Global Biobased Biodegradable Plastic Market Overview
The Biobased Biodegradable Plastic Market Size was estimated at 5.66 (USD Billion) in 2022. The Biobased Biodegradable Plastic Industry is expected to grow from 6.65(USD Billion) in 2023 to 28.2 (USD Billion) by 2032. The Biobased Biodegradable Plastic Market CAGR (growth rate) is expected to be around 17.41% during the forecast period (2024 - 2032).
Key Biobased Biodegradable Plastic Market Trends Highlighted
The biobased biodegradable plastics industry is expected to realize rapid expansion owing to the increasing environmental issues, the growing need for sustainable packaging solutions, and the tough government policies encouraging the use of green materials. Biobased plastic materials offer more promise than other fossil-based plastic materials in that they are natural resource-derived as opposed to chemical-based, and they are also disposed of naturally. Growing biopolymer technologies are also impacting the market as they make it possible to create more efficient and cheaper biodegradable plastics. Key market drivers include markets and societies’ dissatisfaction with plastics and their negative consequences on nature alongside the shift in consumer trends towards eco-friendliness. Additionally, circular economy policies, as well as other regulations and policies that facilitate the reduction of waste in society, will drive the growth of the market. Manufacturers have opportunities to take up biodegradability in their products in areas such as packaging, farming, and healthcare devices. Recent trends in the market have shown increased use of biobased plastic for food pack, which helps to minimize food loss and waste and increases market sustainability. Furthermore, the trends surrounding the construction of biodegradable nanocomposites and the acquisition of bioplastics with better properties, such as improved barrier and mechanical strength, are influencing the market.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Biobased Biodegradable Plastic Market Drivers
Growing Environmental Concerns and Regulations
The rising realization of the adverse effects of conventional plastics on the ecosystem has been one of the major factors driving the necessity for greener replacements like biobased biodegradable plastics. Governments all over the world have been introducing various regulations targeted at diminishing plastic pollution and promoting biodegradable materials. The existing regulations focus on the banishing of single-use plastics, encouraging the use of biodegradables for packaging and products.The significant pressure from environmental groups and customers is becoming one of the leading market forces promoting biobased biodegradable plastics.
Advancements in Bioplastics Technology
The market-driven by bioplastics technology is witnessing a huge leap in the Biobased Biodegradable Plastic Market Industry. Over the years, bioplastics technology has come up with high-performance bioplastics that meet the demanding needs of the applications. They have better mechanical properties and biodegradability and are compatible with the existing infrastructure. All these advancements in bioplastics technology have widened the fields of applications of biobased biodegradable plastics as an alternative to conventional plastics.
Rising Demand from Key End-Use Industries
Among the main market drivers, there is an increasing adoption of biobased biodegradable plastics across the key end-use industries. In particular, the growing demand has been registered in the packaging, agriculture, and consumer goods industries, as businesses are seeking to adopt sustainable solutions to reduce their environmental footprint. Owing to the rapid growth of the e-commerce sector and the increasing need for packaging products delivered to consumers, packaging is the most prominent application.The agriculture sector also recognizes the beneficial properties of biobased biodegradable plastics for mulch films and other applications.
Biobased Biodegradable Plastic Market Segment Insights:
Biobased Biodegradable Plastic Market Product Type Insights
Product-type wise, the Biobased Biodegradable Plastic Market is segmented into bioplastics, biocomposites, and starch blends. While bioplastics, made from renewable resources such as plants, animals, and microorganisms, are biodegradable and compostable, biocomposites are made from bioplastics and natural fibers and are stronger and more durable. Starch blends, made from starch and other polymers, are less biodegradable and less strong and durable. The growth of the segment is due to an increasing demand for environment-friendly and sustainable products.Moreover, bioplastics are compostable and can be turned into fertilizer, making them a strong alternative to conventional plastics. The biocomposites segment is also expected to grow substantially, as biocomposites are stronger and more durable than bioplastics and, therefore, can be applied in more areas. The rising demand for lightweight materials with high performance in the automotive and aerospace sectors will serve as a major demand driver for the segment. Over the forecast period, the growth of the starch blends segment will be slower than that of the other two segments, as starch blends are lower in biodegradability strength and durability.However, starch blends are still more affordable, and their applications can be found in a wide range of areas.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Biobased Biodegradable Plastic Market Application Insights
Packaging is the largest application segment for the biobased biodegradable plastic market, accounting for nearly half of the total revenue share. The demand for biobased biodegradable plastics in packaging is driven by the growing awareness of the environmental impact of conventional plastics and the increasing demand for sustainable packaging solutions. The use of biobased biodegradable plastics in packaging helps reduce greenhouse gas emissions and waste generation. Agriculture is another significant application segment, leveraging biobased biodegradable plastics for mulch films, seedling trays, and other agricultural applications.These plastics aid in soil moisture retention, weed suppression, and improved crop yield. The automotive industry also utilizes biobased biodegradable plastics for interior components, reducing vehicle weight and improving fuel efficiency. Consumer goods and healthcare are emerging application segments for biobased biodegradable plastics. In consumer goods, these plastics find application in disposable tableware, utensils, and other single-use items, providing a sustainable alternative to traditional plastics. In healthcare, biobased biodegradable plastics are used in medical devices, implants, and drug delivery systems due to their biocompatibility and ability to degrade over time.
