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Biodegradable Plastics Market is expected to witness Incredible Growth during 2022-2030

The global biodegradable plastics market size was US$ 3.9 billion in 2021. The global biodegradable plastics market is forecast to grow to US$ 12.1 billion by 2030 by registering a compound annual growth rate (CAGR) of 11.1% during the forecast period from 2022 to 2030.

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Factors Influencing the Market
Biodegradable plastics are expected to gain wide traction in the coming years due to rapidly growing concerns over pollution and plastic waste. Moreover, various sectors, such as automotive, have started adopting biodegradable plastic to cater to the demands of the public. Thus, it will drive the growth of biodegradable plastics during the study period.

Biodegradable plastic is expected to gain a vital place in the packaging industry as various companies such as Coca-Cola are focusing on sustainable solutions. Apart from that, other industries, such as personal care, medical & healthcare, and textile, are focusing on offering sustainable solutions. As a result, it will benefit the global biodegradable plastics industry during the forecast period.

Government initiatives and raising public awareness about the hazardous effects of plastics will also escalate the growth of biodegradable plastic during the forecast period.

COVID-19 Impact Analysis
The biodegradable plastics market is forecast to experience huge growth potential due to the wake of the COVID-19 pandemic. The COVID-19 outbreak has highlighted the need to adopt sustainable solutions and save the environment and people from the hazardous effects of pollution. Thus, it will surge the demand for biodegradable plastics in the coming years.

However, various end-use industries of biodegradable plastics, such as textile, and automotive, recorded a substantial drop in terms of revenue, which hampered the growth of the biodegradable plastics market. Further, increasing government regulations promoting light-weight vehicles and electric vehicles will benefit the biodegradable plastics market during the study period.

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Regional Analysis
Europe will hold the largest biodegradable plastics market over the forecast period due to stringent regulations in the region for plastic use. In addition, growing public awareness about plastic waste and a ban on single-use plastics will drive the demand for biodegradable plastics in the region.

The Asia-Pacific biodegradable plastics market is forecast to hold a significant share, owing to the rising disposable income, changing living standards and stringent government regulations. Further, the region also holds on the largest automotive industry, which will contribute to the growth of the biodegradable plastics market during the study period.

Further, the availability of raw materials at a low cost will be opportunistic for the industry players in the global biodegradable plastics market during the forecast period.

Competitors in the Market
• NatureWorks
• Total Corbion PLA
• Mitsubishi Chemical
• Biome Bioplastics
• Plantic Technologies
• Bio-On
• Danimer Scientific
• Novamont S.p. A
• Toray Industries
• Other Prominent Players

Market Segmentation
The global biodegradable plastics market segmentation focuses on Type, End-Use Industry, and Region.
Based on the type:
• Starch Blends
• Biodegradable Polyesters
• Others
o Regenrative Cellulose
o Cellulose Derivative
Based on the end-use industry:
• Packaging
o Rigid Packaging
o Flexible Packaging
• Consumer Goods
o Electrical Appliances
o Domestic Appliances
o Others
• Textiles
o Medical & Healthcare Textile
o Personal care, clothes, and other textiles
• Agriculture & Horticulture
o Tapes & Mulch Films
o Others

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By Regional Outlook
● North America
o The U.S.
o Canada
o Mexico
● Europe
 Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
 Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
● Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o Rest of Asia Pacific
● Middle East & Africa (MEA)
o Saudi Arabia
o South Africa
o Rest of MEA
● South America
o Brazil
o Argentina
o Rest of South America

What is the goal of the report?
? The market report presents the estimated size of the market at the end of the forecast period. The report also examines historical and current market sizes.
? During the forecast period, the report analyzes the growth rate, market size, and market valuation.
? The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.
? The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance

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