Applications
High Potential in Emerging Economies of Asia-Pacific

Challenges

Performance Issues
Expensive and Complex Production Process
Limited Regulations Related to Biodegradable Plastics in Emerging Economies

Technology Analysis

Enzymatic Recycling of Polybutylene Adipate Terephthalate
PHA Biodegradable Bioplastic
Biodegradable Plastic Made from Red Fruit
3D Printing of Polybutylene Adipate Terephthalate
Biomedical Applications of Polybutylene Adipate Terephthalate

Case Study Analysis

Ecovio, a Biodegradable Polyester Developed by BASF SE
Adoption of PBAT Resin to Produce Bags
Development of Polyhydroxyalkanoates by Danimer Scientific

Company Profiles

Agrana
Basf Se
Bio-On
Bio-Fed
Biome Bioplastics
Carbiolice
Danimer Scientific
Eastman Chemical Company
Fkur Kunststoff GmbH
Futerro
Green Dot Bioplastics
Ingevity
Mitsubishi Chemical Group Corporation
Natureworks LLC
Novamont
Plantic Technologies
Ptt Mcc Biochem
Sphere
Succinity
Synbra Technology
Tianan Biologic Materials
Totalenergies Corbion
Toray Industries
Yield 10 Bioscience
Zhejiang Hisun Biomaterials

For more information about this report visit https://www.researchandmarkets.com/r/r6cy1z

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Media Contact:

Research and Markets
Laura Wood, Senior Manager
[email protected]

For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

Logo - https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg

SOURCE Research and Markets