Biodegradable Plastic Market to Hit $10.0 Billion by 2030 at CAGR of 9.7%: Grand View Research, Inc.
SAN FRANCISCO, Nov. 23, 2022 /PRNewswire/ -- The global biodegradable plastic market size is anticipated to reach USD 10.0 billion by 2030, as per a new report by Grand View Research, Inc., advancing at a steady CAGR of 9.7% during the forecast period. Biodegradable plastics can be decomposed, via actions of microbes as well as other living organisms, into carbon dioxide, water, and biomass. As the number of companies looking to have 'Green' credentials grows substantially, the production and demand for this type of plastic is expected to progress at a fast rate. Governments across the globe have been implementing strict regulations regarding the use of conventional plastics, while consumers in several developed and developing economies have become aware of the environmental harms of this product. Subsequently, various initiatives and projects to support sustainability have been established in recent years, which is a positive factor driving market growth.
Key Industry Insights & Findings from the report:
Read 102-page market research report, "Biodegradable Plastic Market Size, Share & Trends Analysis Report By Product (Starch Based, PLA, PHA, PBAT, PBS), By Application (Packaging, Consumer Goods, Agriculture), And Segment Forecasts, 2022 - 2030", published by Grand View Research.
Biodegradable Plastic Market Growth & Trends
Single-use plastics have been extensively used in food packaging, as well as in manufacturing straws, water bottles, and carry bags. However, they are generally disposed off aphazardly, and their accumulation leads to environmental degradation. According to EARTHDAY.ORG, human beings use 1.2 million plastic bottles every minute; additionally, around 50% of the annual worldwide plastic production is done keeping single-use products in mind, while 91% of the plastic used is not recycled. As a result, the promotion of biodegradable plastics in place of conventional ones has been going on at full swing across many leading nations, with eco-conscious consumers willing to pay a higher amount for these products. Biodegradable plastics can be prepared from a variety of raw materials that include starch, polyhydroxyalkanoates (PHA), polybutylene adipate terephthalate (PBAT), polylactic acid (PLA), and polybutylene succinate (PBS), among others. Plastics made from these products are used extensively across packaging and consumer goods applications.
Conventional plastic has become a nuisance for land and marine ecosystems, as its decomposition takes hundreds of years, which has resulted in the swift banning of products predominantly in North America and Europe. For instance, the European Commission implemented restrictions on the use of certain single-use plastic items, beginning on the 3rd of July, 2021. These include cutlery, balloon sticks, plastic plates, and straws, as well as food and beverage containers prepared from EPS (expanded polystyrene). In tune with these regulations, notable industry players have been making significant investments in R&D activities to enhance product quality and improve its decomposition properties. However, the industry is also facing a notable challenge in the form of difficulties in the decomposition process due to issues in segregation from conventional plastics, as they have no distinct differences. Moreover, certain biodegradable plastics can only decompose in a specific environment, while some products, during decomposition, release greenhouse gases.
Biodegradable Plastic Market Segmentation
Grand View Research has segmented the global biodegradable plastic market based on product, application, and region
Product Outlook (Volume, Kilotons; Revenue, USD Million, 2019 - 2030)
Application Outlook (Volume, Kilotons, Revenue, USD Million, 2019 - 2030)
Regional Outlook (Volume, Kilotons, Revenue, USD Million, 2019 - 2030)
List of Key Players in the Biodegradable Plastic Market
Check out more related studies published by Grand View Research:
Browse through Grand View Research's Plastics, Polymers & Resins Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
SOURCE Grand View Research, Inc.
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