The global biodegradable plastic market is projected to reach USD 20.9 billion by 2028, at a CAGR of 21.3% from USD 7.9 billion in 2023. Environmental awareness, regulatory frameworks, circular economy initiatives, corporate sustainability goals, consumer preferences, and technological advancements are driving the market.
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Based on type, the biodegradable plastic market has been segmented into PLA, starch blends, PBAT, PBS, PHA and others. PLA has several advantages over traditional petroleum-based plastics. It is derived from renewable resources, reducing reliance on fossil fuels. It produces fewer greenhouse gas emissions during its manufacturing process compared to conventional plastics. PLA also has a lower carbon footprint and energy consumption compared to other biodegradable plastics like PHA or PBS.
Based on application, the biodegradable plastic industry has been segmented into packaging, consumer goods, agriculture & horticulture, textile, and other applications. The use of biodegradable plastics in packaging opens opportunities for innovation and product differentiation. Companies can explore new packaging designs, materials, and marketing strategies that highlight the environmentally friendly attributes of their products. Biodegradable plastics offer versatility and can be customized to meet specific packaging requirements.
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Europe is the fastest-growing market for biodegradable plastics. Many companies in Europe are adopting sustainability strategies and setting ambitious sustainability goals. They are actively seeking alternatives to conventional plastics and incorporating biodegradable plastics into their operations and product offerings. These companies are motivated by environmental concerns, consumer demands, and the need to enhance their brand image and competitiveness.
The key global players in the biodegradable plastic market, such as BASF (Germany), NatureWorks (US), Total Corbion (Netherlands), Novamont (Italy), Biome Bioplastics (UK), Mitsubishi Chemical Holding Corporation (Japan), Toray Industries (Japan), Plantic Technologies (Australia), Danimer Scientific (US), and Fkur Kunstsoff (Germany) have a strong foothold in their respective regions and are exploring geographic diversification options to expand their businesses. They are focusing on increasing their market shares through new product launches and expansions.
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