Global Bio-Based Biodegradable Plastics Market is Expected to Grow at a CAGR of 25.0% from 2021 to 2030; Quince Market Insights

Major market players operating in the global bio-based biodegradable plastics market, which include NatureWorks (US), BASF (Germany), Novamont (Italy), Total Corbion (Netherlands), Biome Bioplastics (UK), Toray Industries (Japan), Fkur Kunstsoff (Germany), Mitsubishi Chemical Holding Corporation (Japan), Danimer Scientific (US), Plantic Technologies (Australia).

Pune, India, Dec. 02, 2021 (GLOBE NEWSWIRE) -- The global bio-based biodegradable plastics market was estimated to value USD 7.5 billion in 2021 and is projected to grow at a CAGR of 25.0% during the forecast period 2021 to 2030, according to a recent market study published by Quince Market Insights. Bio-based biodegradable plastic is a plant-based plastic and are environment-friendly in nature. It degrades naturally in base compounds in a short period of time.

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Some of the factors propelling the demand for bio-based biodegradable plastics are government initiatives to restrict single use plastic, and strict rules against the use of conventional plastic products from governments across the world. Such factors are largely impacting the market growth during the forecast period.

The development of the market is adversely impacted by high cost of bio-based biodegradable plastic over its conventional counterparts. For example, polylactic acid based biodegradable bio plastics are at least eight times as costly as the petroleum-based plastics. Though, new biodegradable bio plastics made from the skins of tropical fruits at a lesser cost, they are anticipated to offer lucrative growth opportunities in the projected time frame.

Bio-Based Biodegradable Plastics Market, By Product Type:

Based on product type, the global bio-based biodegradable plastics market is segmented into PLA (Polylactic Acid), PHA (polyhydroxyalkanoates), starch blends, polyesters, regenerated cellulose, and others.

The PHA is expected to record fastest growth during the predicated time frame on account of surging use of PHA in medical and other applications. PHA is mainly used in medical applications such as medical implants and encapsulation.

Other medical applications of bio-based biodegradable plastics are bone marrow scaffolds, bone plates, and tissue engineering. With the growing usage of PHA in different applications such as manufacturing of agriculture films and foil, compost bags for food and beverages, and consumer products among others, the demand of PHA development is increasing across the globe.

Bio-Based Biodegradable Plastics Market, By Application:

Based on the application of bio-based biodegradable plastics market is segmented into packaging, textile fibers, agriculture, and others. The packaging type is sub-segmented into flexible packaging, and rigid packaging.

The agriculture segment is expected to record the fastest growth during the predicated time frame. On account of use of biodegradable mulch film safeguards conservation of suppression of weed growth, water in the soil, and soil temperature preservation in order to simplify faster crop growth. Developed economies like U.S. and Europe are also observing the growing use of bio-based biodegradable plastics in consumer goods.

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Bio-Based Biodegradable Plastics Market, By Region:

The main regions in the bio-based biodegradable plastics market comprise of North America, Europe, Asia Pacific, Middle East and Africa, and South America.

Among all, Europe is projected to be the fastest-growing market during the forecast period. On account of legal strategies and framework in Europe, the extensive use of bio-based biodegradable plastic offers lucrative opportunities.

Increase in demand for bio-based bioplastic products among European population stimulates the development of bio-based products in region. Also, European customer prefer bioplastic products over conventional plastic products considering their environmental advantages. Thus, Europe has substantial market share in terms of revenue in the market.

Additionally, Middle East and Africa is anticipated to observe high growth rate on account of presence of large sugarcane feedstock, which can be utilized for manufacturing of bioplastics.

Key Developments of the Bio-Based Biodegradable Plastics Market

• May 2019 - Biodegradable plastic producer Lactips (France) has presented a contract to BASF (Germany) for the advertising of its bio-based, water-soluble, and fully biodegradable material.

• December 2017 - Mitsubishi Chemical Corp. (Japan), and Mazda (Japan) have together developed a new grade of Durabio bio-derived polycarbonate engineering plastic appropriate for molding large cosmetic automotive parts.

Some Major Findings of The Global Bio-Based Biodegradable Plastics Market Report Include:

• An in-depth global bio-based biodegradable plastics market analysis by the segments, along with an analysis of trend-based insights and factors

• Profiles of major market players operating in the global bio-based biodegradable plastics market, which include NatureWorks (US), BASF (Germany), Novamont (Italy), Total Corbion (Netherlands), Biome Bioplastics (UK), Toray Industries (Japan), Fkur Kunstsoff (Germany), Mitsubishi Chemical Holding Corporation (Japan), Danimer Scientific (US), Plantic Technologies (Australia).

• Key impact factor analysis across regions that includes analysis, along with the drivers, restraints, opportunities, and challenges that are prevailing in the global bio-based biodegradable plastics market

• Impact of COVID-19 on the global bio-based biodegradable plastics market

Browse key industry insights from the report, “Bio-Based Biodegradable Plastics Market, by Product Type (PLA (Polylactic Acid), PHA (Polyhydroxyalkanoates), Starch Blends, Polyesters, Regenerated Cellulose, Others), Application (Packaging {Flexible Packaging, Rigid Packaging}, Textile Fibers, Agriculture, Others), Region (North America, Europe, Asia-Pacific, South America, Middle East & Africa)) — Industry Trends and Forecast To 2030” in depth analysis along with the table of contents (ToC).

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