At 20.9% CAGR, the Asia Pacific Biodegradable Plastics Market is projected to be worth US$ 6,758.94 million by 2028, says Business Market Insights

According to Business Market Insights research, the Asia pacific biodegradable plastics market was valued at US$ 2,165.03 million in 2022 and is expected to reach US$ 6,758.94 million by 2028, registering a CAGR of 20.9% from 2022 to 2028. Implementation of biodegradable plastics in biomedical applications and emerging use of biodegradable plastic in biomedical applications are the critical factors attributed to the Asia pacific biodegradable plastics market expansion. 

The packaging industry has been witnessing a significant growth of consumer preference towards sustainable packaging and growing use of biodegradable plastics to substitute fossil-fuel-based plastics. Sustainable packaging that is also known as green packaging that uses materials and manufacturing methods for the packaging of goods has a low impact on both energy consumption and environment. Currently, conventional plastic packaging is widely used in a range of applications, such as FMCG, food & beverages, pharmaceutical, and consumer goods. This increased use of plastic in various applications is responsible for the rise in plastic pollution. Therefore, reuse and recycling of plastic and plastic products are becoming foremost important for innovation and sustainability. Furthermore, conventional plastic is expected to become more expensive in the future with diminishing raw material sources. These factors provide a huge market potential for the adoption of the biodegradable plastic-based packaging products during the forecast period. The PLA and its copolymers are used in a wide range of applications of wound management like healing dental wounds, making surgical sutures and to prevent postoperative adhesions. PLA has also been implemented in the drug delivery system owing to its encapsulation capacity, low toxicity and biocompatibility. All these factors have been estimated to provide wide opportunities for the biodegradable plastics in the coming years.  

On the contrary, cheaper alternatives like conventional plastics hurdles the growth of Asia pacific biodegradable plastics market.

Based on type, the Asia pacific biodegradable plastics market is segmented into PLA, PHA, starch blends, PBS, PBAT, and others. The starch blends segment held 37.6% share of Asia pacific biodegradable plastics market in 2022, amassing US$ 814.15 million. It is projected to garner US$ 2,543.73 million by 2028 to expand at 20.9%CAGR during 2022–2028.

Based on end-user, the Asia pacific biodegradable plastics market is segmented into packaging and bags, agriculture and horticulture, consumer goods, and others. The packaging and bags segment held 45.4% share of Asia pacific biodegradable plastics market in 2022, amassing US$ 982.22 million. It is projected to garner US$ 3,152.34 million by 2028 to expand at 21.5% CAGR during 2022–2028.  

Based on country, the Asia pacific biodegradable plastics market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 44.4% share of Asia pacific biodegradable plastics market in 2022. It was assessed at US$ 962.13 million in 2022 and is likely to hit US$ 3,207.41 million by 2028, exhibiting a CAGR of 22.2% during the forecast period.  

Key players profiles in the Asia pacific biodegradable plastics market report BASF SE; FKuR Kunststoff GmbH; Kingfa Science and Technology Co Ltd; Mitsubishi Chemical Holdings Corp; NatureWorks LLC; Novamont SpA; Plantic Technologies Ltd; TotalEnergies Corbion BV, among others.

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