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Biodegradable Plastic Market was valued at USD 5.8 billion in 2021 and is projected to rise at a significant CAGR of 10.3% during 2022-2029 reaching USD 12.7 billion in 2029
The factors driving growth of Biodegradable Plastics Market includes growing awareness amongst consumers about the harmful effects of plastic waste, Government policies regarding the ban on single-use plastics, recyclability of bioplastics, increasing demand for packaged food products and improvements in the living standards. Moreover, development of environment friendly plastic solutions, growing adoption of advanced technologies by manufacturers, natural materials used or manufacturing biodegradable bags, increase in the launch of innovative products and rapid urbanization, are some of the additional factors supplementing the Biodegradable Plastics Market size. In addition, the increasing investments by major corporations on research and development and growing population growth rates, are further contributing towards the market growth.
However, growth of the Biodegradable Plastics Market is hindered due to high cost of manufacturing biodegradable plastics.
The leading players operating in the market are Mitsubishi Chemical Corporation, Biome Bioplastics, Danimer Scientific, BASF SE, Novamont S.p.A., FKuR, NatureWorks LLC, Plantic, Dow and Amcor plc, among others.
Based on Type, the Starch Blends segment is predicted to grow at a significant CAGR during the forecast period
Starch blend biodegradable plastic solutions are affordable and easily available as compared to organic polymers, is the major factor pushing Global Biodegradable Plastics Market.
Based on End-Users, the Packaging segment is projected to expand at a robust CAGR over the forecast period
As per the Biodegradable Plastics Market Global Forecast, biodegradable plastic solutions are used for keeping food safe and offers recovery options, are propelling segment’s growth.
Based on Region, the Asia-Pacific region is anticipated to expand at a remarkable CAGR during the forecast period
Presence of the leading players such as BASF SE and NatureWorks LLC, growing demand for environment friendly packaging solutions, rapid industrialization, rising per capita incomes and high population growth rates, are some of the important factors augmenting the market growth in the Asia-Pacific region.
Key Development
In 2020, Dow and Thong Guan launched a new range of bio-based polyethylene in Asia-Pacific. This marks a landmark in the region’s commercialization of a plastics offering made from renewable feedstock, allowing the manufacturer to produce high-performance plastics while reducing their carbon footprint.
Market Segmentation
Segmentation by Type
Starch Blends
PLA
PBS/PBAT
PHS
Segmentation by End-Users
Packaging
Consumer Goods
Textile
Agriculture
Others
Segmentation by Region
Asia Pacific
China
Japan
India
Rest of APAC
North America
United States of America
Canada
Europe
United Kingdom
Germany
France
Spain
Rest of Europe
RoW
Brazil
South Africa
Saudi Arabia
UAE
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