- In March 2024, Beyond Plastic announced a partnership with CJ Biomaterials to manufacture a biodegradable plastic bottle cap. This cap is crafted from polyhydroxyalkanoate (PHA), a biopolymer sourced from natural materials, which improves the functional properties of traditional plastics while providing environmental benefit
- In February 2024, Balrampur Chini Mills Ltd made a significant investment of USD 267 million in bioplastics and plans to establish a PLA plant with an annual production capacity of 75,000 tons. This strategic move aligns with the company’s commitment to sustainability and positions it to capitalize on the growing demand for eco-friendly packaging solutions
- In October 2023, Versalis, a prominent Italian chemical manufacturing firm, acquired Novamont's biodegradable plastic business. This strategic move is expected to strengthen Versalis's product portfolio in the biodegradable plastics sector
- In May 2023, DuPont revealed its acquisition of Spectrum Plastics Group, a company specializing in the production of medical devices. This acquisition aims to bolster DuPont's existing portfolio in biopharmaceutical and pharmaceutical processing, as well as medical device and packaging products, thereby strengthening its presence in the medical sector
- In September 2021, BASF partnered with WPO Polymers to distribute the biopolymer ecovio for certified compostable bags in Spain and Portugal. This collaboration aligns with BASF's strategy for growth in the biopolymers business
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
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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.
