Global analysis and forecast of biodegradable plastic market from 2024 to 2034

Global biodegradable plastic market

Dublin, July 19, 2024 (GLOBE NEWSWIRE) — The “Biodegradable Plastics Market – Global and Regional Analysis: Focus on End-Use Industries, Types and Regions – Analysis and Forecasts, 2024-2034” report has been added to ResearchAndMarkets.com Dedication.

The biodegradable plastics market has emerged as a promising solution to the environmental issues associated with conventional plastics, especially in areas where the aim is to reduce plastic waste and minimize carbon footprints. Biodegradable plastics are derived from renewable resources such as plant materials or waste biomass, providing sustainable alternatives for a variety of applications, driving their adoption in various industries around the world.

Optimistic predictions indicate that the market value will be US$10.14 billion in 2024, with a compound annual growth rate expected to be 16.33%, and will reach US$46.03 billion by 2034.

Rising environmental awareness coupled with stringent regulations to mitigate plastic pollution is driving the demand for biodegradable plastics. Additionally, the growing focus on sustainable practices and circular economy principles is fueling market growth. Additionally, advancements in bioplastic manufacturing technology and integration of renewable raw materials are expected to drive market expansion in the coming years.

Despite its potential, the biodegradable plastics market still faces challenges in terms of scalability, cost-effectiveness, and end-of-life management. However, these challenges also provide opportunities for innovation and collaboration across the value chain. Additionally, the market movement towards sustainable packaging solutions and bio-based materials provides market players with avenues to capitalize on emerging trends and consumer preferences.

Europe, led by the UK, Germany and Italy, dominates the biodegradable plastics market due to stringent regulatory frameworks and growing consumer demand for environmentally friendly products. Furthermore, technological advances in biopolymer production and sustainable packaging solutions enhance Europe’s market competitiveness. Furthermore, the region's strong industrial infrastructure and focus on environmental sustainability have driven the adoption of biodegradable plastics across various industries, reinforcing its position as a key player in the global market.

Key players such as NatureWorks, BASF SE, and Total Corbion are at the forefront of market expansion, leveraging their expertise and strategic partnerships to drive innovation and capture significant market share. The company is investing in research and development to improve the performance and versatility of biodegradable plastics to meet different end-user applications. For example, in March 2023, NatureWorks announced a strategic partnership with a leading packaging manufacturer to develop compostable packaging solutions for food and beverage applications. Investment in infrastructure and sustainable production processes is critical to the growth and scalability of the biodegradable plastics market, supporting its integration into existing supply chains and waste management systems.

The story continues

Key questions answered by this report:

• What are the main factors driving the demand for biodegradable plastics market?

• What are the main patents filed by companies active in the biodegradable plastics market?

• Who are the major players in the biodegradable plastics market and what is their respective market share?

• What strategies are adopted by major players to gain competitive advantages in the biodegradable plastics market?

• What are the future prospects of the biodegradable plastics market in terms of growth potential?

• What are the current estimates of the biodegradable plastics market?

• Which applications and product segments are expected to lead the market during the forecast period (2024-2034)?

• Which regions have the highest market adoption of biodegradable plastics, and what factors contribute to their leadership?

Key attributes:

market segmentation:

Segmentation by End-Use Industry

Break down by type

• People's Liberation Army

• starch mixture

• PHA

• biodegradable polyester

• others

Breakdown by region

• North America

• Europe

• Asia Pacific

• Rest of the world

Our company's selection

For more information about this report, please visit https://www.researchandmarkets.com/r/iv332a

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