Biodegradable Plastic Market -Forecast, 2024 - 2030
Biodegradable Plastic Market Overview
The?Biodegradable Plastic Market Size is?forecast to reach $ 14432.7 Million by 2030, at a?CAGR of 15.80%?during?forecast period 2024-2030.Biodegradable Plastic is plastics derived from renewable biomass, such as starch blends, polycaprolactone, polybutylene adipate terephthalate (PBAT), and?polylactic acid?(PLA), and are used to manufacture a wide range of products such as bottles, films, packaged goods, automotive interiors, construction materials, and electronics. The growth of the industry, combined with an increase in the number of supporting regulations, is expected to drive demand for bio-based products. According to the India Brand Equity Foundation (IBEF), the electronics manufacturing industry in India is projected to reach US$520 billion by 2025. The covid-19 pandemic majorly impacted the Biodegradable Plastic Market due to restricted production, supply chain disruption, logistics restrictions and a fall in demand. However, with robust growth and flourishing applications across major industries such as packaging and others, the Biodegradable Plastic Market size is anticipated to grow rapidly during the forecast period.
Biodegradable Plastic Market Report Coverage
The “Biodegradable Plastic Market?Report – Forecast (2024-2030)” by IndustryARC, covers an in-depth analysis of the following segments in the Biodegradable Plastic industry.
By Feedstock:?Starch-based, Cellulose-based, Bacteria-based, Lignin-based and Others.
By Type:?Bio-based/Non-biodegradable, (Polyethylene Terephthalate (PET), Polyethylene (PE), Polyethylene Furanoate (PEF), Polyamides (PA), Polypropylene (PP) and Others), Bio and Fossil-based Biodegradable (Polybutylene adipate terephthalate(PBAT), Polybutylene succinate (PBS), Polylactic acid (PLA), Polyhydroxyalkanoates (PHA), Starch blends, Polycaprolactone, Cellulose Derivatives and Others.
By End-use Industry:?Transportation (Automotive, Aerospace, Marine and Locomotive), Food & Beverage (Fruits & Vegetables, Dairy, Bakery, Confectionery, Poultry, Drinking Water, Soft Drinks and Others), Personal Care & Cosmetic (Body Care, Face Care, Eye Care, Nail Care, Fragrances and Others), Building & Construction (Residential, Commercial, Industrial and Infrastructural), Electrical & Electronics ( Electronic Devices, Audio Devices, Insulators and Others), Textile Industry (Woven, Non-Woven and Others), Packaging Industry ( Rigid Packaging and Flexible Packaging), Agriculture Industry, Consumers Goods and Others.
By Geography:?North America (the U.S., Canada and Mexico), Europe (the UK, Germany, France, Italy, Netherlands, Spain, Belgium and the Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile and Rest of South America), Rest of the World (Middle East and Africa)
Key Takeaways
?
Figure: Biodegradable Plastic Market?Revenue Share by Geography, 2021 (%)
Biodegradable Plastic Market Segment Analysis – by Type
The Bio-based/Non-biodegradable held a significant share in the Biodegradable Plastic Market share in 2021 and is projected to grow at a?CAGR of over?15.80%?during the forecast period 2024-2030, owing to the extensive characteristics provided by non-biodegradable when compared to other material types such as polycaprolactone, polybutylene adipate terephthalate (PBAT), polylactic acid (PLA) and others. Non-biodegradable Biodegradable Plastic is commonly found in disposables, food packaging, electronics, and other products. The growing inclination of major players toward sustainable products as a result of rising end-user demand and the growing need to reduce reliance on petroleum-based products is expected to drive segment growth over the forecast period. Thus, the use of bio-based/non-biodegradable in various applications will propel the Biodegradable Plastic Market size.
Biodegradable Plastic Market Segment Analysis – by End-use Industry
Food & Beverages held a significant share in the Biodegradable Plastic Market share in 2021 and is projected to grow at a CAGR of around 14% during the forecast period 2022-2027. Biodegradable plastics are strong materials that can be used in place of traditional petroleum-based plastics in environmentally friendly food packaging. Consumer demand for food products is expected to rise as the population grows, and as a result, bio-pet is seeing emerging growth in the segment. According to the United States Department of Agriculture (USDA), in 2019, Brazilian food industry sales amounted to $177 billion, an increase of seven percent compared to the previous year. With the rise in the demand for food & beverages across the globe, the demand for Biodegradable Plastic is anticipated to rise, which is projected to boost the market growth in the food & beverages industry during the forecast period.
