Global Biodegradable Plastics Market Set for Rapid Expansion

The Global Biodegradable Plastics Market is experiencing significant growth, driven by increasing environmental awareness and the demand for sustainable alternatives to conventional plastics. According to recent reports, the market was valued at approximately USD 5.43 billion in 2023 and is projected to reach over USD 18 billion by 2032, exhibiting a Compound Annual Growth Rate (CAGR) of 13.44% during the forecast period.

Competitive Landscape

The biodegradable plastics industry is characterized by a mix of established corporations and innovative startups. Major players such as NatureWorks LLC, BASF SE, Total Corbion PLA, and Mitsubishi Chemical Corporation are leading the charge in developing eco-friendly plastic solutions. These companies are investing heavily in research and development to enhance product performance and expand their market presence. Additionally, emerging companies like BUYO in Vietnam are introducing 100% nature-based and biodegradable bioplastic solutions, utilizing advanced proprietary technology to convert bio-waste and plant-based materials into plastics.

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Regional Demand Highlights

Europe stands out as a leader in the biodegradable plastics market, driven by stringent environmental regulations and a strong consumer preference for sustainable products. The region's commitment to reducing plastic waste has spurred significant investments in biodegradable plastic production and innovation. For instance, AP Møller Holding is developing a €1.5 billion plastics factory in Antwerp, Belgium, aiming to produce large-scale plastics using green methanol derived from low-carbon hydrogen or biomass, powered by green electricity.

Vietnam: Biodegradable Plastics Opportunities

Vietnam is emerging as a key player in the biodegradable plastics industry, with companies like BUYO leading the charge. BUYO provides 100% nature-based and biodegradable bioplastic solutions, utilizing advanced proprietary technology to convert bio-waste and plant-based materials into plastics. Their products are fully degradable in the natural environment and safe for human health, offering desirable properties and generating minimal carbon footprints.

 Segmentation Analysis

by Type

Starch Blends
Polybutylene Succinate PBS
Polylactide PLA
Polybutylene adipate/terephthalate PBAT
Polyhydroxyalkanoates PHA
Others (Cellulose Derivatives and Regenerated Cellulose)

The market is anticipated to be dominated by the starch-based sector, which is likely to rise at a 10.4% CAGR over the forecast period. In end-user industries like packaging, agriculture, and autos, starch-based polymers are extensively utilized. Furthermore, starch-based polymers are frequently employed to reduce carbon emissions because they are highly degradable and can be used as an alternative to petroleum-based polymers. PLA polymers are also expanding quickly, particularly in the European Union. This is mostly because PLA is less expensive than other types, which is a major role in the rise.

by Application

Packaging & Bags
Consumer Goods
Agriculture & Horticulture
Textile
Others (Automotive and Building & Construction

The packaging sector, which produced the most revenue in 2022, is predicted to expand at a compound annual growth rate (CAGR) during the projection period. The primary driver of the market's expansion throughout the anticipated period is the increased demand and use of biodegradable plastic packaging in the consumer goods, food and beverage, textile, and pharmaceutical industries. The use of biodegradable plastics in agriculture was also aided by shifting lifestyles and farmers' increased understanding of the benefits of greenhouses for growing fruits and vegetables.

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Key Market Participants:

1. NatureWorks
2. BASF
3. Total Corbion PLA
4. Mitsubishi Chemical
5. Biome Bioplastics
6. Plantic Technologies
7. Bio-On
8. Danimer Scientific
9. Novamont S.p.A
10. Toray Industries
11. DowDuPont Inc
12. Eastman Chemical Company
13. Mondi PLC
14. Amcor Limited
15. Kruger Inc.
16. Tetra Pak International SA
17. Plastic Suppliers Inc.
18. Stora Enso
19. WestRock
20. Archer Daniels Midland
21. Perstorp, K.D
22. FEDDERSEN
23. UrthPact, LLC
24. Indochine Bio Plastiques (ICBP) Sdn. Bhd.d.

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