The South & Central America biodegradable plastics market is expected to grow from US$ 475.10 million in 2022 to US$ 1,202.82 million by 2028. It is estimated to grow at a CAGR of 16.7% from 2022 to 2028.
Implementation of Biodegradable Plastics in Biomedical Applications is Drive South & Central America Biodegradable Plastics Market
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.
South & Central America Biodegradable Plastics Market Overview
The biodegradable plastic market in South & Central America region is segmented into Brazil, Argentina, and the Rest of South & Central America. The growth in the region is attributed to increasing government initiatives and availability of cheap raw material. For instance, the Autonomous Government of the City of Buenos Aires, through its Ministry of Environment and Public Space prohibited plastic bags in 2017 and single use plastic straws in 2019 owing to rising environmental challenges and reduce the generation of waste. In addition, rising use of biodegradable plastic in various end use industries in the region has expected to propel the market growth in coming years. Technological advances, increased greenhouse gas emissions, and a greater focus on environmental sustainability and vehicle end life management are fueling the demand for biodegradable plastic in the agriculture industry. Utilizing biodegradable plastic in agriculture has multiple benefits, such as reducing the carbon footprint being generated on the planet since biodegradable plastics have the quality of degrading more quickly and naturally. Moreover, key biodegradable plastic market players in the region are likely to expand their market share by adopting product development and innovation strategies.
South & Central America Biodegradable Plastics Market Revenue and Forecast to 2028 (US$ Million)
South & Central America Biodegradable Plastics Market Segmentation
The South & Central America biodegradable plastics market is segmented into type, end user, and country.
Based on type, the South & Central America biodegradable plastics market is segmented into PLA, PHA, starch blends, PBS, PBAT, and others. In 2022, the starch blends segment registered a largest share in the South & Central America biodegradable plastics market.
Based on end-user, the South & Central America biodegradable plastics market is segmented into packaging and bags, agriculture and horticulture, consumer goods, and others. In 2022, the packaging and bags segment registered a largest share in the South & Central America biodegradable plastics market.
Based on country, the South & Central America biodegradable plastics market is segmented into Brazil, Argentina, and the Rest of South & Central America. In 2022, the Rest of South & Central America segment registered a largest share in the South & Central America biodegradable plastics market.
BASF SE; FKuR Kunststoff GmbH; Mitsubishi Chemical Holdings Corp; Novamont SpA; TotalEnergies Corbion BV are the leading companies operating in the South & Central America biodegradable plastics market.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 475.10 Million |
| Market Size by 2028 | US$ 1,202.82 Million |
| CAGR (2022 - 2028) | 16.7% |
| Historical Data | 2020-2021 |
| Forecast period | 2023-2028 |
| Segments Covered |
By Type
|
| Regions and Countries Covered |
South and Central America
|
| Market leaders and key company profiles |
|
The South & Central America Biodegradable Plastics Market is valued at US$ 475.10 Million in 2022, it is projected to reach US$ 1,202.82 Million by 2028.
As per our report South & Central America Biodegradable Plastics Market, the market size is valued at US$ 475.10 Million in 2022, projecting it to reach US$ 1,202.82 Million by 2028. This translates to a CAGR of approximately 16.7% during the forecast period.
The South & Central America Biodegradable Plastics Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the South & Central America Biodegradable Plastics Market report:
The South & Central America Biodegradable Plastics Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The South & Central America Biodegradable Plastics Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the South & Central America Biodegradable Plastics Market value chain can benefit from the information contained in a comprehensive market report.
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