Biodegradable Plastic Market Segment Analysis – by Geography
The Asia-Pacific held a significant share in the Biodegradable Plastic Market share in 2021 up to 41%. The flourishing growth of Biodegradable Plastic in this region is influenced by growing food production, farming trends and government support policies for the food & beverages industry. Food & beverages are flourishing due to increasing industrial growth, high population and government support policies. According to the China Chain Store & Franchise Association, the food and beverage (F&B) sector in China reached $595 billion in 2019, 7.8% high from 2018. According to Invest India, India's food processing business is expected to reach US$470 billion by 2025, with consumer spending expected to reach $6 trillion by 2030. With the rise in the demand for food & beverages across the APAC, the demand for Biodegradable Plastic is anticipated to rise for various applications, which is projected to boost the market growth in the food & beverages industry during the forecast period.
Biodegradable Plastic Market Drivers
Bolstering Growth of the Automotive Industry:
Biodegradable Plastic is widely used in automotive interiors. The automotive sector is rapidly growing due to factors such as the high demand for passenger vehicles among the middle class, urbanization and flourishing growth in fuel-efficient vehicle technologies. The National Automobile Dealers Association (NADA) anticipates that the new light-vehicle sales in 2022 will show an increase of 3.4% compared to 2020. With the increase in automotive vehicle production and growth prospects, the demand for Biodegradable Plastic is rising. Thus, with flourishing demand in automotive, Biodegradable Plastic is driving and growing rapidly.
Rising Demand from Personal Care & Cosmetic Industry:
The bioplastic market is being driven by rising trends in the use of sustainable products in the cosmetics industry. Increasing demand and consumer awareness are driving the Biodegradable Plastic Market in the personal care & cosmetic industry.? According to the International Trade Administration, Mexico's overall cosmetic sector output increased from $7.10 billion in 2018 to $7.15 billion in 2019. According to the International Trade Administration, Thailand's beauty and personal care goods market was valued at around US$6.2 billion in 2018 and is projected to grow to US$8.0 billion by 2022. With the rise in the demand for personal care & cosmetics industries across the globe, the demand for Biodegradable Plastic is anticipated to rise for various applications, which is projected to boost the market growth in the personal care & cosmetics industry during the forecast period.
Biodegradable Plastic Market Challenge
High Costs:
The high costs of Biodegradable Plastic are anticipated to restrain the market's expansion on a global scale. Bio-based materials, such as sugarcane, oils and vegetables, are prohibitively expensive. This is a major impediment to the growth of the Biodegradable Plastic market. Due to the high cost of producing Biodegradable Plastic, plant sources account for only 2% of the world's 300 million tonnes of plastic production. However, bio-based material manufacturers are constantly working to lower the cost of bio-based materials and replace them with fossil-based plastics. Moreover, the inconsistency in the supply of raw materials for the production of Biodegradable Plastic will limit the market growth. These are some of the key obstacles to the Biodegradable Plastic industry.
Biodegradable Plastic Industry Outlook
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Biodegradable Plastic market. The top 10 companies in the Biodegradable Plastic Market include:
Recent Developments
Key Market Players:
The Top 5 companies in the?Biodegradable Plastic Market?are:
?????????? ??????????????????????:IndustryARC primarily focuses on Cutting Edge Technologies and Newer Applications of the Market. Our Custom Research Services are designed to provide insights on the constant flux in the global demand-supply gap of markets. Our strong analyst team enables us to meet the client research needs at a very quick speed with a variety of options for your business.
We look forward to support the client to be able to better address customer needs; stay ahead in the market; become the top competitor and get real-time recommendations on business strategies and deals.
?????????????? ????: https://tinyurl.com/24vuhuzf
??????????????: https://tinyurl.com/3mb73bb6