The Business Research Company’s Biodegradable Plastics Global Market Report 2022 – Market Size, Trends, And Forecast 2022-2026
LONDON, GREATER LONDON, UK, September 1, 2022 /EINPresswire.com/ — The biodegradable plastics market consists of sales of biodegradable plastics that are used in the applications of organic waste collection, food packaging, the agricultural and horticultural sectors, and disposable tableware. Biodegradable plastics are obtained from petrochemicals that consist of biodegradable additives that are degraded by microorganisms into carbon dioxide, water, and biomass. Some of the main end-users in the biodegradable plastics market include the packaging, agriculture, and consumer goods segments.
Reference to the Global Market Model, will evidence the rise in demand with the Biodegradable Plastics Global Market anticipated to grow from $4.39 billion in 2021 to $4.91 billion in 2022, at a compound annual growth rate (CAGR) of 11.7%. Growing environmental concerns over the use of conventional plastics across a number of end-user sectors are expected to drive the growth of the biodegradable plastics market in the coming years. In the wake of the COVID-19 pandemic, people are now more concerned about addressing environmental challenges and are committed to changing their own behavior to advance sustainability, and this is expanding the market accordingly, with the market size projected to reach $9.13 billion in 2026 at a CAGR of around 15.7%, further growing to $18.77 trillion by 2031 at a similar growth rate.
North America was the largest region in the biodegradable plastics market, accounting for around 31% of the global market in 2021, with Western Europe following closely behind with around 30% of the global market and Asia-Pacific with 22%. Asia-Pacific, though, is expected to show the fastest growth in the period through 2026 and onwards to 2031, overtaking Western Europe into second place by 2031. Africa was the smallest region in the biodegradable plastic market. By individual country, the USA had significantly the largest share of the global market, accounting for around 27%, with the UK, Germany, and China competing for second position in the market with shares of around 6%. The major developing countries of China and India are forecast to show the most growth in the period 2021 to 2026, with CAGRs both in the region of 21%.
The main types of biodegradable plastics in the market are polybutylene adipate terephthalate (PBAT), starch blends, and polylactic acid (PLA), which account for approaching three quarters of the market, with polybutylene succinate (PBS), polyhydroxyalkanoates (PHA), and other types making up the remainder. Polybutylene adipate terephthalate (PBAT) is the largest segment and it is also forecast to be the fastest growing segment in the period to 2026 with a CAGR approaching 17%.
In terms of trends, product innovations are gaining popularity in the biodegradable plastics market, with many organizations launching innovative biodegradable plastics products that are ecologically responsible and resource-efficient. For example, in July 2021, biodegradable packaging products that are manufactured from biodegradable plant-based food-grade materials were launched by the India-based Defense Research and Development Organisation (DRDO). They are available in a water-resistant form, can be degraded in three months, and offer an ocean-safe alternative to single-use plastics that is both cost-effective and sustainable in nature.
Biodegradable Plastics Global Market Report 2022 – By Type (Polylactic Acid (PLA), Polybutylene Adipate Terephthalate (PBAT), Polybutylene Succinate (PBS), PHA (Polyhydroxyalkanoates), Starch Blends, Other Types), By End-User (Packaging, Agriculture, Consumer Goods, Other End-Users) – Market Size, Trends, And Global Forecast 2022-2026
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