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The global biodegradable plastic market size reached US$ 4.4 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 7.5 Billion by 2027, exhibiting a growth rate (CAGR) of 9.43% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
Biodegradable plastics are made using petroleum-based sources and renewable raw materials, such as corn, wheat, bamboo, and sugarcane. They are degraded by microorganisms like fungi and bacteria into water, biomass, and carbon dioxide (CO2). As a result, they are utilized in different ways, from flexible packing materials for different food products to extruded, injection-molded in conventional machines. Presently, the excessive use of disposable single-use plastics and their negative impact on the environment and human health is catalyzing the demand for biodegradable plastics worldwide.
Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.
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Biodegradable plastics are used in the agriculture and horticulture sectors for manufacturing mulching films and plant pots. This, in confluence with the increasing utilization of agricultural products in the burgeoning food and beverage (F&B) sector, represents one of the key factors bolstering the market growth. Moreover, governing agencies of numerous countries are imposing bans on non-biodegradable plastics on account of rising environmental concerns. They are also implementing high standards and introducing certification systems to manage the quality of products. This, coupled with the growing awareness about the detrimental impact of plastics, is positively influencing the demand for eco-friendly alternatives like biodegradable plastics. Apart from this, the surging use of online food delivery applications and boosting sales of ready-to-eat (RTE) products is promoting the adoption of biodegradable plastics for food packaging and compostable bags. Furthermore, several leading companies are focusing on shifting their production facilities of biodegradable polymers to emerging countries due to affordable human resources and the convenience of feedstock acquisition. They are also improving manufacturing procedures and chemical additives. This is anticipated to increase the development and application of biodegradable plastics in various countries, thereby strengthening the market growth.
IMARC Group provides an analysis of the key trends in each sub-segment of the global biodegradable plastic market report, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on type and end use.
Breakup by Type:
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Breakup by End Use:
Breakup by Region:
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The competitive landscape of the industry has also been examined along with the profiles of the key players being BASF SE, Biome Technologies plc, Bio-on S.p.A., Corbion N.V., Danimer Scientific, Eastman Chemical Company, Mitsubishi Chemical Corporation, NatureWorks LLC (Cargill Incorporated), Novamont S.p.A., Plantic Technologies Limited (KURARAY CO. LTD.), Toray Industries Inc. and Total Corbion PLA.
|Base Year of the Analysis||2021|
|Segment Coverage||Type, End Use, Region|
|Region Covered||Asia Pacific, Europe, North America, Latin America, Middle East and Africa|
|Countries Covered||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico|
|Companies Covered||BASF SE, Biome Technologies plc, Bio-on S.p.A., Corbion N.V., Danimer Scientific, Eastman Chemical Company, Mitsubishi Chemical Corporation, NatureWorks LLC (Cargill Incorporated), Novamont S.p.A., Plantic Technologies Limited (KURARAY CO. LTD.), Toray Industries Inc. and Total Corbion PLA|
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The global biodegradable plastic market was valued at US$ 4.4 Billion in 2021.
We expect the global biodegradable plastic market to exhibit a CAGR of 9.43% during 2022-2027.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations resulting in temporary halt in numerous production activities for biodegradable plastics.
The rising environmental concerns, along with the increasing demand for eco-friendly alternatives, such as biodegradable plastics, owing to the growing awareness for detrimental impact of plastics, are primarily driving the global biodegradable plastic market.
Based on the type, the global biodegradable plastic market has been segregated into starch-based, PLA, PBS, PBAT, PHA, and others. Among these, starch-based currently holds the largest market share.
Based on the end use, the global biodegradable plastic market can be bifurcated into packaging, agriculture, consumer goods, and others. Currently, the packaging industry exhibits a clear dominance in the market.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where Europe currently dominates the global market.
Some of the major players in the global biodegradable plastic market include BASF SE, Biome Technologies plc, Bio-on S.p.A., Corbion N.V., Danimer Scientific, Eastman Chemical Company, Mitsubishi Chemical Corporation, NatureWorks LLC (Cargill Incorporated), Novamont S.p.A., Plantic Technologies Limited (KURARAY CO. LTD.), Toray Industries Inc., and Total Corbion PLA.
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