The global biodegradable plastics market size is projected to reach USD 23.3 billion by 2026 from USD 7.7 billion in 2021, at a CAGR of 24.9%, between 2021 and 2026. Higher price of biodegradable plastics than conventional plastics, along with the performance issue of biodegradable plastics are the major restraining factors penetrating in the market.
Browse 153
market data Tables and 44 Figures spread through 236 Pages and
in-depth TOC on "Biodegradable Plastics Market by Type (PLA, Starch
Blends, PHA, Biodegradable Polyesters), End Use Industry (Packaging, Consumer
Goods, Textile, Agriculture & Horticulture), and Region (APAC, Europe,
North America & RoW) - Global Forecast to 2026"
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Biodegradable plastics possess a high potential for growth as it lowers
the carbon footprint, reduces waste, improves compostability, and lowers energy
costs coupled with stringent government regulations to replace conventional
plastics. Increase in the use of biodegradable plastics in the packaging
end-use industry, increase in waste management regulations in Europe, favorable
government policies, and rising concern for human health are driving the demand
for biodegradable plastics.
Based on type, the biodegradable plastics
market is classified into PLA, Starch blends, PHA, Biodegradable polyesters,
and others. Biodegradable plastics are derived from renewable sources or are based
on monomers derived from renewable sources such as corn, potato, rice, soy,
sugarcane, wheat, and vegetable oil. Polylactic acid (PLA) is considered one of
the most important biodegradable plastics due to its good mechanical properties
and easy processability. The raw materials required to manufacture PLA is also
easily available. Such factors make PLA the largest segment of the
biodegradable plastics market, and it is expected to grow at a rapid rate. Growing
concerns related to environmental pollution and non-renewable finite petroleum
resources are leading to the increasing use of biodegradable plastics.
Based on end user, packaging industry captures the larger part of market
share in terms of volume and value during the forecast period, followed by textiles,
consumer goods, agriculture & horticulture and other industries. The need
for sustainable solutions has encompassed several industry verticals, including
food & beverages, e-commerce, and FMCG. The new applications for
biodegradable plastics in packagings such as diaper packaging, adult
incontinence products, and landfill covers, are gaining momentum. With several
innovative products coming up, the use of biodegradable plastics in packaging
is expected to rise further during the forecast period. In addition, the rise
in e-commerce have played an intense focus on increased packaging requirements.
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Europe is estimated to lead the
biodegradable plastics market, in terms of both value and volume, during the
forecast period. Countries, such as France, Spain, and the UK, are witnessing
an increase in the adoption of biodegradable plastics in the packaging &
bags industry, which will, in turn, enhance the growth of the market. The
growth in the region is attributed to the increase in population and rising
adoption of biodegradable plastics products.
However, segregation & processing of biodegradable plastics,
fluctuating oil prices, expensive & complex production processes and
limited regulations in developing nations are the major challenges for the
growth of the biodegradable plastics market between 2021 and 2026.
Read More Insights At https://www.prnewswire.com/news-releases/biodegradable-plastics-market-worth-23-3-billion-by-2026--exclusive-report-by-marketsandmarkets-301373151.html
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