Biobased Biodegradable Plastic Market Feedstock Insights
The Biobased Biodegradable Plastic Market is segmented based on feedstock into plant-based, animal-based, and cellulose-based. The plant-based segment held the largest share of the market in 2023 and is expected to continue to dominate the market during the forecast period. The growth of this segment can be attributed to the increasing demand for bio-based and sustainable materials. The animal-based segment is expected to witness significant growth during the forecast period, owing to the growing demand for biodegradable plastics in the packaging industry.The cellulose-based segment is expected to grow at a steady pace during the forecast period due to the increasing use of cellulose-based materials in the production of biodegradable plastics.
Biobased Biodegradable Plastic Market Biodegradability Insights
The biodegradability segment of the Biobased Biodegradable Plastic Market is categorized into compostable, anaerobic, biodegradable, and aerobic biodegradable. Compostable plastics are designed to break down into organic matter through composting processes, typically within 90 to 180 days. Anaerobic biodegradable plastics degrade in the absence of oxygen, such as in landfills or wastewater treatment plants, while aerobic biodegradable plastics require oxygen to break down. In 2023, the compostable segment held the largest market share due to the increasing demand for environmentally friendly packaging solutions.The anaerobic biodegradable segment is expected to witness significant growth due to the rising adoption of these plastics in the agricultural and waste management industries. The aerobic biodegradable segment is projected to gain traction in the coming years as consumer awareness about sustainable plastics grows.
Biobased Biodegradable Plastic Market Manufacturing Process Insights
Extrusion, injection molding, and blow molding are the three most common manufacturing processes for biobased biodegradable plastics. Extrusion is a continuous process in which molten plastic is forced through a die to create a continuous profile. Injection molding is a batch process in which molten plastic is injected into a mold to create a specific shape. Blow molding is a batch process in which molten plastic is blown into a mold to create a hollow shape. The biobased biodegradable plastic market is expected to grow at a CAGR of 17.41%, from 6.65 billion USD in 2023 to 28.2 billion USD by 2032.The growth of the market is attributed to the increasing demand for sustainable and environmentally friendly packaging solutions. Extrusion is the most widely used manufacturing process for biobased biodegradable plastics. Extrusion is used to produce a variety of products, including films, sheets, and profiles. Injection molding is used to produce a variety of products, including containers, toys, and automotive parts. Blow molding is used to produce a variety of products, including bottles, jars, and tanks. The choice of manufacturing process depends on the specific product being produced.Extrusion is typically used for products that require a continuous profile, such as films and sheets. Injection molding is typically used for products that require a specific shape, such as containers and toys. Blow molding is typically used for products that require a hollow shape, such as bottles and jars.
Biobased Biodegradable Plastic Market Regional Insights
The Biobased Biodegradable Plastic Market is segmented into North America, Europe, APAC, South America, and MEA. North America is the largest regional market for biobased biodegradable plastics, accounting for over 35% of the market share in 2023. The region's high demand for sustainable packaging solutions, coupled with stringent environmental regulations, is driving market growth. Europe is the second-largest market, with a share of approximately 28%. The region's strong focus on the circular economy and waste reduction initiatives is contributing to the growth of the biobased biodegradable plastics market.APAC is the fastest-growing regional market, with a projected CAGR of over 20% during the forecast period. The region's rapidly growing population and urbanization, along with increasing awareness of environmental issues, are driving the demand for biobased biodegradable plastics. South America and MEA are relatively smaller markets, but they are expected to witness significant growth in the coming years due to increasing investments in sustainable infrastructure and rising consumer awareness about environmental sustainability.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Biobased Biodegradable Plastic Market Key Players and Competitive Insights:
To stay competitive, major players in the market of the Biobased Biodegradable Plastic Market industry seek to develop new products. Furthermore, the leading companies are making efforts to scale by expanding their activities globally through various partnerships and collaborations. A case in point is the leading market players’ significant contribution to the research and development sector. Given the current information, the discussed market is highly competitive. Therefore, in the reported period, the companies sought differentiation strategies and product development solutions. Mergers and acquisitions were another strategy to gain a competitive edge and expand market share. It seems that major market participants will continue to invest in research and development and partnerships.The leading player in the Biobased Biodegradable Plastic Market is NatureWorks. The company is a manufacturer of bio-based biodegradable polymers and seeks to address its customers’ needs on a scale by providing high-quality solutions that are also sustainable. The company's product line is full-scope and includes options for consumers and industrial applications, as well as biobased and biodegradable plastic products. Another significant player in the market, the Biobased Biodegradable Plastic Market, BASF, also has extensive capacities for the production and development of a broad range of bio-based and biodegradable polymers. A high-quality and diverse product line that includes some of the most innovative solutions distinguishes the company. BASF is consistent and invests in its research and development to improve the quality of its products.
