BUSINESS: Biodegradable Plastics Market By Type, End-Use Industry And Region – Global Forecast To 2026 – ResearchAndMarkets.com

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DUBLIN–(BUSINESS WIRE)–The “Global Biodegradable Plastics Market by Type (PLA, Starch Blends, PHA, Biodegradable Polyesters), End Use Industry (Packaging, Consumer Goods, Textile, Agriculture & Horticulture), and Region (APAC, Europe, North America & RoW) – Forecast to 2026” report has been added to ResearchAndMarkets.com’s offering.

The global biodegradable plastics market size is projected to grow from USD 7.7 billion in 2021 to USD 23.3 billion by 2026, at a CAGR of 24.9% between 2021 and 2026. The potential growth of the biodegradable plastics industry is expected to be significant due to rising population, rapid urbanization and increased demand from end-use sectors.

Packaging accounted for the largest share in the biodegradable plastics market in terms of value.

Packaging accounted for the largest share in the biodegradable plastics market in terms of value. The biodegradable plastics industry is experiencing significant growth due to stringent environmental regulations, particularly in emerging economies like South Africa, China, India and Brazil. To mitigate economic and environmental issues, food & beverage companies are switching to biodegradable materials. In North America and Europe, strict government regulations are making it harder for businesses to reduce their carbon footprint. This has led to a rise in demand for biodegradable packaging materials.

PLA is the fastest-growing biodegradable plastic.

PLA is the most commonly used type of biodegradable plastic. PLA is biodegradable and compostable. It is made from tapioca roots and chips (mostly in Asia), corn starch (in America and Canada), sugarcane (in RoW), or tapioca roots and chips (mostly Asia). PLA is versatile and non-toxic. It is also available in high-performance PLA grades. These PLA grades are great replacements for PS (polystyrene), PS (polypropylene), ABS (polypropylene) and ABS (polypropylene).

Europe is estimated to be the largest market for biodegradable plastics in 2021

Europe is estimated to be the largest market for biodegradable plastics in 2021, in terms of value. The major European countries that produce biodegradable plastics are Spain, Germany, France, Spain and Italy. Germany was the largest biodegradable plastics market in Europe in 2020. Due to rising environmental concerns and strict regulations regarding the use of petroleum-based products, Germany is the largest market for biodegradable plastics.

Market Dynamics

Drivers

Changing Consumer Preference Toward Eco-Friendly Plastic Products
Increasing Use in Packaging and Compostable Bag Applications
Government Focus on Green Procurement Policies and Regulations

Restraints

Higher Prices of Biodegradable Plastics Than Conventional Plastics

Opportunities

Development of New Applications
High Potential in Emerging Countries of APAC

Challenges

Performance Issue
Fluctuating Oil Prices Create Volatility in Demand for Biodegradable Plastics
Expensive and Complex Production Process
Limited Regulations Related to Biodegradable Plastic in Developing Countries

Companies Mentioned

Agrana
Akro-Plastic
Basf
Bio-On
Biome Bioplastics
Carbiolice
Danimer Scientific
Eastman Chemical Company
Fkur Kunstsoff
Futerro
Green Dot Bioplastics
Ingevity
Mitsubishi Chemical Holdings Corporation
Natureworks
Novamont
Plantic Technologies
Ptt Mcc Biochem
Sphere
Succinity
Synbra Technology
Tianan Biologic Materials
Toray Industries
Total Corbion
Yield 10 Bioscience
Zhejiang Hisun Biomaterials

For more information about this report visit https://www.researchandmarkets.com/r/bx15be

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