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Global Biodegradable Plastic Market to Grow at a CAGR of 14.20% During 2022-2027, Driven by the Growing Environmental Concerns

Biodegradable Plastic Market

Global Biodegradable Plastic Market: By Type: Polylactic Acid (PLA), Polybutylene Adipate Terephthalate (PBAT), Polybutylene Succinate (PBS), Polyhydroxyalkanoates (PHA), Others; By Application; Regional Analysis; Historical Market and Forecast (2018-2028); Market Dynamics; Competitive Landscape; Industry Events and Developments

Global Biodegradable Plastic Market Outlook

The global biodegradable plastic market stood at a value of USD 2.19 billion in 2022. The market is further expected to grow at a CAGR of 14.20% in the forecast period of 2023-2028 to attain USD 4.85 billion by 2028.

 

Global Biodegradable Plastic Market

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Packaging Segment to Bolster the Growth of the Global Biodegradable Plastic Industry

The packaging segment is estimated to account for a substantial share in the global biodegradable plastic industry during the forecast period. It is one of the fastest-growing industries that utilises biodegradable plastics for packaging various goods, including wrapping papers, cups, and boxes for food items, among others. This increase can be attributed to the increased eco-consciousness of the consumers and the stringent laws put in place by the government to control the increasing pollution levels globally. According to a report published by Greenpeace dated December 2020, eco-friendly approaches taken by multiple retailers in their packaging, such as Carrefour utilising tapioca based plastic bags in Malaysia and Singapore, Costco replacing all plastic straws in the US with paper straws, and 7-11 using half petroleum and half plant-based plastic coverings for onigiri in Japan, among others, are providing new growth opportunities to the market.

 

The Asia Pacific Region Estimated to Hold a Significant Market Share of the Global Biodegradable Plastic Industry

The Asia Pacific region is expected to hold a significant share of the global biodegradable plastic industry. This surge can be attributed to the high production and development capacity of biodegradable plastics in this region. According to a report issued by European Bioplastics, Asia accounted for 46% of the biodegradable plastics produced in the world in 2020. Meanwhile, Europe is expected to lead in the research and development sector globally.

 

Biodegradable Plastic: Market Segmentation

Plastic products are readily available and preferably used in everyday life by people worldwide. This is due to their pocket-friendly and multi-purpose serving nature. However, this increased usage has led to an escalating environmental crisis due to which manufacturers around the world are seeking eco-friendly alternatives to plastic. In this regard, biodegradable plastic is increasingly being promoted, as it is made from plant-based and organic raw materials and, therefore, can be decomposed by microorganisms into water, carbon dioxide, and mineral salts within a set period. Biodegradable plastics can be utilised in the packaging and agriculture sector as pots for plants, among others.

 

Global Biodegradable Plastic Market by Segment

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By type, the market is divided into:

  • Polylactic Acid (PLA)
  • Polybutylene Adipate Terephthalate (PBAT)
  • Polybutylene Succinate (PBS)
  • Polyhydroxyalkanoates (PHA)
  • Starch Blends
  • Other

Based on application, the industry can be categorised into:

  • Packaging 
  • Agriculture
  • Consumer Durable
  • Textile
  • Others

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

 

Global Biodegradable Plastic Market by Region

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Heightened Environmental Concerns to Augment the Growth of the Global Biodegradable Plastic Industry

The primary factor driving the global biodegradable plastic industry is the increased environmental awareness among consumers and resultant preference for sustainable alternatives. As a result, manufacturers globally are investing in research and development of sustainable production of goods to meet consumer demands while also reducing their carbon footprints. Biodegradable plastics, in this regard, offer an ecologically safe option. In addition, countries worldwide are implementing stringent regulations and restrictions on the usage of traditional plastic variants, thus, promoting the use of biodegradable plastics. These factors are expected to provide a major thrust to the biodegradable plastic industry.

According to an article published by the World Economic Forum dated January 2020, Thailand has introduced a ban on microbeads, cap seals, and oxo-degradable plastics. Moreover, France has banned single-use plastic items, such as cups, plates, and "single-use" cotton buds, among others in the region. Such initiatives are expected to significantly contribute to the market growth over the forecast period.

 

Key Industry Players in the Global Biodegradable Plastic Market

The report gives a detailed analysis of the following key players in the global biodegradable plastic market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

  • BASF SE
  • Eastman Chemical Company
  • Mitsubishi Chemical Holdings Corp. 
  • Biome Technologies plc
  • Corbion N.V.
  • Others

The comprehensive EMR report provides an in-depth assessment of the industry based on the Porter's five forces model and SWOT analysis.

