Demand for Biodegradable Plastics is rising in many end-use industries including packaging, agriculture, textiles, and medicine
Reports and Data has recently published a novel report on global Biodegradable Plastics Market size was USD 5.9 Billion in 2022 and is expected to reach USD 8.3 Billion in 2032, and register a rapid revenue CAGR of 15.6% during the forecast period.
Increasing consumer awareness about negative environmental effects of conventional plastics is rising demand for sustainable packaging materials, which is a key factor driving market revenue growth. Need for environmental-friendly packaging solutions is increasing due to strict government restrictions that aim to cut down on Plastic waste and promote the use of biodegradable materials.
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Major Companies:
- BASF SE
- Dow Chemical Company
- NatureWorks LLC
- Mitsubishi Chemical Corporation
- Cereplast Inc.
- Biome Technologies PLC
- Evonik Industries AG
- Tianan Biologic Materials Co., Ltd.
- Plantic Technologies Limited
- Cardia Bioplastics Limited
Strategic Development:
- In 2020, BASF SE announced the launch of a new line of bio-based biodegradable plastics called Ecovio EA. These plastics are made from renewable resources such as corn starch and can decompose naturally without harming the environment. The launch was aimed at expanding BASF’s product offerings in the biodegradable plastics market.
- In 2020, NatureWorks LLC announced the launch of a new line of bio-based biodegradable plastics called Ingeo Biopolymer. These plastics are made from renewable resources such as corn and can decompose naturally without harming the environment. The launch was aimed at expanding NatureWorks’ product offerings in the biodegradable plastics market.
- In 2020, Mitsubishi Chemical Corporation announced the launch of a new line of synthetic biodegradable plastics called DURABIO. These plastics are made from renewable resources such as plant-derived isosorbide and can decompose naturally without harming the environment. The launch was aimed at expanding Mitsubishi Chemical’s product offerings in the biodegradable plastics market.
Key questions addressed in the report:
- What is the expected market size of the global Biodegradable Plastics market during the forecast period?
- What CAGR is the global market expected to register during the forecast period?
- Which key factors are expected to boost global market growth between 2021 and 2028?
- What are the key restraints that are expected to hamper global market growth?
- Which regional market is expected to register robust CAGR during the forecast period?
- Which key players are operating the global Biodegradable Plastics market?
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Biodegradable Plastics Market Segmentation:
By Type Outlook:
- Polyesters
- Polyhydroxyalkanoates
- Polylactic Acid
- Others
By Application Outlook:
- Packaging
- Agriculture
- Consumer Goods
- Others
Key Regional Markets Covered in the Report:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
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