Biodegradable Plastics Market Size to be Worth USD 7.1 billion by 2031, with Notable CAGR of 6.5 %| Transparency Market Research, Inc.
Expansion into diverse applications and industries, exploring new uses for biodegradable plastics beyond traditional packaging solutions.
Wilmington, Delaware, United States, Jan. 12, 2024 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global biodegradable plastics market is estimated to flourish at a CAGR of 6.5% from 2021 to 2031. Transparency Market Research projects that the overall sales revenue for biodegradable plastics is estimated to reach US$ 7.1 billion by the end of 2031.
An emerging driver in the biodegradable plastics market revolves around circular economy initiatives, specifically focusing on end-of-life solutions. Innovations now aim at creating robust infrastructures for the effective collection, sorting, and composting or recycling of biodegradable plastics. This shift addresses concerns about disposal methods and streamlines the life cycle of these materials, fostering a closed-loop system that minimizes waste and maximizes resource efficiency.
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The integration of blockchain technology into biodegradable plastics tracking stands as an underexplored trend. Blockchain offers transparent supply chain tracking, ensuring authenticity and traceability of biodegradable materials from sourcing to disposal. This innovation enhances consumer trust, provides real-time information, and verifies sustainable claims, crucial in validating the eco-friendly nature of bioplastics.
The exploration of marine biodegradable plastics gains traction, offering solutions that degrade harmlessly in aquatic environments. This avenue represents an unconventional yet pivotal focus, catering to concerns about marine pollution, especially considering the increasing plastic waste affecting oceans globally.
Key Findings of the Market Report
- Polylactic Acid (PLA) leads the biodegradable plastics market due to its versatility, biocompatibility, and extensive applications in various industries.
- Packaging holds prominence in the biodegradable plastics market due to its widespread use and urgent environmental concerns over plastic waste.
- Europe leads the biodegradable plastics market due to stringent regulations, strong emphasis on sustainability, and proactive consumer awareness initiatives.
Biodegradable Plastics Market Growth Drivers & Trends
- Escalating awareness prompts demand for eco-friendly alternatives, propelling innovations in biodegradable plastics to mitigate pollution and landfill issues.
- Stringent policies and bans on single-use plastics globally foster the adoption of biodegradable alternatives, driving market growth.
- Advances in material science and manufacturing technologies improve biodegradable plastic properties, enhancing their performance and versatility.
- Increasing eco-consciousness among consumers encourages the uptake of biodegradable packaging in various industries, influencing purchasing decisions.
- Collaborative efforts between stakeholders, including governments, corporations, and research institutions, drive research and development, accelerating market expansion and innovation.
Global Biodegradable Plastics Market: Regional Profile
- In North America, stringent environmental regulations propel the adoption of biodegradable plastics. Companies like NatureWorks LLC and DuPont prioritize sustainable solutions, catering to eco-conscious consumer demands. Investments in research and development drive innovation, promoting bio-based materials for packaging and agricultural applications.
- Europe stands as a pioneer in sustainable practices with companies like BASF SE and Novamont S.p.A. Leading the market, the region emphasizes circular economy models, fostering bioplastics production and recycling infrastructure. Stringent legislation and public awareness initiatives fuel the demand for eco-friendly alternatives, shaping Europe’s sustainability-driven plastics industry.
- In the Asia Pacific, rapid industrialization fuels the demand for biodegradable plastics. Key players like Mitsubishi Chemical Corporation and Kingfa Sci. & Tech. Co., Ltd. focus on advancing biopolymer technology, catering to Asia’s burgeoning consumer base. Increasing environmental consciousness and government initiatives further augment the region’s shift towards sustainable packaging and agricultural applications, fueling market growth.
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- Biome Bioplastics pioneers sustainable solutions with biodegradable and compostable bioplastics. Their innovative portfolio includes renewable resins for packaging, catering to diverse industries, emphasizing eco-friendly alternatives and reducing environmental impact through cutting-edge biopolymer technologies.
- Plantic Technologies revolutionizes packaging with plant-based bioplastics. Their range of high-performance materials offers eco-friendly, barrier-packaging solutions, promoting sustainability while meeting stringent packaging demands globally.
- Toray Industries Inc. leads in cutting-edge materials with a focus on sustainable innovations. Their diverse portfolio encompasses biobased materials and advanced polymers, setting industry benchmarks for eco-friendly and high-performance applications worldwide.
Biodegradable Plastics Market: Competitive Landscape
The biodegradable plastics market brims with intense competition fueled by key players like NatureWorks LLC, BASF SE, and Novamont S.p.A. These industry leaders drive innovation by developing eco-friendly solutions, leveraging biopolymers and bio-based materials. Emerging contenders such as Biome Bioplastics and Mitsubishi Chemical Corporation bolster the market with novel biodegradable plastic offerings.
Regional players like Total Corbion PLA focus on expanding market reach by emphasizing sustainable packaging solutions. This competitive landscape stimulates research into new materials and processes, accelerating the development of biodegradable plastics, and fostering a global shift towards sustainable, environmentally responsible alternatives in various industries. Some prominent manufacturers are as follows:
- BASF SE
- Total Corbion
- Mitsubishi Chemical Corporation
- Biome Bioplastics Ltd.
- Plantic Technologies
- Toray Industries Inc.
- Novamont S.p.A.
- Bioplastics International
Biodegradable Plastics Market: Key Segments
- Polylactic Acid (PLA)
- Polyhydroxyalkanoate (PHA)
- Polybutylene Succinate (PBS)
- Agriculture & Horticulture
- Consumer Goods
- Building & Construction
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
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