Global Biodegradable Plastics Market Analysis

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Global Biodegradable Plastics Market Analysis

  • Chemical and Materials
  • Upcoming Report
  • Oct 2024
  • Global
  • 350 Pages
  • No of Tables: 60
  • No of Figures: 220

The biodegradable plastics market is experiencing significant growth, driven by increasing environmental awareness and stringent regulations on plastic waste. Innovations in material science have led to the development of advanced biodegradable options, such as polylactic acid (PLA) and polyhydroxyalkanoates (PHA), which are gaining traction in various applications, including packaging, agriculture, and consumer goods. In recent developments, major players are expanding their production capacities and forming strategic partnerships.  In addition, in October 2023, Versalis acquired Novamont's biodegradable plastic business, enhancing its offerings in this eco-friendly segment. Furthermore, government initiatives promoting sustainable practices and the circular economy are encouraging manufacturers to innovate and adopt biodegradable materials. As a result, the market is expected to flourish, with a forecasted CAGR that reflects the increasing emphasis on sustainability and the reduction of plastic pollution globally.

Frequently Asked Questions

The market is segmented based on Segmentation, By Product Type (Polylactic Acid (PLA), Starch Blends, Biodegradable Polyesters, Polyhydroxyalkanoates (PHA), and Others), Application (Packaging and Bags, Consumer Goods, Agriculture and Horticulture, Textile, and Others) - Industry Trends and Forecast to 2031 .
The Global Biodegradable Plastics Market size was valued at USD 20.84 USD Billion in 2023.
The Global Biodegradable Plastics Market is projected to grow at a CAGR of 19.11% during the forecast period of 2024 to 2031.
The major players operating in the market include BASF SE, NatureWorks LLC, TT Global Chemical Public Company Limited, Total Energies, Novamont S.p.a., Fkur, Dupont, Biome Bioplastics, Mitsubishi Chemical Holding Corporation, Toray Industries , Dow, Plantic, TianAn Biologic Materials Co. , Danimer Scientific, Evonik Industries AG, Eastman Chemical Company, DAIKIN, and SOLVAY,.
The market report covers data from the U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.