New proprietary research by BCC Research predicts the global biodegradable polymers market to more than double from 2016-2021, reaching 5.6 billion pounds in the end year. Medical applications for biodegradable polymers are expected to leap from 120 million pounds in 2016 to 650 million pounds in 2021 at a CAGR of 40.2% for the period 2016-2021.
BCC Research's Biodegradable Polymers reports that although biodegradable polymers have been commercially available for more than 20 years, their product life cycle is considered young. This market still faces several major problems, the most important of which are relatively high prices and lack of an infrastructure for effective composting—a critical aspect for biodegradable polymer market success.
Research Highlights
- Increased environmental concerns and legislative incentives (particularly in Europe) along with the implementation of the Kyoto Protocol have refocused thinking about the efficacy of biodegradable polymers.
- New technologies in processing and other areas have narrowed the biodegradable polymer/petroleum-based plastics cost differential.
- The global biodegradable polymer market is expected to continue its high growth (18.0% CAGR) over the next five years.
"The packaging segment, with a 10.4% CAGR, is expected to decrease its share of the market as the fibers/fabrics and medical application segments more than quadruple their respective market share percentages," notes Kevin Fitzgerald, BCC Research Editorial Director. "The medical segment will experience the highest growth rate, especially in drug delivery and tissue engineering applications."
Industry Faces Challenges
The niche market of biodegradable polymers faces roadblocks such as tightening environmental restraints, unstable oil prices and high prices. Nevertheless, overall activity suggests solid, if not terrific, growth in product segments.
"The production of biodegradable plastics can be viewed through the wider scope of the greening industry, with most programs considering renewable biomass as an alternative feedstock to fossil fuels in chemical manufacturing," notes Fitzgerald. "This market seems to hold much promise."
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.