- Enormous demands for bioplastics made of polylactic acids (PLA) and polyhydroxyalkanoates (PHA) in multiple industries create massive revenue potential; focus on value-added consumer products in biobased economy underpins vast profitable avenue
- Increasing availability of renewable raw materials and advancements in recycling infrastructure of bioplastics to propel biodegradable plastics market, notably in Asia Pacific and Americas
WILMINGTON, Del., July 5, 2022 /PRNewswire/ — Rising applications of biodegradable plastics in multiple industries are expanding lucrative avenues for plastics producers globally. Rise in demand for certified compostable and bio-based packaging products especially for wide range of food products, supported by government initiatives in in Asia Pacific and Americas to promote circular economy, has generated streams of revenue of biodegradable plastics market. The global market is projected to surpass US$ 7.1 Bn in value by 2031.
Extensive utilization of polylactic acids (PLA) and polyhydroxyalkanoates (PHA) in food packaging has steered steady revenue growth for firms in the biodegradable plastics market. Extensive support by governments in some economies for supplanting conventional plastics with biodegradable plastics, especially in Japan and Germany. This has spurred industry investments for bolstering recycling infrastructure.
Increasing utilization of raw materials such as bamboo, corn, sugar beets, and sugarcane has allowed chemical companies produce different types in biodegradable plastics. A recent, granular biodegradable plastics market demand analysis. Increase worldwide preference toward biodegradable plastic bags for the management of waste has generated robust uptick in demand for biodegradable plastics, thus expanding the scope for biodegradable plastics market.
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Key Findings of Biodegradable Plastics Market Study
- R&D on PLA and Polyhydroxyalkanoates (PHAs) to Spur Bioplastics Innovation: Abundant demand for biodegradable plastics in wide spectrum of applications is reinforced by robust push toward reducing the carbon footprint of the planet. Plastics pollution has for long been a global concern for policy makers and industries. In order to reduce the carbon footprint of fossil-fuel-based plastic production, the biodegradable plastics market are expected to witness enormous profitable opportunities during the forecast period. Stridently, bioplastics made of PHA have gained massive utilization in single-use food packaging, propelling sizable revenues to the biodegradable plastics market. Of note, companies are pursuing 100% bioplastics made of PHAs which are compostable and biodegradable to gain competitive edge. The use of PHA in range of medical applications has feuled the revenue growth of the biodegradable plastics market.
- Need for Value-added Products for Biobased Economy Presents Ample Opportunities: The demand for value-added products in biobased economy has spurred R&D in the biodegradable plastics market. Concurrently, stakeholders are focusing on improving the recycling infrastructure for bioplastics. New raw materials have been tested and adopted in recent years. Plant-based raw materials have been used for producing certified bioplastics for various packaging applications, steering the revenue growth.
- Enormous Utilization in Food Packaging Generate Sizable Revenue Streams: Numerous developed and emerging economies are offering vast commercialization avenue for products in the biodegradable plastics market. The momentum has stemmed from the popularity of bioplastics as eco-friendly packaging material particularly for the food & beverages industry. Product innovations such as use of edible bioplastics for food packaging are broadening the avenue.
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Biodegradable Plastics Market: Key Drivers
- Enormous environmental impacts arising out of the use of conventional plastics or fossil fuel-based plastics around the world is a key driver for evolution of biodegradable plastics market. This has invigorated R&D on bioplastics to address the burgeoning ecological problems of disposable of conventional plastics.
- Governments and businesses in various industries are raising the awareness about the role of biodegradable plastics for promoting circular economy. This is engendering the biodegradable plastics market prospects.
Biodegradable Plastics Market: Key Players
Most companies in the biodegradable plastics market are leaning on product diversification to gain access to stable revenue streams. Some of the key players include Bioplastics International, Novamont S.p.A., Toray Industries Inc., Plantic Technologies, Biome Bioplastics Ltd., Mitsubishi Chemical Corporation, Total Corbion, and BASF SE.
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Biodegradable Plastics Market Segmentation
- Polylactic Acid (PLA)
- Polyhydroxyalkanoate (PHA)
- Polybutylene Succinate (PBS)
- Agriculture & Horticulture
- Consumer Goods
- Building & Construction
Key Regions Covered
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
Key Countries Covered
- Russia & CIS
- South Africa
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