Biodegradable Plastics Market Growth & Trends
The global biodegradable plastics market size is projected to reach USD 10.0 billion by 2030, according to a report by Grand View Research, Inc., rising at a CAGR of 9.7% during the forecast period. The increasing use of biodegradable plastics, owing to strict governmental laws prohibiting the use of conventional plastics, coupled with growing awareness among the public towards the ill effects of plastic waste is stoking the growth of the market. The above factors are expected to spur market growth during the forecast period.
Biodegradable plastics are plastics that decompose in the environment within a reasonable period. Biodegradable plastics are made up of renewable raw materials. Many of these plastics require biodegradable additives to enhance the biodegradation process and some may require a specific environment to disintegrate. Time taken by plastics to decompose depends upon various factors such as raw materials used and environmental conditions such as moisture and temperature.
The starch-based segment leads the global market. Starch-based plastics are used in various applications such as packaging, consumer electronics, agriculture, automotive, and textiles. PLA is also one of the most consumed biodegradable plastic-type. It is used in 3D printing, mulch film, and packaging.
Packaging is the leading application of biodegradable plastics. A ban on plastics by European Commission is anticipated to drive the segment during the forecast period. Novel applications of biodegradable plastics in the medical sector for drug encapsulation and medical surgeries are being increasingly practiced.
Around the world, people are facing grave issues of plastic waste as conventional plastics take hundreds of years to decompose. To tackle this, issue several countries have banned the use of single-use plastic products and are promoting the use of eco-friendly biodegradable plastics. Ban of non-reusable conventional plastics in many regions around the globe, especially in Europe and North America is estimated to propel the market. Additionally, improving the standard of living and increasing disposable income in developing countries are likely to augur well for the market in the Asia Pacific and Central & South America.
Key players are investing in research and development activities to create improved products that are strong and can be easily decomposed in the natural environment. Many the companies have integrated the value chain to serve customers better and improve the profits of the company
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Biodegradable Plastics Market Report Highlights
PHA is projected to register significant growth during forecast period.
Packaging was the largest application segment for biodegradable plastics in 2022 with a revenue share of more than 60.3%.
Europe is the largest region in terms of value and volume. However, Central & South America is expected to emerge as the fastest-growing region for biodegradable plastics
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