Selbyville, Delaware, March 09, 2022 (GLOBE NEWSWIRE) -- As per the latest research report by Global Market Insights Inc., the Biopolymer Films Market was estimated at USD 4 billion in 2021 and is anticipated to reach more than USD 7 billion by 2028, growing at a CAGR of 8.4% from 2022 to 2028. The report provides a detailed analysis of market size & estimations, drivers & opportunities, top winning strategies, competitive scenario, wavering market trends, and major investment pockets.
Biopolymer films are extensively used in the medical & pharmaceutical sector for conducting contamination-free diagnostic procedures for patients, along with isolation, covering, and contact inhibition, among other applications. Mounting demand for sustainable packaging solutions as well as government policies focused on developing sustainable packaging solutions are poised to bolster product adoption over the following years. In addition, latest technological advancements in the product and stringent regulations pertaining to environmental stability are expected to facilitate market growth through the forecast period.
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Synthetic-based biopolymer films offer many advantages like excellent acoustic and vapor barrier and low cost. Increasing spending capacity of consumers, coupled with the growing working population, is foreseen to drive product demand. In 2021, the synthetic raw material segment was valued at about USD 370 million and is projected to expand at around 6.5% CAGR through 2028.
From the technology perspective, the biopolymer films market share from the sol-gel segment is poised to surpass USD 1.4 billion in revenue by 2028. Sol-gel technology accounts for the largest share in the market owing to its extremely durable coating and mechanical features. In this process, coatings are applied on the base paper of the films to increase the absorption efficiency of products and to reduce wettability, which is projected to foster segmental outlook through review timeline.
Key reasons for biopolymer films market growth:
- Prevalent application in packaging sector.
- Growing utilization of synthetic-based films.
- Mounting uptake in pharmaceutical applications.
- Soaring demand in medical & pharmaceutical industry.
2028 forecasts show ‘polyamide’ segment retaining its dominance:
Based on product, the polyamide segment is expected to witness notable growth at a CAGR of more than 6.5% between 2022 and 2028. Polyamide offers several beneficial properties, such as abrasion resistance, resilience, and high strength. Polyamide films boost shelf appeal, improve product protection, and create a more lucrative and sustainable supply chain. They are available in varied blends and can be customized according to requirements. Surging prominence of these films in several applications like MAP packaging, composite bagging, cleanroom film & bag, sterilization film & bag, and acrylic molding is calculated to support segmental growth in the forthcoming years.
Asia Pacific to maintain top status in terms of revenue:
In the regional landscape, the Asia Pacific biopolymer films market is projected to garner a valuation of about USD 2.1 billion by 2028. The APAC region is estimated to be the fastest-growing market and is likely to hold the highest production capabilities of biopolymers by 2028. Regional safety norms governing food contact materials, including GB 9685, GB 4806.1-2016, and so forth, are set to positively impact industry growth through the study timeframe. Moreover, technological innovations by significant market players across APAC, such as Toray Industries Inc. and Amcor Ltd., is foreseen to drive regional market development in the future.
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Impact of COVID-19 pandemic on biopolymer films market:
Following the COVID-19 outbreak, there was urgent need for effective and sustainable packaging solutions in various industries. In the food & beverage sector, biopolymeric-based active packaging, which integrated the release of active compounds with antioxidant and antimicrobial activities, was considered an efficient and innovative solution for enhancing the shelf life and maintaining the quality of food products during transportation between producers and consumers. As a result, high significance of biopolymer films in diverse applications has been favorable for industry expansion during the pandemic.
Leading market players:
Some key companies operating in the global biopolymer films industry include Taghleef Industries, Amcor Ltd., Avery Dennison Corporation, Plastic Union NV, NatureWorks LLC, Innovia Films, Mondi Group, Evonik Industries AG, Klöckner Pentaplast, Industria Termoplastica Pavese SpA (ITP), BASF SE, Yield10 Bioscience, Inc., Toray Industries Inc., Braskem SA, and BioBag International AS, among others.
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision making.
