Biodegradable Plastics Market Size in 2023 is Estimated to Grow at a Modest CAGR of 25% with Trends Shaping and Forecast to 2029 | Cargill Incorporated, Mitsubishi Chemical Corporation and NatureWorks, Biome
The careful efforts of professional forecasters, skilled analysts, and intelligent researchers have resulted in the creation of the Biodegradable Plastics Market research study. Companies can better understand the different types of consumers, consumer demands and preferences, perspectives on the product, purchasing intentions, reactions to individual products that are already on the market. Thanks to the detailed and current information provided in this report. By dealing with a wide range of market analyses, product definition, market segmentation, important developments, and the current vendor landscape through 2029, the Biodegradable Plastics Market Report offers a complete overview of the market.
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Market Overview (2023-2029):
Historical Market Size (2022): USD 5.9 billion in 2022
Forecast CAGR (2023-2029): 25%
Forecast Market Size (2029): USD 43.95 billion by 2029
Also, the vendor landscape and competitive scenarios of the Biodegradable Plastics market are broadly analysed to help market players gain competitive advantage over their competitors. Readers are provided with detailed analysis of important competitive trends of the Biodegradable Plastics market. Market players can use the analysis to prepare themselves for any future challenges well in advance. They will also be able to identify opportunities to attain a position of strength in the Biodegradable Plastics market. Furthermore, the analysis will help them to effectively channelize their strategies, strengths, and resources to gain maximum advantage in the market.
Recent Developments
- In February 2022, Bioplastics International introduced water-soluble PVA. The material is developed to be used as a replacement to plastics. It can be used for manufacturing water-soluble PVA bags and packaging films. The material is being used in the healthcare sector for drug delivery systems, artificial organs, wound management, and contact lenses owing to its biodegradability, biocompatibility, and non-toxicity.
- In January 2022, TerraVerdae Bioworks Inc. announced the acquisition of PolyFerm Canada. The acquisition is aimed at enhancing the company’s PHA technology portfolio. The acquisition enabled the company to develop advanced biodegradable bioplastic products to cater to the growing biodegradable plastics market demand for sustainable alternatives to products.
Market Dynamics
Drivers
- Consumer Interest in Biodegradable Plastics is Increasing
The widespread use of throwaway single-use plastics and their detrimental effects on the environment and human health are driving up the need for biodegradable plastics on a global scale. Given that they are composed of petroleum, plastics are one of the most urgent environmental issues since they take a very long time to breakdown and wind up in landfills. Plastics that are biodegradable break down fast and are absorbed by the environment. Additionally, biodegradable polymers break down more quickly than conventional plastics.
Opportunities
- Surging Consumer Awareness
Moreover, during the projection period of 2023 to 2029, market participants would benefit from growing consumer awareness of environmentally friendly plastic alternatives and greater initiatives to cut back on the usage of traditional plastics.
- Favourable Regulations and Policies
Additionally, the biodegradable plastic producers have significant growth opportunities in various end-use industries such as electronics, automotive, and medical, thanks to favourable government regulations and a growing focus on eco-friendly plastics for green procurement policies.
Competitive Assessment:
The main research methodology applied here by the research team is data triangulation, which includes data mining, analysis of the impact of data variables on the market, and primary (industry experts) validation. This report helps to gather information about all the above factors by providing actionable market insights and comprehensive analysis. The Biodegradable Plastics market report mainly focuses on important aspects of the market which include historical data, current market trends, environment, technological innovations, upcoming technologies, and technological advancement in the industry among others.
Leading market players in the Biodegradable Plastics market is focusing on strategies such as expansion, new product launches, and acquisitions to gain large market share and enhance their global presence in the target market. Some Key Competitors of the Biodegradable Plastics market is Cargill Incorporated, Mitsubishi Chemical Corporation and NatureWorks, Biome, Plantic, BIO-ON, Danimer Scientific, Novamont S.p.A., TORAY INDUSTRIES, INC., NatureWorks LLC, BASF SE, Total Corbion PLA, Perstorp, K.D. FEDDERSEN, UrthPact, LLC, Indochine Bio and others.
Biodegradable Plastics Market Segmentation:
Biodegradable Plastics Market by Type, 2023-2029, (USD Million) (Kilotons)
- PLA
- Starch Blends
- PHA
- PBAT
- PBS
- Biodegradable Polyesters
Biodegradable Plastics Market by End Use Industry, 2023-2029, (USD Million) (Kilotons)
- Packaging
- Consumer Goods
- Textile
- Agriculture & Horticulture
Regions included in the report Biodegradable Plastics Market:
- North America (U.S., Canada, Mexico)
- Europe (U.K., Italy, Germany, Russia, France, Spain, The Netherlands and Rest of Europe)
- South America (Colombia, Brazil, Argentina, Rest of South America)
- Asia-Pacific (India, Japan, China, South Korea, Australia, Indonesia Rest of Asia Pacific)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
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Highlight the Following Key Factors:
- Business description: a detailed description of company operations and business departments.
- Company strategy: The analyst’s summary of the company’s business strategy.
- SWOT analysis: Detailed analysis of the company’s strengths, weaknesses, opportunities, and threats.
- Company History: The progress of major events related to the company.
- Main products and services: A list of the company’s main products, services, and brands.
- Main competitors: A list of the company’s main competitors.
- Important locations and subsidiaries: The company’s main locations and subsidiaries’ list and contact information.
- Detailed financial ratios of the past five years: The latest financial ratios come from the annual financial statements issued by companies with a history of five years.
What this report provides?
▶ GTM (Go-to-Market) strategy
▶ Analysis of Market Size (historical and forecast), Total Addressable Market (TAM), Serviceable Available Market (SAM), Serviceable Obtainable Market (SOM), Market Growth, Technological Trends, Market Share, Market Dynamics, Competitive Landscape and Major Players (Innovators, Start-ups, Laggard, and Pioneer)
▶ Development trends, competitive landscape analysis, supply side analysis, demand side analysis, year-on-year growth, competitive benchmarking, vendor identification, QMI quadrant, and other significant analysis, as well as development status
▶ Recent market developments and it’s futuristic growth opportunities
▶ Customized regional/country reports as per request
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Key Points from TOC:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Biodegradable Plastics Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Global Statistics — Key Countries
- New Product Launches
- Pipeline Analysis
- Regulatory Scenario — Key Countries
- Recent Industry Developments — Partnerships, Mergers and Acquisitions
- Global Market Analysis, Insights and Forecast
- Key Findings/ Summary
- Biodegradable Plastics Market Analysis — By Product Type
- Market Analysis — By Distribution Channel
- Market Analysis — By Countries/Sub-regions
- Competitive Analysis
- Key Industry Developments
- Global Biodegradable Plastics Market Share Analysis
- Competition Dashboard
- Comparative Analysis — Major Players
- Company Profiles
- Overview
- Products and Services
- SWOT Analysis
- Recent developments
- Major Investments
- Regional Market Size and Demand
- Strategic Recommendations
TOC Continued……………….
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