by Precedence Research a new report on biodegradable plastic Market size, share, growth, industry trends, and forecast 2027, covering various industry elements and growth trends helpful for predicting the market’s future. The global biodegradable plastic market size was valued at US$ 3.39 billion in 2021. The global biodegradable plastic market is projected to reach US$ 7.06 billion by 2027, registering a compound annual growth rate (CAGR) of 9.6% during the forecast period from 2020 to 2027.
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Table of Contents
Biodegradable Plastic Market Growth Factors:
As per the Plastic Oceans Organization, total production capacity of plastics per year is more than 300 Million Tons out of which 50% is single-use plastics. In addition, more than 8 Million tons of plastics are dumped into the oceans every year that causes water as well as environment pollution. Apart from its disadvantages, the proliferation of plastic materials is extraordinary in the last few decades. To overcome this problem, biodegradable plastics are the alternate solution.
Their environment-friendly nature due to which governments of various regions support the adoption of bio-plastics expected to drive the market growth. Beside the fact that biodegradable plastics are in their introductory phase exhibits lucrative growth over the analysis period and expected to dominate the total plastics manufactured per year.
Biodegradable Plastic Market Report Scope
| Report Highlights | Details |
| Market Size | USD 7.06 Billion by 2027 |
| Growth Rate | CAGR of 9.6% from 2021 to 2027 |
| Largest Market | Europe |
| Fastest Growing Market | Asia Pacific |
| Base Year | 2021 |
| Forecast Period | 2021 to 2027 |
| Segments Covered | Vehicle Class, Architecture, Region |
The global biodegradable plastic market report offers various segments analysis by size, trends, growth factors, opportunities and key country outlook to 2027. The report offers a detailed analysis and information as per biodegradable plastic, market segments helping our readers to get a comprehensive overview of the global market. Several players are planning to focus on developing cost-effective products or services, aiming to maintain a strong foothold in the market.
The company profiling of leading market players is included this report with Porter’s five forces analysis and Value Chain analysis. Further, the strategies exercised by the companies for expansion of business through mergers, acquisitions, and other business development measures are discussed in the report. The financial parameters which are assessed include the sales, profits and the overall revenue generated by the key players of Market.
Biodegradable Plastic Market Report Highlights
- In 2019, Europe is the front-runner in terms of revenue owing to increasing consumer awareness for the use of bio-based products.
- The Asia Pacific exhibits lucrative growth over the forecast period due to large consumer base and escalating growth of agriculture and food & beverage industry in the region.
- Starch-based plastics are predicted to dominate the global market for both revenue and volume and garnered nearly 10.5% of growth rate in terms of revenue during the forecast period.
- Polyhydroxyalkanoate (PHA) is the fastest growing segment by type over the forecast period due to its increasing application in medical and other sectors.
- Packaging is the global leader in the end-use segment due to the shifting consumer trend from synthetic to bio-based products.
- Agriculture end-use segment witnesses the fastest growth in the global market because of increasing application of biodegradable mulch films in the agriculture application.
Regional Snapshots
Europe garnered the major revenue share in the global biodegradable plastic market in the year 2019. Banned on the usage of single-use plastics by the government of Europe stimulates the demand of bio-based plastics in the region. Further, the government also strongly supports the bio-economy and the transitions of low-carbon in the environment that gain contribute as the prime factors to flourish the market growth in the region. Textile, packaging, and agricultural sectors of the region exhibit prominent rise in the demand of biodegradable plastics in the recent past.
On the contrary, the Asia Pacific encountered as the most opportunistic region in the global biodegradable plastic market during the analysis period. Flourishing demand of consumer goods and agricultural products in the region are the prime factors that drive the market growth. Large population has significantly stimulated the growth of packaging sector. Further, the availability of agricultural land in the region is insufficient to meet the rising demand of food. In the wake of same, consumers are shifting rapidly towards the packaged food that triggers the market growth of biodegradable plastics.
Some of the prominent players in the biodegradable plastic market include:
- Biome Technologies plc
- Mitsubishi Chemical Corporation
- BASF SE
- Plantic Technologies Limited
- Yield10 Bioscience, Inc.
- Corbion
- Eastman Chemical Company
- Dow Inc.
- NatureWorks LLC
- Danimer Scientific
- Toray Industries, Inc.
- p.A.
- TianAn Biologic Materials Co., Ltd.
Segments Covered in the Report
By Type
- Starch-based
- PBS
- PLA
- PHA
- PBAT
- Others
By End-User
- Consumer Goods
- Agriculture
- Packaging
- Others
Regional Segmentation
- Asia-Pacific [China, Southeast Asia, India, Japan, Korea, Western Asia]
- Europe [Germany, UK, France, Italy, Russia, Spain, Netherlands, Turkey, Switzerland]
- North America [United States, Canada, Mexico]
- South America [Brazil, Argentina, Columbia, Chile, Peru]
- Middle East & Africa [GCC, North Africa, South Africa]
Read Also@ Biomaterials Market Size to Hit Around US$ 390.92 bn by 2027
Key Questions are
- What are the key factors influencing the biodegradable plastic market in each region?
- How much value will the global market generate by the end of the forecast period?
- What will be the CAGR of the global market between 2021 and 2027?
- What would be the Y-o-Y growth trend of the global market between 2021 and 2027?
- What is the future scope and current trends in technologies of the global market?
- What is the revenue of the global market based on segments?
- Which key strategies are used by top players of the global market?
- Which are the leading companies in the global market?
- What are the essential strategies by key stakeholders in the market to expand their geographic presence?
- What are the major advancements witnessed in the global market?
Research Objectives and Research Approach
The comprehensive report on the global biodegradable plastic market begins with an overview, followed by the scope and objectives of the study. The report provides detailed explanation of the objectives behind this study and key vendors and distributors operating in the market and regulatory scenario for approval of products. Following this, the report provides detailed explanation of objectives of this study and laid down by accredited agencies in the purview of research in the global biodegradable plastic market.
It is followed by market introduction, market dynamics, and an overview of the global market, which includes analysis of market drivers, restraints, and trends pertaining to the global market. Furthermore, Y-o-Y growth analysis with elaborated insights has been provided in order to understand the Y-o-Y growth trend of the global market.
For reading comprehensibility, the report has been compiled in a chapter-wise layout, with each section divided into smaller sections. The report comprises an exhaustive collection of graphs and tables that are appropriately interspersed. Pictorial representation of actual and projected values of key segments is visually appealing to readers. This also allows comparison of the market shares of key segments in the past and at the end of the forecast period.
The report analyzes the global biodegradable plastic market in terms of type, application, region and others. Key segments under each criteria are studied at length, and the market share for each of these at the end of 2027 has also been provided. Such valuable insights enable market stakeholders in making informed business decisions for investment in the global market.
Why should you invest in this report?
If you are aiming to enter the global biodegradable plastic market, this report is a comprehensive guide that provides crystal clear insights into this niche market. All the major application areas for biodegradable plastic are covered in this report and information is given on the important regions of the world where this market is likely to boom during the forecast period of 2021-2027 so that you can plan your strategies to enter this market accordingly.
Besides, through this report, you can have a complete grasp of the level of competition you will be facing in this hugely competitive market and if you are an established player in this market already, this report will help you gauge the strategies that your competitors have adopted to stay as market leaders in this market. For new entrants to this market, the voluminous data provided in this report is invaluable.
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