Biodegradable Plastic Industry Overview
The global biodegradable plastic market size was estimated at USD 4.1 billion in 2021 and is projected to reach USD 10.0 billion by 2030, rising at a CAGR of 9.7% during the forecast period.
Governments prohibiting the use of single-use plastic coupled with rising awareness among the public regarding the ill effects of plastic waste are among the key trends stimulating market growth. Additionally, the increasing use of biodegradable plastics in packaging and agriculture is anticipated to supplement the growth of the segment. Non-decomposable plastics are a global issue. Governments around the world are tackling this problem by banning single-use plastics and promoting the use of biodegradable plastics. Moreover, consumers are willing to pay more for biodegradable plastics owing to their eco-friendly nature. The aforementioned factors, cumulatively, are providing a fillip to the market.
Gather more insights about the market drivers, restrains and growth of the Global Biodegradable Plastic Market
Despite environmental advantages, biodegradable plastics have some shortcomings too. Segregation of conventional plastics and biodegradable plastic is a big drawback as there is no distinct difference between them. The inclusion of conventional plastic in biodegradable plastic landfills can cause complications in the decomposition process.
Moreover, not all biodegradable plastics readily decompose in the natural environment, as they require a specific environment in terms of moisture and temperature. Some biodegradable plastics release greenhouse gases during decomposition, which is counterproductive to the environmental cause. These factors are likely to act as stumbling stones in the upward climb of the market.
Biodegradable Plastic Market Segmentation
Based on the Product Insights the market is segmented into Starch Based, PLA, PBS, PBAT, PHA, Polycaprolactone,
Based on the Application Insights the market is segmented into Packaging, Agriculture, Consumer Goods, Other
Based on the Regional Insights the market is segmented into North America, Europe, Asia Pacific, Central & South America, Middle East & Africa
Market Share Insights
Key Companies Profile:
Key market players are pouring hefty funds into research & development to introduce novel biodegradable plastic products, which are strong and readily degradable in the natural environment.
Some prominent players in the global biodegradable plastic market include:
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