Jersey City, NJ, March 21, 2023 (GLOBE NEWSWIRE) -- InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Biodegradable Films Market Size, Share & Trends Analysis Report By Type (PLA, Starch Blends, Biodegradable Polyesters, PHA), Application (Food Packaging, Agriculture & Horticulture, Cosmetic & Personal Care Products Packaging, Industrial Packaging)- Market Outlook And Industry Analysis 2031"
The global biodegradable films market is estimated to reach over USD 1.76 billion by 2031, exhibiting a CAGR of 6.20% during the forecast period.
By enhancing crop output, these biodegradable films provide a limited answer to this rapidly evolving problem and so aid in addressing important issues like water conservation, soil pollution, and climatic change. The world's population has been growing quickly, which is anticipated to last during the forecast period. To meet the growing demand brought on by the increased per capita food consumption, attempts have been made to create superior food crops that produce higher yields.
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Agricultural mulch films boost production by accelerating germination cycles, limiting direct contact between the crop and soil, and keeping fertilizers and nutrients close to the crop. Thus, it is anticipated that demand for biodegradable mulch films will rise during the forecast period. When certain environmental requirements are not met, the biodegradable film cannot break down, which poses a problem for the market for biodegradable film.
Recent Developments:
- In September 2020, For the third consecutive year, AVERY DENNISON CORPORATION Brazil received the Industry Sustainability Award for its label-waste recycling program. This success is anticipated to increase its reputation and sales across the nation and the continent.
List of Prominent Players in the Biodegradable films market:
- BASF SE
- Futamura Chemical Co. Ltd
- Taghleef Industries
- Walki Group Oy
- Kingfa SCI. & TECH. CO., LTD.
- BioBag International AS.
- Avery Dennison Corporation
- Plascon Group
- Bi-Ax International Inc
- Cortec Corporation
- Clondalkin Group
- TRIOWORLD INDUSTRIER AB
- Groupe Barbier
- Paco Label Systems
- Layfield Group Ltd.
- Polystar Plastics Ltd.
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Biodegradable Films Market Report Scope:
| Report Attribute | Specifications |
| Market size value in 2022 | USD 1044.59 Mn |
| Revenue forecast in 2031 | USD 1766.36 Mn |
| Growth rate CAGR | CAGR of 6.20% from 2023 to 2031 |
| Quantitative units | Representation of revenue in US$ Billion, Volume (KT), and CAGR from 2023 to 2031 |
| Historic Year | 2019 to 2022 |
| Forecast Year | 2023-2031 |
| Report coverage | The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
| Segments covered | Type, Application |
| Regional scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
Market Dynamics:
Drivers-
The demand for the biodegradable film is increasing due to the fluctuating price and long-term availability of fossil fuels. The demand for the biodegradable film is hampered by its relatively higher production cost than plastic films. The biodegradable film market is benefiting from the expansion of the sustainable film industry.
Challenges:
Performance issues related to biodegradable films can be a major challenge for the market. Biodegradable films may offer a different level of performance than traditional plastic films, particularly in terms of strength and durability. For example, some biodegradable films may be more prone to tearing or puncturing than traditional plastic films, which can be a problem in applications where the film needs to withstand stress or handling. Biodegradable films may also have different moisture barrier properties than traditional plastic films, which can impact their suitability for certain applications. Another issue is that the performance of biodegradable films may vary depending on the specific material and processing methods used. This can make it difficult for companies to find the right biodegradable film for their specific application and may require additional testing and development.
Regional Trends:
Asia Pacific is expected to dominate the biodegradable films market due to the increasing demand for eco-friendly packaging solutions and the supportive regulatory environment in the region. Food packaging is expected to be the dominant application area for biodegradable films due to the growing concern about the environmental impact of plastic packaging in the food and beverage industry. Moreover, North America is also a substantial market for biodegradable films. It is anticipated to expand more significantly than other regions. Increasing consumer demand for sustainable products and supportive government policies and efforts fuel growth in North America.
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Segmentation of the Biodegradable films market-
By Application-
- Agriculture & Horticulture
- Food Packaging
- Cosmetic & Personal Care Products Packaging
- Industrial Packaging
- Others (Composting, Service Ware, and Carrier Bags)
By Type-
- PLA
- Starch Blends
- Biodegradable Polyesters
- PCL
- PBAT
- PBS
- PHA
- Others (Regenerated Cellulose and Cellulose Derivatives)
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of the Middle East and Africa
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