 

REPORT FEATURES DETAILS
Base Year 2022
Historical Period 2018-2022
Forecast Period 2023-2028
Scope of the Report Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Type, Application, Region
Breakup by Type Polylactic Acid (PLA), Polybutylene Adipate Terephthalate (PBAT), Polybutylene Succinate (PBS), Polyhydroxyalkanoates (PHA), Starch Blends, Others
Breakup by Application Packaging, Agriculture, Consumer Durable, Textile, Others
Breakup by Region North America, Latin America, Europe, Middle East and Africa, Asia Pacific
Market Dynamics SWOT, Porter's Five Forces, Key Indicators for Price and Demand
Competitive Landscape Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications
Companies Covered BASF SE, Eastman Chemical Company, Mitsubishi Chemical Holdings Corp., Biome Technologies plc, Corbion N.V., Others
Report Price and Purchase Option Explore our purchase options that are best suited to your resources and industry needs.
Delivery Format Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option.

 

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

1    Preface
2    Report Coverage – Key Segmentation and Scope
3    Report Description
    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary
    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Snapshot
    6.1    Global
    6.2    Regional
7    Opportunities and Challenges in the Market
8    Global Biodegradable Plastic Market Analysis
    8.1    Key Industry Highlights
    8.2    Global Biodegradable Plastic Historical Market (2018-2022) 
    8.3    Global Biodegradable Plastic Market Forecast (2023-2028)
    8.4    Global Biodegradable Plastic Market by Type
        8.4.1    Polylactic Acid (PLA)
            8.4.1.1    Historical Trend (2018-2022)
            8.4.1.2    Forecast Trend (2023-2028)
        8.4.2    Polybutylene Adipate Terephthalate (PBAT)
            8.4.2.1    Historical Trend (2018-2022)
            8.4.2.2    Forecast Trend (2023-2028)
        8.4.3    Polybutylene Succinate (PBS)
            8.4.3.1    Historical Trend (2018-2022)
            8.4.3.2    Forecast Trend (2023-2028)
        8.4.4    Polyhydroxyalkanoates (PHA)
            8.4.4.1    Historical Trend (2018-2022)
            8.4.4.2    Forecast Trend (2023-2028)
        8.4.5    Starch Blends
            8.4.5.1    Historical Trend (2018-2022)
            8.4.5.2    Forecast Trend (2023-2028)
        8.4.6    Others
    8.5    Global Biodegradable Plastic Market by Application
        8.5.1    Packaging
            8.5.1.1    Historical Trend (2018-2022)
            8.5.1.2    Forecast Trend (2023-2028)
        8.5.2    Agriculture
            8.5.2.1    Historical Trend (2018-2022)
            8.5.2.2    Forecast Trend (2023-2028)
        8.5.3    Consumer Durable
            8.5.3.1    Historical Trend (2018-2022)
            8.5.3.2    Forecast Trend (2023-2028)
        8.5.4    Textile 
            8.5.4.1    Historical Trend (2018-2022)
            8.5.4.2    Forecast Trend (2023-2028)
        8.5.5    Others 
    8.6    Global Biodegradable Plastic Market by Region       
        8.6.1    North America
            8.6.1.1    Historical Trend (2018-2022) 
            8.6.1.2    Forecast Trend (2023-2028)
        8.6.2    Europe
            8.6.2.1    Historical Trend (2018-2022) 
            8.6.2.2    Forecast Trend (2023-2028)
        8.6.3    Asia Pacific
            8.6.3.1    Historical Trend (2018-2022) 
            8.6.3.2    Forecast Trend (2023-2028)
        8.6.4    Latin America
            8.6.4.1    Historical Trend (2018-2022) 
            8.6.4.2    Forecast Trend (2023-2028)
        8.6.5    Middle East and Africa
            8.6.5.1    Historical Trend (2018-2022) 
            8.6.5.2    Forecast Trend (2023-2028) 
9    North America Biodegradable Plastic Market Analysis
    9.1    United States of America 
        9.1.1    Historical Trend (2018-2022) 
        9.1.2    Forecast Trend (2023-2028)
    9.2    Canada
