The scope of our recent study on the “Biodegradable Plastics Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type and End User” includes the factors fueling the market growth, revenue estimation, and forecast; market share analysis; and significant market players’ identification and their key developments.
The biodegradable plastics market size is expected to grow from US$ 7,331.11 million in 2022 to US$ 20,840.29 million by 2028; it is estimated to register a CAGR of 19.0% from 2022 to 2028. The biodegradable plastics market growth is attributed to the increasing demand from various end-use industries. The biodegradable plastics market is highly competitive, owing to the presence of many regional and global players. Players compete based on product quality, product differentiation, and price. Market players are adopting different strategies to stand out as strong competitors.
Based on type, the global biodegradable plastics market is segmented into PLA, PHA, starch blends, PBS, PBAT, and others. The starch blends segment is expected to account for the largest market share during the forecast period. The starch blend polymers are biodegradable polymeric materials composed of cellulosic-based biomaterials that enzymes and microorganisms can degrade. The combination of starch and polyolefin gives a single material carrying the biodegradation properties of starch with the thermal, mechanical, and barrier properties of polyolefin. Starch is a naturally occurring polymer found in plants such as corn, rice, and potatoes as water-insoluble granules. Starch has been receiving growing attention as raw material for the production of films due to the lack of availability of conventional film-forming resins. The low permeability of starch films has favored its application in food packaging. In the granular state, starch blends are used as a component in synthetic polymer blends and as a filling agent for polyolefin. The starches can be modified using grafting with vinyl monomers such as methyl acrylate.
The global biodegradable plastics market is segmented into five regions—North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. Europe held the largest revenue share of the global biodegradable plastics market in 2022. Major factors driving the biodegradable plastics market in Europe are the increasing use of biodegradable plastics in various end-use industries, growing awareness among customers about the adverse effects of conventional plastics, rising initiatives taken by governments, and the presence of prominent players in the region.
Impact of COVID-19 Pandemic on Biodegradable Plastics Market
Many economies were adversely affected due to the impacts of COVID-19 pandemic. COVID-19 outbreak created a temporary distortion in the operational efficiencies of industrial bases. The operations of various end-use industries, including textiles and consumer goods, declined or were negligible across the world due to the shortage of laborers and the disrupted supply chain of raw materials. However, the operations of various end-use industries revived in 2021, which positively affected the biodegradable plastics market.
The report includes the segmentation of the global biodegradable plastics market as follows:
The global biodegradable plastics market is segmented into type, end user, and geography. The biodegradable plastics market, based on type, is segmented into PLA, PHA, starch blends, PBS, PBAT, and others. Based on end users, the market is segmented into packaging and bags, agriculture and horticulture, consumer goods, and others. The global biodegradable plastics market, by geography, is broadly segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. The North American biodegradable plastics market is further segmented into the US, Canada, and Mexico. The Europe biodegradable plastics market is subsegmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. The Asia Pacific biodegradable plastics market is further segmented into China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. The market in the Middle East & Africa is further segmented into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. The South & Central America biodegradable plastics market is further segmented into Brazil, Argentina, and the Rest of South & Central America.
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