According to the report by Expert Market Research (EMR), the global biodegradable plastic market is projected to grow at a CAGR of 14.20% between 2024 and 2032. Aided by environmental concerns and regulations and consumer demand for sustainable products, the market is expected to grow significantly by 2032.
Biodegradable plastics, made from natural materials like corn starch, sugarcane, and potato, are designed to decompose naturally, thereby offering an eco-friendly alternative to traditional plastics. These materials have gained immense traction due to their potential in reducing the global plastic waste crisis, aligning with increasing environmental regulations and consumer preference for sustainable products.
The biodegradable plastic market growth is primarily driven by the escalating global demand for sustainable packaging solutions, especially in industries like food and beverage, pharmaceuticals, and consumer goods. The shift towards biodegradable plastics is a response to the growing awareness of the environmental impact of conventional plastics, which take hundreds of years to decompose and contribute significantly to land and ocean pollution.
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As per the biodegradable plastic market analysis, innovations in biodegradable plastic compositions and manufacturing processes are also catalysing market expansion. Advanced bioplastics are being developed with improved properties, such as enhanced strength, durability, and heat resistance, making them suitable for a broader range of applications.
Moreover, stringent government policies and regulations across various countries to reduce plastic waste are compelling companies to adopt biodegradable alternatives and further propelling biodegradable plastic market demand. These regulatory frameworks are not only promoting the use of eco-friendly materials but are also encouraging investments in research and development in this sector.
Biodegradable plastics are finding applications across various industries. In the packaging sector, they are used for food packaging, shopping bags, and compostable waste bags, addressing the issue of single-use plastic pollution effectively. The agricultural industry is another significant consumer, using biodegradable plastics for mulching films, which improve soil quality while reducing plastic residue.
The healthcare industry is also turning towards biodegradable plastics for packaging pharmaceutical products and manufacturing surgical instruments and implants, which further contributes to the biodegradable plastic market size. This transition is primarily driven by the need for safer disposal and reduced environmental footprint.
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Biodegradable Plastic Market Segmentation
The market can be divided based on type, application, and region.
Market Breakup by Type
- Polylactic Acid (PLA)
- Polybutylene Adipate Terephthalate (PBAT)
- Polybutylene Succinate (PBS)
- Polyhydroxyalkanoates (PHA)
- Starch Blends
- Other
Market Breakup by Application
- Packaging
- Agriculture
- Consumer Durable
- Textile
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global biodegradable plastic market. Some of the major players explored in the report by Expert Market Research are as follows:
- BASF SE
- Eastman Chemical Company
- Mitsubishi Chemical Holdings Corp.
- Biome Technologies plc
- Corbion N.V.
- Others
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