        9.2.1    Historical Trend (2018-2022) 
        9.2.2    Forecast Trend (2023-2028)
10    Europe Biodegradable Plastic Market Analysis
    10.1    United Kingdom
        10.1.1    Historical Trend (2018-2022) 
        10.1.2    Forecast Trend (2023-2028)
    10.2    Germany
        10.2.1    Historical Trend (2018-2022) 
        10.2.2    Forecast Trend (2023-2028)
    10.3    France
        10.3.1    Historical Trend (2018-2022) 
        10.3.2    Forecast Trend (2023-2028)
    10.4    Italy
        10.4.1    Historical Trend (2018-2022) 
        10.4.2    Forecast Trend (2023-2028)
    10.5    Others
11    Asia Pacific Biodegradable Plastic Market Analysis
    11.1    China
        11.1.1    Historical Trend (2018-2022) 
        11.1.2    Forecast Trend (2023-2028)
    11.2    Japan
        11.2.1    Historical Trend (2018-2022) 
        11.2.2    Forecast Trend (2023-2028)
    11.3    India
        11.3.1    Historical Trend (2018-2022) 
        11.3.2    Forecast Trend (2023-2028)
    11.4    ASEAN
        11.4.1    Historical Trend (2018-2022) 
        11.4.2    Forecast Trend (2023-2028)
    11.5    Australia
        11.5.1    Historical Trend (2018-2022) 
        11.5.2    Forecast Trend (2023-2028)
    11.6    Others
12    Latin America Biodegradable Plastic Market Analysis
    12.1    Brazil
        12.1.1    Historical Trend (2018-2022) 
        12.1.2    Forecast Trend (2023-2028)
    12.2    Argentina
        12.2.1    Historical Trend (2018-2022) 
        12.2.2    Forecast Trend (2023-2028)
    12.3    Mexico
        12.3.1    Historical Trend (2018-2022) 
        12.3.2    Forecast Trend (2023-2028)
    12.4    Others
13    Middle East and Africa Biodegradable Plastic Market Analysis
    13.1    Saudi Arabia
        13.1.1    Historical Trend (2018-2022) 
        13.1.2    Forecast Trend (2023-2028)
    13.2    United Arab Emirates
        13.2.1    Historical Trend (2018-2022) 
        13.2.2    Forecast Trend (2023-2028)
    13.3    Nigeria
        13.3.1    Historical Trend (2018-2022) 
        13.3.2    Forecast Trend (2023-2028)
    13.4    South Africa
        13.4.1    Historical Trend (2018-2022) 
        13.4.2    Forecast Trend (2023-2028)
    13.5    Others
14    Market Dynamics
    14.1    SWOT Analysis
        14.1.1    Strengths
        14.1.2    Weaknesses
        14.1.3    Opportunities
        14.1.4    Threats
    14.2    Porter’s Five Forces Analysis
        14.2.1    Supplier’s Power
        14.2.2    Buyer’s Power
        14.2.3    Threat of New Entrants
        14.2.4    Degree of Rivalry
        14.2.5    Threat of Substitutes
    14.3    Key Indicators for Demand
    14.4    Key Indicators for Price
15    Value Chain Analysis
16    Competitive Landscape
    16.1    Market Structure
    16.2    Company Profiles
        16.2.1    BASF SE
            16.2.1.1    Company Overview
            16.2.1.2    Product Portfolio
            16.2.1.3    Demographic Reach and Achievements
            16.2.1.4    Certifications
        16.2.2    Eastman Chemical Company
            16.2.2.1    Company Overview
            16.2.2.2    Product Portfolio
            16.2.2.3    Demographic Reach and Achievements
            16.2.2.4    Certification
        16.2.3    Mitsubishi Chemical Holdings Corp.
            16.2.3.1    Company Overview
            16.2.3.2    Product Portfolio
            16.2.3.3    Demographic Reach and Achievements
            16.2.3.4    Certifications
        16.2.4    Biome Technologies plc
            16.2.4.1    Company Overview
            16.2.4.2    Product Portfolio
            16.2.4.3    Demographic Reach and Achievements
            16.2.4.4    Certifications
        16.2.5    Corbion N.V.
            16.2.5.1    Company Overview
            16.2.5.2    Product Portfolio
            16.2.5.3    Demographic Reach and Achievements
            16.2.5.4    Certifications
        16.2.6    Others
17    Key Trends and Developments in the Market

 

