Biodegradable Plastics market to Surge at 12.67% CAGR, which is anticipated to reach USD 12.62 billion by 2030.
Biodegradable Plastics market – Analysis of Market Size, Share & Trends for 2020 – 2030 and Forecasts to 2030 is anticipated to reach USD 12.62 billion by 2030. According to this report, the market is anticipated to portray a CAGR of 12.67%% between 2020 and 2030. One of the main reasons driving the market’s growth is governments banning the use of single-use plastics, as well as growing public awareness of the negative impacts of plastic waste. Increased usage of biodegradable plastics in packaging and agriculture is also expected to contribute to market development.
The market report on Biodegradable Plastics market includes in-depth insights as:
- The estimated value of the market was USD 3.83 billion in the year 2020.
- Region-wise, the market in Europe which held the largest market share in the year 2019, emerged as a key market for Biodegradable Plastics market.
- Based on Type, the starch-based segment emerged as a key segment in the Biodegradable Plastics market.
- Based on the Application, the Packaging & Bags segment emerged as a key segment in the Biodegradable Plastics market.
- Key players are likely to focus on product innovations and expansion through mergers to retain their positions in developed markets.
“Due to a growing need for lightweight materials, the automobile industry has been compelled to abandon petroleum plastic in favor of biodegradable plastics in order to reduce carbon emissions and preserve the environment. The biodegradable plastics market is projected to increase as a result of the rising usage of biodegradable plastics in the automobile sector.”, according to this report
Biodegradable plastics are also known as eco-friendly plastics with no adverse impact on the environment. It degrades in a reasonable amount of time in natural base compounds. As a result, biodegradable plastic is composed up of molecules that can degrade naturally due to the action of microorganisms. Polylactic acid (PLA), Polybutylene adipate terephthalate (PBAT), Polybutylene Succinate (PBS), Polyhydroxyalkanoates (PHA), and starch blends are some of the most common biodegradable plastics.
Biodegradable Plastics Market is segmented by Type PLA, Starch Blends, Biodegradable Polyesters, PHA, Others Among these the starch-based segment is expected to lead the market in terms of revenue and volume throughout the forecast period. End-use sectors such as packaging, cars, and agriculture utilize starch-based plastics.
Key Players in the Market
- Some of the key players operating in the Biodegradable Plastics market are NatureWorks, BASF, Total Corbion PLA, Mitsubishi Chemical, Biome Bioplastics, Plantic Technologies, Bio-On, Danimer Scientific, Novamont S.p. A, Toray Industries.
Get Valuable Insights into Biodegradable Plastics market
In the new report, CRI Report thrives to present an unbiased analysis of the Biodegradable Plastics market that covers the historical demand data as well as the forecast figures for the period, i.e., 2020-2030. The study includes compelling insights into growth that is witnessed in the market. The market is segmented by Types into PLA, Starch Blends, Biodegradable Polyesters, PHA, Others. By Application into Packaging & Bags, Consumer Goods, Agriculture & Horticulture, Textile, Others. Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East, and Africa.
