Biodegradable Plastics and Polymers Market Revenue was valued at USD 6.4 Billion in 2024 and is estimated to reach USD 11.4 Billion by 2033, growing at a CAGR of 7.2% from 2026 to 2033.
The South Korean biodegradable plastics and polymers market is experiencing significant growth, driven by a combination of government initiatives, industrial demand, and consumer preference for sustainable materials. As of 2024, the market was valued at approximately USD 412 million, with projections suggesting it will reach USD 678 million by 2030, reflecting a compound annual growth rate (CAGR) of 8.6% during the forecast period. citeturn0search6
**Government Initiatives and Policies**
In December 2020, South Korea's Ministries of Trade, Industry, and Energy, along with the Ministry of Environment, unveiled a comprehensive plan to reduce plastic waste and promote the use of bioplastics. The strategy sets ambitious targets, aiming to replace 15% of industrial plastics and 20% of non-industrial plastics with alternative materials by 2030. By 2050, these figures are expected to rise to 45% and 100%, respectively. Key measures include:
- **Recyclable Bioplastics Marking**: Starting from January 2021, recyclable bioplastics such as Bio HDPE, Bio LDPE, Bio PP, and Bio PS are required to be disposed of separately, despite having similar physical and chemical properties to petroleum-based plastics. - **Environmental Labeling Certification**: The government is working to establish a legal framework for exempting waste charges for bioplastics with environmental labeling certification, with the exemption anticipated to begin in 2023. The biomass content requirement for certification is planned to increase from 20% to 50% between 2021 and 2030. - **Mandatory Use of Recyclable Raw Materials**: From 2023 onwards, manufacturers across various sectors, including plastics, paper, glass, and steel, are mandated to use recyclable raw materials. Specifically, plastic PET manufacturers are required to incorporate at least 30% recyclable materials by 2030. citeturn0search0
**Market Segmentation and Demand Drivers**
The biodegradable plastics and polymers market in South Korea is diverse, encompassing various types and applications. Key segments include:
- **Packaging Industry**: Biodegradable plastics are increasingly used in packaging applications, driven by consumer demand for eco-friendly packaging solutions. This trend is particularly evident in the food and beverage sector, where sustainable packaging is gaining prominence. - **Consumer Goods and Textiles**: There is a growing adoption of biodegradable polymers in consumer goods and textiles, as manufacturers seek sustainable alternatives to traditional materials. - **Pharmaceuticals and Healthcare**: Biodegradable polymers find applications in the pharmaceutical and healthcare sectors, particularly in drug delivery systems and medical devices, owing to their biocompatibility and degradability. citeturn0search3
**Leading Industry Players**
Several key players are instrumental in shaping the biodegradable plastics and polymers market in South Korea. Notable companies include:
- **LG Chem**: A multinational chemical company headquartered in Seoul, offering a wide range of natural polymer products, including cellulose derivatives and biodegradable plastic materials. - **Lotte Chemical Corporation**: Produces various types of natural polymers such as polylactic acid (PLA) and polyhydroxyalkanoates (PHA), and is actively involved in research and development to create sustainable solutions. - **SK Chemicals**: Engages in the production of biodegradable polymers and has formed joint ventures to enhance its capabilities in this sector. - **Hanwha Solutions**: Contributes to the development and production of biodegradable polymers, focusing on innovative and eco-friendly materials. citeturn0search5
**Industrial Requirements and Future Outlook**
Industries in South Korea are increasingly seeking biodegradable plastics and polymers that offer performance characteristics comparable to traditional materials, coupled with environmental benefits. There is a growing demand for materials that are not only biodegradable but also cost-effective and versatile across various applications. Technological advancements are expected to play a crucial role in meeting these requirements, with ongoing research focused on enhancing the properties and applications of biodegradable polymers. The South Korean government's supportive policies, combined with active participation from industry leaders and a shift in consumer preferences towards sustainable products, position the biodegradable plastics and polymers market for substantial growth in the coming years. As industries adapt to regulatory changes and strive to meet environmental goals, the demand for innovative and eco-friendly materials is set to rise, further bolstering the market's expansion.
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BASF
Eastman
Showa Denko
DuPont
Kingfa
Mitsubishi Chemical
Meredian
Tianjin GreenBio Materials
Biomer
Metabolix
Yifan Xinfu Pharmaceutical
Ecomann
Anqing Hexing
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the South Korea Biodegradable Plastics and Polymers Market
Starch-Based Plastics
Polylactic Acid (PLA)
Polyhydroxyalkanoates (PHA)
Cellulose-Based Plastics
Packaging
Flexible Packaging
Rigid Packaging
Food and Beverage
Healthcare
Agriculture
Consumer Electronics
Automotive
Films and Sheets
Rigid Containers
Foams
Straws and Cutlery
Extrusion
Injection Molding
Blown Film Extrusion
Compression Molding
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
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1. Introduction of the South Korea Biodegradable Plastics and Polymers Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. South Korea Biodegradable Plastics and Polymers Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. South Korea Biodegradable Plastics and Polymers Market, By Type
6. South Korea Biodegradable Plastics and Polymers Market, By Application
7. South Korea Biodegradable Plastics and Polymers Market, By Geography
Asia-Pacific
China
Japan
Korea
India
Australia
Indonesia
Thailand
Philippines
Malaysia and Vietnam
8. South Korea Biodegradable Plastics and Polymers Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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