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Biodegradable Plastics Market
The North American biodegradable plastics market is projected to expand significantly, from US$ 1,703.17 million in 2022 to US$ 4,904.16 million by 2028, demonstrating a compound annual growth rate (CAGR) of 19.3% over this period. This growth is primarily driven by increasing government-led clean-up efforts and supportive policies.
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Biodegradable plastics offer a viable alternative to conventional single-use plastics, possessing similar functionalities while reducing greenhouse gas emissions. The industry is actively engaged in research and development to improve material properties, enhance production efficiency, and minimize environmental impact. Government regulations, such as the ASTM D6400 standard in North America, mandate complete decomposition of biodegradable and compostable plastic products within a specified timeframe, leaving no harmful residues. Such initiatives and bans on traditional plastics are fueling the demand for biodegradable alternatives.
The North American market, encompassing the US, Canada, and Mexico, benefits from the presence of key domestic and international players, including BASF SE, Eastman Chemical Company, Cargill Incorporated, and SABIC. Growing environmental concerns and governmental efforts to reduce greenhouse gas emissions are key growth drivers. For instance, in January 2022, the U.S. Department of Energy (DOE) allocated US$ 13.4 million for developing next-generation plastics technologies aimed at reducing carbon emissions and energy consumption associated with single-use plastics.
Furthermore, a growing shift towards eco-friendly practices among companies, with many pledging to use recyclable or biodegradable packaging, is contributing to market expansion. Rising consumer awareness about global warming and plastic pollution is also prompting a preference for environmentally friendly products. Biodegradable plastics are increasingly substituting conventional plastics, particularly in the food packaging industry. Stringent government legislation restricting the use of conventional plastics is further propelling market growth, leading many Fast-Moving Consumer Goods (FMCG) companies to adopt biodegradable packaging to meet these standards. Organizations like BPI, North America’s leading certifier of compostable products and packaging, play a crucial role by ensuring that products bearing their logo meet scientifically-based standards, thereby encouraging sustainable waste recovery practices.
North America Biodegradable Plastics Strategic Insights
Strategic insights for the North America Biodegradable Plastics provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
Market leaders and key company profiles
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
API SpA
The North American Biodegradable Plastics market encompasses the specific geographical regions where businesses in this sector operate and compete. Recognizing and adapting to local variations is vital for success. These distinctions include diverse consumer preferences (e.g., demand for particular product features or performance metrics), varying economic conditions, and distinct regulatory landscapes. By understanding these nuances, businesses can tailor their strategies to specific markets.
Expanding market reach involves identifying underserved areas and customizing offerings to meet local demands. A well-defined market focus enables more efficient resource allocation, targeted marketing campaigns, and improved competitive positioning against local rivals, ultimately fostering growth within these targeted regions.
The North America biodegradable plastics market is segmented by type, end-user, and country.
Segmentation by Type:
- Polylactic Acid (PLA)
- Polyhydroxyalkanoates (PHA)
- Starch Blends (largest share in 2022)
- Polybutylene Succinate (PBS)
- Polybutylene Adipate Terephthalate (PBAT)
- Others
Segmentation by End-User:
- Packaging and Bags (largest share in 2022)
- Agriculture and Horticulture
- Consumer Goods
- Others
Segmentation by Country:
- US (largest share in 2022)
- Canada
- Mexico
Key Players in the North America Biodegradable Plastics Market:
- 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
- API SpA
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Author's Bio
Akshay
Senior Market Research Expert at Business Market Insights
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