Dive into the rapidly evolving world of biodegradable plastics, as we explore market trends, significant developments and future potential in this environmentally-conscious sector.
The biodegradable plastics market is a dynamic and rapidly evolving sector, with a wealth of statistical data to explore. As environmental consciousness grows, the demand for eco-friendly alternatives to conventional plastics has surged, catapulting this market into the spotlight.
This article delves into the core statistics of the biodegradable plastics industry, from market size, growth trends, key players, to geographical distribution and future projections. Whether you’re an investor, a manufacturer, a student, or simply an eco-conscious individual, you’ll find comprehensive, up-to-date, and relevant data here, giving you a complete understanding of the biodegradable plastic market landscape.
What You Will Learn
The market size in terms of revenue was $134.5 billion in 2022.
In 2022, the revenue accrued from the biodegradable plastic market reached a staggering value of $134.5 billion, indicating the immense growth and public interest in eco-friendly alternatives. This figure represents a wide range of consumer and commercial products, from grocery bags and food wrappers to agricultural films and packaging, showcasing the industry’s diverse applications.
The surge in revenues underscores the market’s expansion, driven by increasing environmental concerns and the innovative range of products available.
The market volume for biodegradable plastics was 133,000 tonnes
In 2022, the amount of biodegradable plastics produced globally reached a significant milestone, hitting 133,000 tonnes.
This reflects a growing shift among manufacturers towards more sustainable forms of plastic, driven by increasing consumer awareness and stricter regulatory measures.
Despite this positive trend, it’s crucial to note that this figure still represents a small portion of the overall plastics market.
As such, concerted efforts are needed from both industry and government to accelerate the uptake of biodegradable alternatives.
The market size increased by 12% in 2022
Experiencing a significant surge, the biodegradable plastics industry registered a twelfth part growth in 2022. This increment strongly indicates an ascending trend towards sustainable materials that are environmentally friendly, painting a promising future for players in the sector.
Such a boost also attests to heightened consumer consciousness towards plastic alternatives, and a growing commitment from corporations and government bodies alike to offer eco-friendly solutions.
The global biodegradable plastics market size was valued at USD 2.23 billion in 2022
Carving a significant niche in the plastics industry, biodegradable plastics boasted a worth of USD 2.23 billion in 2022.
This value emerges from a potent combination of factors such as regulatory efforts for environmental conservation, increasing public awareness about sustainability, and innovations in biodegradable plastics technology.
Businesses and consumers globally are transitioning towards more environmentally friendly products, thereby pushing the growth trajectory of biodegradable plastics market.
The industry is expected to reach $6.97 billion by 2031, growing at a CAGR of 13.5%
A robust growth is projected for the biodegradable plastics industry, with predictions of it achieving a value of $6.97 billion by 2031.
This growth forecast indicates an annual average increase of 13.5%, as assessed by the Compound Annual Growth Rate (CAGR).
Such a speedy expansion reflects the mounting global concern for the environment and the consequent demand for sustainable alternatives to traditional plastics.
The anticipations for the industry’s growth also signify that businesses, policy makers, and consumers are progressively realizing the integral role of biodegradable plastics in the transition towards a circular economy.
Greenpeace report finds that only 5% of plastics are recycled each year
Despite the environmental concerns surrounding plastic waste and the efforts put into recycling, a study by Greenpeace uncovered a surprising reality. It revealed that only a meager 5% of all plastics produced globally are actually recycled annually. This statistic underscores the sheer magnitude of the plastic waste problem and the crucial need to transition towards more sustainable materials, such as biodegradable plastics.
The reuse and recycling of plastics are still at a nascent stage, with the majority of plastic waste ending up in landfills or littering our environment. The realization of this report has added urgency to the burgeoning demand for biodegradable plastic.
The recycling rate has increased to 32% in the US today
As evidence of growing environmental consciousness and regulatory initiatives, the US has seen a significant surge in recycling rates. Currently at 32%, this represents a marked improvement from previous years.
While indicative of progress, it also highlights the immense untapped potential that lies within the recycling industry. With more dedicated efforts, the expansion of recycling infrastructure and public participation, the rate will likely continue to rise.
EPA study found that recycling activities in the US account for 681,000 jobs and $37.8 billion in wages
Data indicates a stronger than ever link between recycling and economic vitality in the United States.
According to an Environmental Protection Agency (EPA) study, economic prosperity is demonstrably tied to recycling endeavors.
The direct correlation is impressive, as these efforts effectively generate a whopping 681,000 job opportunities, offering $37.8 billion in wages.
These figures illustrate the significant potential of recycling for economic enhancement, in addition to its ecologically advantageous aspects.
Furthermore, the study accents the viable development of stable employment opportunities in the environmental sector.
The positive economic reverberations of recycling underscore its value as not solely an ecological endeavor, but also a substantial economic engine.
The biodegradable market equates to 1.17 jobs for every 1,000 tons of materials recycled
As plastic consumption escalates, so does the importance of recycling, which can have an impactful ripple effect on job creation. Data reveals for one thousand tons of recycled materials, an average of 1.17 jobs are generated.
This demonstrates how the expansion of the biodegradable plastic market isn’t solely contributing to environmental conservation but is also fostering growth in employment opportunities.
A clear indication of the valuable socio-economic role this burgeoning industry plays.
PETE of Polyethylene Terephthalate is the most recycled material
Ranked as a leading recycled material, Polyethylene Terephthalate, abbreviated as PETE, holds a key position within the recycling industry.
Favored for its versatility, this type of plastic is commonly used in beverage bottles and other consumer product containers.
The popularity of PETE as a recyclable is due in large part to its inherent ability to maintain structural integrity and withstand multiple recycle phases without a significant loss of quality.
Its excellent recyclability directly translates to prolonged life cycles of PETE-based products, reduction in raw material usage, and substantial decreases in environmental impacts.
Accordingly, this prominence of PETE recycling contributes to the vital growth trend evident in the biodegradable plastics sector.
References:
- https://www.globaldata.com
- https://www.ibisworld.com/
- https://straitsresearch.com/
- https://thehill.com/
- https://www.epa.gov/
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