North America Biodegradable Plastics Market
North America Biodegradable Plastics Market is growing at a CAGR 19.3% to reach US$ 4,904.16 million by 2028 from US$ 1,703.17 million in 2022 by Type and End User.

Published On: Apr 2023

Available Report Formats

pdf-format excel-format pptx-format
Request Free Sample Buy Now
North America Biodegradable Plastics Market

At 19.3% CAGR, the North America Biodegradable Plastics Market is projected to be worth US$ 4,904.16 million by 2028, says Business Market Insights

According to Business Market Insights research, the North America biodegradable plastics market was valued at US$ 1,703.17 million in 2022 and is expected to reach US$ 4,904.16 million by 2028, registering a CAGR of 19.3% from 2022 to 2028. Growing awareness among customers about adverse effects of conventional plastics and clean up efforts taken up by the governments are the critical factors attributed to the North America biodegradable plastics market expansion.               

The customers in developed and developing countries have been educated of the ill effects of conventional plastics on their lifestyle and the environment. As a result, they demand more environmentally friendly products, which leads to a depreciation in the use of crude oil and natural gas, that results in the reduction carbon footprints. Biodegradable plastic is a surrogate for nearly all conventional plastics used in a diverse range of applications. These plastics offer innovative alternatives with enhanced properties, along with distinctive ability to lessen the emissions as well as provide the same qualities and functionalities as that of conventional plastics. The biodegradable plastics are synthesized using renewable resources as well as fossil raw materials, such as cellulose ester, PLA, PHA, starch derivatives, and copolyesters (PBS, PBAT, etc.) Various organizations are engaged in bringing transformation in the handling of plastics, through strategic planning, communication, consumer awareness campaigns, documentary films, education, clean up campaigns, raising business awareness, scientific research, entrepreneurial innovation, legislation, and sustainability. The key aim is to educate the users regarding plastic pollution, thereby encouraging the invention of more sustainable solutions, and empowerment of more people and business organizations to take action to stop plastic pollution. Therefore, the revolution in consumer demand on the basis of environmental awareness, packaging convenience, and sustainable plastic production systems is boosting the biodegradable plastic market growth.  

On the contrary, cheaper alternatives like conventional plastics hurdles the growth of North America biodegradable plastics market.

Based on type, the North America biodegradable plastics market is segmented into PLA, PHA, starch blends, PBS, PBAT, and others. The starch blends segment held 38.8% share of North America biodegradable plastics market in 2022, amassing US$ 661.42 million. It is projected to garner US$ 1,912.47 million by 2028 to expand at 19.4% CAGR during 2022–2028.

Based on end-user, the North America biodegradable plastics market is segmented into packaging and bags, agriculture and horticulture, consumer goods, and others. The packaging and bags segment held 49.4% share of North America biodegradable plastics market in 2022, amassing US$ 840.58 million. It is projected to garner US$ 2,438.14 million by 2028 to expand at 19.4% CAGR during 2022–2028.  

 

Based on country, the North America biodegradable plastics market is segmented into the US, Canada, Mexico. Our regional analysis states that the US captured 64.9% share of North America biodegradable plastics market in 2022. It was assessed at US$ 1,104.58 million in 2022 and is likely to hit US$ 3,199.68 million by 2028, exhibiting a CAGR of 19.4% during the forecast period.  

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

Contact Us
Phone: +16467917070
Email Id: sales@businessmarketinsights.com