Biodegradable Plastics Market Prospects Future Growth and Opportunities by 2033
Biodegradable Plastics Market Prospects
The increase in environmental awareness has shifted consumer preferences towards biodegradable alternatives to traditional plastics.
WILMINGTON, DELAWARE, UNITED STATES, June 26, 2024 /EINPresswire.com/ -- Allied Market Research's recent publication, "Biodegradable Plastic Market by Type and Application: Global Opportunity Analysis and Industry Forecast, 2023-2033", reveals significant growth projections for the biodegradable plastic market. Valued at $3.9 billion in 2023, the market is anticipated to reach $9.1 billion by 2033, exhibiting a CAGR of 8.8%.
𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 𝐨𝐟 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰: https://www.alliedmarketresearch.com/request-sample/6136
Prime Growth Determinants
Rising Consumer Demand: The increase in environmental awareness has shifted consumer preferences towards biodegradable alternatives to traditional plastics, especially for single-use items such as packaging and utensils.
Environmental Regulations: Governments and regulatory bodies are imposing stricter regulations on traditional plastics, fostering the adoption of biodegradable options.
Corporate Sustainability Goals: Many corporations are incorporating biodegradable plastics into their sustainability strategies to align with eco-friendly consumer trends and regulatory requirements.
Key Market Restraints
High Costs: Despite their environmental benefits, the higher costs of biodegradable plastics compared to conventional plastics pose a significant challenge to market expansion.
Segment Analysis
Type:
Polylactic Acid (PLA): Leading the market, accounting for one-third of the revenue in 2023. PLA, derived from renewable resources like corn starch and sugarcane, is favored for its biodegradability and suitability for single-use products.
Application:
Packaging: Dominates the market with over three-fifths of the revenue in 2023. The shift towards biodegradable packaging addresses the critical issue of plastic pollution and meets rising consumer demand for sustainable options.
Regional Insights
Asia-Pacific: Expected to dominate by 2033, driven by increasing environmental concerns and favorable government policies.
Europe: Held over two-fifths of the market share in 2023 and is projected to grow at a CAGR of 8.7%. Europe's strong environmental regulations and consumer preferences for sustainable products bolster market growth.
Key Market Players
- BASF SE
- NatureWorks
- Total Corbion
- Novamont
- Biome Bioplastics
- Mitsubishi Chemical Holding Corporation
- Toray Industries
- Plantic Technologies
- Danimer Scientific
- Fkur Kunstsoff
- Strategic Insights
The report details strategic initiatives such as new product launches, collaborations, expansions, and joint ventures undertaken by key players to enhance their market presence. These strategies aim to leverage the growing demand for biodegradable plastics and comply with evolving regulations.
𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭𝐞𝐝 𝐢𝐧 𝐏𝐫𝐨𝐜𝐮𝐫𝐢𝐧𝐠 𝐓𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭? 𝐕𝐢𝐬𝐢𝐭 𝐇𝐞𝐫𝐞: https://www.alliedmarketresearch.com/biodegradable-plastic-market/purchase-options
About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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Allied Market Research
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