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Market Overview:
The Biobased Biodegradable Plastics Market size is estimated to reach $15.7 Billion by 2030, growing at a CAGR of 20.2% during the forecast period 2023-2030, according to a recent report published by IndustryARC, titled, “Biobased Biodegradable Plastics Market –––By Type (Polyhydroxyalkanoate (PHA), Polylactide Acid (PLA), Polybutylene Succinate (PBS), Polybutylene Adipate Terephthalate (PBAT), Starch Blends, and Others), By End-Use Industry (Packaging, Textile, Agriculture, Transportation, Building & Construction, Electrical & Electronics, Consumer Goods, and Others), By Geography - Global Opportunity Analysis & Industry Forecast, 2023-2030”
Rising demand for sustainable packaging solutions and increased investment and market expansion are fueling the growth of the Biobased Biodegradable Plastics industry during the forecast period.
Europe Dominated the Market in 2023:
Europe held the largest share of up to 38% in the Biobased Biodegradable Plastics Market due to its strict regulatory framework, strong sustainability initiatives, and high consumer awareness regarding environmental concerns. The European Union (EU) has implemented stringent policies, such as the Single-Use Plastics Directive, which restricts the use of conventional plastics and promotes biodegradable alternatives. Additionally, several European countries have imposed bans and heavy taxes on plastic waste, encouraging industries to adopt biodegradable solutions. The region is home to leading bioplastics manufacturers, such as BASF, Novamont, and TotalEnergies Corbion, which are actively investing in research and development (R&D) to enhance biopolymer performance and scalability. Government subsidies and funding for bio-based industries have also contributed to market growth. Moreover, European consumers are highly conscious of sustainability, increasing demand for eco-friendly packaging in food & beverages, personal care, and retail sectors. Furthermore, Europe's circular economy initiatives and industrial collaborations are driving the development of biodegradable plastic alternatives in agriculture, automotive, and medical applications. The combination of policy support, industry innovation, and consumer demand makes Europe the leading region in the biobased biodegradable plastics market, setting a global benchmark for sustainability.
Biobased Biodegradable Plastics Market: Key Takeaways
Rising Demand for Sustainable Packaging Solutions:
With growing environmental concerns and strict regulations on single-use plastics, there is an increasing shift toward sustainable packaging solutions. Biobased biodegradable plastics, derived from renewable sources such as corn starch, sugarcane, and cellulose, are gaining traction as an eco-friendly alternative to conventional plastics. Major companies in the food & beverage, e-commerce, and consumer goods industries are adopting biobased packaging to align with sustainability goals. In July 2021, In a bid to reduce single-use plastic, the Defence Research and Development Organisation (DRDO) in collaboration with Acharya Nagarjuna University and Ecolastic Private Limited, launched environmentally safe packaging products made from natural and plant-based food-grade materials. Additionally, consumer awareness of plastic pollution and climate change is driving demand for compostable and biodegradable packaging. This trend is further reinforced by initiatives from governments and regulatory bodies worldwide promoting the use of biodegradable materials in packaging applications.
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Increased Investment and Market Expansion:
The biobased biodegradable plastics market is witnessing significant investment from both public and private sectors. Large corporations and startups are investing heavily in research and development to create next-generation biodegradable plastics. Government initiatives, subsidies, and policies supporting bioplastic production are also driving industry growth. Companies are expanding their production capacities and forming strategic partnerships to scale operations. For example, collaborations between biopolymer manufacturers and end-use industries are fostering the development of customized biodegradable solutions. Additionally, multinational brands are committing to sustainability targets, boosting demand for biobased biodegradable plastics across global markets. In February 2024, Leading sugar producer Balrampur Chini Mills Ltd has announced a bold investment -- the biggest in its history -- of Rs 2,000 crore into bioplastics, compounds that break down in the soil within days and not centuries like regular plastics.
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Recent Developments
• In May 2024, BASF, a leading chemical company, has developed a range of bio-based biodegradable films made from renewable resources such as corn starch. This innovative development represents a significant step towards more sustainable solutions in the packaging industry, aiming to reduce plastic waste and environmental impact.
• Arkema announces a major step forward in its innovative sustainable offer with the certification of a range of bio-attributed acrylic monomers using the mass balance approach. The launch of Arkema’s new range of bio-attributed acrylic monomers and specialty acrylic additives and resins, mass-balance certified under the International Sustainability and Carbon Certification-PLUS (ISCC+) framework, is a key milestone in the transition to a more renewable and lower carbon economy.
• In February 2024, The Mitsubishi Chemical Group (the MCG Group) is pleased to announce that it has developed new biodegradable biopolyester resins with a high biomass content and flexibility among other features. The newly developed SA916N and SA916F are biodegradable resins which are degraded by microorganisms found in nature. Their high biomass content of over 60%, flexibility, high tear strength, and excellent processability have been achieved thanks to the MCG Group's proprietary material design and manufacturing technologies.
Biobased Biodegradable Plastics Market: Competitive Landscape
Key companies profiled in the Biobased Biodegradable Plastics Market are Versalis, Arkema S.A., Toyota Tsusho Corporation, BASF SE, Mitsubishi Plastics Inc., Corbion NV, Teijin Ltd., Natureworks LLC, Toray Industries Inc., Solvay SA. and others.
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IndustryARC primarily focuses on Market Research and Consulting Services specific to Cutting Edge Technologies and Newer Application segments of the market. The company’s Custom Research Services are designed to provide insights into the constant flux in the global demand-supply gap of markets.
IndustryARC’s goal is to provide the right information required by the stakeholder at the right point in time, in a format that assists an intelligent and informed decision-making process.
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Mr. Venkat Reddy
IndustryARC
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