Key Companies in the Biobased Biodegradable Plastic Market Include:
-
Braskem
-
Danimer Scientific
-
Toyota Tsusho
-
LG Chem
-
Suzano
-
Mitsui Chemicals
-
Toray
-
PTT Chemical
-
Zhejiang Haizheng
-
NatureWorks
-
BASF
-
Novamont
-
Bioon
-
Kaneka
Biobased Biodegradable Plastic Market Industry Developments
The biobased biodegradable plastic market is projected to reach USD 28.2 billion by 2032, exhibiting a CAGR of 17.41% during the forecast period (2024-2032). Increasing environmental concerns and the growing demand for sustainable packaging solutions are driving the market growth. Government regulations promoting the adoption of biodegradable plastics and rising consumer awareness about the environmental impact of traditional plastics are further contributing to market expansion.Recent developments in the market include the launch of new biobased biodegradable plastic materials with improved properties, such as higher strength and durability. Additionally, strategic partnerships and collaborations between industry players are fostering innovation and expanding the application scope of these materials. Key market players are investing in research and development to enhance the performance and reduce the cost of biobased biodegradable plastics, making them more competitive in the market.
Biobased Biodegradable Plastic Market Segmentation Insights
Biobased Biodegradable Plastic Market Product Type Outlook
-
Bioplastics
-
Biocomposites
-
Starch Blends
Biobased Biodegradable Plastic Market Application Outlook
-
Packaging
-
Agriculture
-
Automotive
-
Consumer Goods
-
Healthcare
Biobased Biodegradable Plastic Market Feedstock Outlook
-
Plant-based
-
Animal-based
-
Cellulose-based
Biobased Biodegradable Plastic Market Biodegradability Outlook
-
Compostable
-
Anaerobic Biodegradable
-
Aerobic Biodegradable
Biobased Biodegradable Plastic Market Manufacturing Process Outlook
-
Extrusion
-
Injection Molding
-
Blow Molding
Biobased Biodegradable Plastic Market Regional Outlook
-
North America
-
Europe
-
South America
-
Asia Pacific
-
Middle East and Africa
|
Report Attribute/Metric
|
Details
|
|
Market Size 2022
|
5.66(USD Billion)
|
|
Market Size 2023
|
6.65(USD Billion)
|
|
Market Size 2032
|
28.2(USD Billion)
|
|
Compound Annual Growth Rate (CAGR)
|
17.41% (2024 - 2032)
|
|
Report Coverage
|
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
|
|
Base Year
|
2023
|
|
Market Forecast Period
|
2024 - 2032
|
|
Historical Data
|
2019 - 2023
|
|
Market Forecast Units
|
USD Billion
|
|
Key Companies Profiled
|
Braskem, Danimer Scientific, Toyota Tsusho, LG Chem, Suzano, Mitsui Chemicals, Toray, PTT Chemical, Zhejiang Haizheng, NatureWorks, BASF, Novamont, Bioon, Kaneka
|
|
Segments Covered
|
Product Type, Application, Feedstock, Biodegradability, Manufacturing Process, Regional
|
|
Key Market Opportunities
|
Biomedical applications Packaging amp food service Agriculture amp horticulture Consumer products Automotive amp Transportation
|
|
Key Market Dynamics
|
Rising environmental concerns Increasing demand for sustainable plastics Government regulations promoting biodegradability Technological advancements in bioplastic production Growing awareness of plastic pollution
|
|
Countries Covered
|
North America, Europe, APAC, South America, MEA
|
Frequently Asked Questions (FAQ) :
The Biobased Biodegradable Plastic Market is expected to reach a valuation of USD 28.2 Billion by 2032, expanding at a CAGR of 17.41% from 2024 to 2032.
The Biobased Biodegradable Plastic Market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America held the largest market share in 2023 and is expected to maintain its dominance throughout the forecast period.
Biobased Biodegradable Plastic finds applications in various industries, including packaging, agriculture, consumer goods, and automotive. The packaging segment accounted for the largest share in 2023 and is projected to continue its dominance in the coming years.
Major players in the Biobased Biodegradable Plastic Market include BASF SE, NatureWorks LLC, Total Corbion PLA, Danimer Scientific, and Mitsubishi Chemical Holdings Corporation. These companies are focusing on expanding their production capacities and developing new and innovative products to meet the growing demand for Biobased Biodegradable Plastic.
The growing demand for sustainable and eco-friendly packaging solutions, coupled with increasing environmental concerns and government regulations, is driving the growth of the Biobased Biodegradable Plastic Market.
The high cost of production and the lack of proper waste management infrastructure pose challenges to the growth of the Biobased Biodegradable Plastic Market.
Key trends in the Biobased Biodegradable Plastic Market include the development of new and innovative materials, the increasing adoption of bio-based feedstocks, and the growing focus on circular economy principles
The COVID-19 pandemic had a moderate impact on the Biobased Biodegradable Plastic Market. The initial disruptions caused by lockdowns and supply chain issues have subsided, and the market is expected to recover steadily in the coming years.
The future outlook for the Biobased Biodegradable Plastic Market is positive. The increasing demand for sustainable packaging solutions and the growing environmental consciousness among consumers are expected to drive the growth of the market in the coming years.
