Global Biodegradable Plastic Market to Grow at a CAGR of 14.2% During 2024-2032, Driven by the Growing Environmental Concerns

The market for biodegradable plastic is being aided by the growing environmental concerns regarding the use of non-renewable plastic. The use of biodegradable plastics is associated with reduced environmental pollution. The introduction of several government initiatives to reduce the use of single-use plastics is fuelling the growth of the market. For instance, in August 2021, the Indian Government decided to ban most single-use plastics by July 2022 to reduce pollution and mitigate the environmental impact. Various leading companies are also increasingly developing innovative biodegradable plastics with enhanced properties. Such developments are likely to increase the potential use of biodegradable plastics in applications, including packaging and consumer goods.

The increasing use of biodegradable plastic in the automotive sector, owing to the growing demand for lightweight materials to enhance the efficiency of vehicles, is providing impetus to the market development. The increasing research and development (R&D) activities to evaluate the efficacy, sustainability, and safety of biodegradable plastic are expected to propel the growth of the market in the coming years.

Eastman Chemical Company (NYSE: EMN), one of the leading players in the market, announced in September 2021 that its Eastman TrevaTM engineering bioplastic was used in thinksound’s ov21, its first over-ear headphones. TrevaTM offers enhanced durability, excellent acoustic properties, processability, and chemical resistance, which make it ideal for applications in consumer electronic devices.

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In November 2021, Danimer Scientific Inc (NYSE: DNMR) announced to construct a 2,000,000ft² facility to develop polyhydroxyalkanoate, a biodegradable plastic, which will be utilised in the production of food packaging and straws.

In May 2019, BASF SE (OTCMKTS: BASFY) signed an exclusive agreement with Lactips to market the water-soluble, bio-based, and fully biodegradable material developed by the latter. The firms are set to develop a biodegradable alternative for polyvinyl alcohol films for application in the homecare, and industrial and institutional (I&I) sectors.

Market Analysis by Type, Application, and Region:

• The market, on the basis of type, can be divided into polylactic acid (PLA), polybutylene adipate terephthalate (PBAT), polybutylene succinate (PBS), polyhydroxyalkanoates (PHA), and starch blends, among others.
• Based on application, the market can be divided into packaging, agriculture, consumer durable, and textile, among others.
• The regional markets for biodegradable plastic include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The increasing utilisation of biodegradable plastic in the packaging and automobile sectors owing to the rising environmental consciousness is propelling the market growth.
• The market is being supported by the increasing investments to boost the production of biodegradable plastics by the leading companies.
• The introduction of various stringent government regulations regarding the use of synthetic plastics is augmenting the growth of the market for biodegradable plastics.
• With the ban on single-use plastics in various countries, the use of biodegradable plastics is surging, which is fuelling the growth of the market.

Key Offerings of the Report:

• The EMR report gives an overview of the global market for biodegradable plastic for the periods (2018-2023) and (2024-2032).
• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the types, applications, and major regions of biodegradable plastic.
• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global biodegradable plastic market are BASF SE, Eastman Chemical Company, Mitsubishi Chemical Holdings Corp., Biome Technologies plc, and Corbion N.V., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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