Biodegradable Plastic Market Size to Surpass USD 19.41 Billion by 2034
The global biodegradable plastics market size reached USD 4.79 billion in 2024 and is projected to surpass around USD 19.41 billion by 2034 with a CAGR of 15.28%.
Get Sample Copy of Report@ https://www.precedenceresearch.com/sample/1067
Key Points
- Europe led the global market in 2024, contributing a 42.14% share.
- Asia Pacific is expected to experience the highest growth rate over the forecast period.
- The starch-based category emerged as the dominant segment in 2024 by type.
- The Polyhydroxyalkanoate (PHA) segment is predicted to register the fastest CAGR during the projected timeframe.
- Packaging remained the leading end-use industry in terms of revenue in 2024.
- The agriculture sector is estimated to expand at the highest CAGR between 2025 and 2034.
Market Scope
Report Highlights | Details |
Growth Rate from 2025 to 2034 | CAGR of 15.28% |
Market Size in 2024 | USD 4.79 Billion |
Market Size by 2034 | USD 19.41 Billion |
Largest Market | Europe |
Fastest Growing Market | Asia Pacific |
Base Year | 2024 |
Forecast Period | 2025 to 2034 |
Segments Covered | By Vehicle Class, and By Architecture |
Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Market Dynamics
Market Drivers
The biodegradable plastic market is being propelled by rising concerns over plastic waste accumulation and its environmental impact. Governments worldwide are enforcing stricter regulations on plastic usage, pushing industries to adopt sustainable alternatives.
Consumer preferences are also shifting toward eco-friendly packaging and products, further boosting market demand. Additionally, research and development efforts focused on enhancing the durability and efficiency of biodegradable plastics are making them more viable for widespread applications.
Market Opportunities
The growing emphasis on circular economy principles is opening new opportunities for biodegradable plastics. Increased investment in biodegradable alternatives for single-use plastics, particularly in the food service and retail industries, is creating strong market potential.
Technological advancements, such as the development of water-soluble and marine-degradable bioplastics, are also expanding application possibilities. Furthermore, collaborations between governments and private companies to promote sustainability initiatives are expected to accelerate market growth.
Market Challenges
The high cost of biodegradable plastics compared to conventional plastics remains a significant challenge for widespread adoption. Additionally, the lack of efficient industrial composting facilities limits the potential benefits of biodegradable materials.
Many consumers and businesses are still unaware of the proper disposal methods for biodegradable plastics, leading to ineffective waste management. Addressing these challenges will require enhanced public education, improved infrastructure, and continued technological advancements.
Regional Insights
Europe remains at the forefront of the biodegradable plastic market due to its strict environmental policies and strong support for sustainable practices. The Asia Pacific region is set to witness the highest growth rate, driven by increasing urbanization, government initiatives, and rising consumer awareness.
North America is also a key market, with companies actively investing in sustainable materials and innovative biodegradable plastic technologies.
Biodegradable Plastic Market Companies
- Biome Technologies plc
- Mitsubishi Chemical Corporation
- BASF SE
- Plantic Technologies Limited
- Yield10 Bioscience, Inc.
- Corbion
- Eastman Chemical Company
- Dow Inc.
- NatureWorks LLC
- Danimer Scientific
- Toray Industries, Inc.
- p.A.
- TianAn Biologic Materials Co., Ltd.
Recent Developments
- In December 2023, with the introduction of a new end-to-end licensed technology called CAPSULTM for the continuous manufacturing of polycaprolactone (PCL), a biodegradable polyester frequently used in the packaging, textile, agricultural, and horticultural industries, Swiss technology company Sulzer is broadening its line of bioplastics.
- In February 2024, leading South Korean chemical manufacturer LG Chem Ltd. and food and biotechnology company CJ CheilJedang Corp. have partnered to establish an environmentally friendly bio-nylon joint venture in an effort to reduce carbon emissions and generate new revenue. The CEOs of the two companies, LG Chem and CJ CheilJedang, announced on Thursday that they had inked a head of agreement (HOA) to construct a joint venture plant that would manufacture environmentally friendly nylon using PMDA, or bio-materials made from fermenting corn, sugarcane, and other crops.
Segments Covered in the Report
By Type
- Starch-based
- PBS
- PLA
- PHA
- PBAT
- Others
By End-User
- Consumer Goods
- Agriculture
- Packaging
- Others
By Regional Outlook
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of the World
Ready for more? Dive into the full experience on our website@ https://www.precedenceresearch.com/