List of Key Figures and Tables

1.    Global Biodegradable Plastic Market: Key Industry Highlights, 2018 and 2028
2.    Global Biodegradable Plastic Historical Market: Breakup by Type (USD Billion), 2018-2022
3.    Global Biodegradable Plastic Market Forecast: Breakup by Type (USD Billion), 2023-2028
4.    Global Biodegradable Plastic Historical Market: Breakup by Application (USD Billion), 2018-2022
5.    Global Biodegradable Plastic Market Forecast: Breakup by Application (USD Billion), 2023-2028
6.    Global Biodegradable Plastic Historical Market: Breakup by Region (USD Billion), 2018-2022
7.    Global Biodegradable Plastic Market Forecast: Breakup by Region (USD Billion), 2023-2028
8.    North America Biodegradable Plastic Historical Market: Breakup by Country (USD Billion), 2018-2022
9.    North America Biodegradable Plastic Market Forecast: Breakup by Country (USD Billion), 2023-2028
10.    Europe Biodegradable Plastic Historical Market: Breakup by Country (USD Billion), 2018-2022
11.    Europe Biodegradable Plastic Market Forecast: Breakup by Country (USD Billion), 2023-2028
12.    Asia Pacific Biodegradable Plastic Historical Market: Breakup by Country (USD Billion), 2018-2022
13.    Asia Pacific Biodegradable Plastic Market Forecast: Breakup by Country (USD Billion), 2023-2028
14.    Latin America Biodegradable Plastic Historical Market: Breakup by Country (USD Billion), 2018-2022
15.    Latin America Biodegradable Plastic Market Forecast: Breakup by Country (USD Billion), 2023-2028
16.    Middle East and Africa Biodegradable Plastic Historical Market: Breakup by Country (USD Billion), 2018-2022
17.    Middle East and Africa Biodegradable Plastic Market Forecast: Breakup by Country (USD Billion), 2023-2028
18.    Global Biodegradable Plastic Market Structure

Key Questions Answered in the Report

What was the global biodegradable plastic market size in 2022?

In 2022, the global biodegradable plastic market attained a value of nearly USD 2.19 billion.

What is the growth rate of the market?

The market is projected to grow at a CAGR of 14.20% between 2023 and 2028.

What is the forecast outlook of the market for 2023-2028?

The market is estimated to witness a healthy growth in the forecast period of 2023-2028 to reach USD 4.85 billion by 2028.

What are the major industry drivers?

The major drivers of the market include rising population, growing disposable income, and bolstering end use industries.

What are the key industry trends of the global biodegradable plastic market?

Growing awareness for environment and favourable government regulations are the key industry trends propelling the growth of the market.

What are the major regional markets of biodegradable plastic, according to the EMR report?

The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific, with Europe accounting for the highest market share.

What are the dominant types of biodegradable plastic in the industry?

The types can be divided into Polylactic Acid (PLA), Polybutylene Adipate Terephthalate (PBAT), Polybutylene Succinate (PBS), Polyhydroxyalkanoates (PHA), and starch blends, among others.

What are the application sectors for the industry?

The application sectors include packaging, agriculture, consumer durable, and textile, among others. The packaging industry has the highest market share for biodegradable plastic market by end use.

Who are the key industry players, according to the report?

The major players in the industry are BASF SE, Eastman Chemical Company, Mitsubishi Chemical Holdings Corp., Biome Technologies plc, and Corbion N.V., among others.

Analyst Review

The global biodegradable plastic market attained a value of USD 2.19 billion in 2022, driven by the rising demand for eco-friendly products. Aided by the growing technological advancements, the market is expected to witness a further growth in the forecast period of 2023-2028, growing at a CAGR of 14.20%. The market is projected to reach USD 4.85 billion by 2028.

EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on its types, the biodegradable plastic industry can be segmented into starch-based, Polylactic Acid (PLA), Polybutylene Adipate Terephthalate (PBAT), Polybutylene Succinate (PBS) and Polyhydroxyalkanoate (PHA), and starch blends, among others, with the starch-based segment holding the largest market share.  On the basis of applications, the industry is divided into packaging, agriculture, consumer durables and textile among others, with packaging accounting for the highest market share. The major regional markets for biodegradable plastic are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa with Europe accounting for the largest market share. The key players in the above market include BASF SE, Eastman Chemical Company, Mitsubishi Chemical Holdings Corp., Biome Technologies plc, and Corbion N.V., among others.

EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.

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