Luton, Bedfordshire, United Kingdom, Sept. 14, 2022 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Biodegradable Polymer Market.
The global Biodegradable Polymer market reached a value of USD 7.25 billion in 2021, Looking forward to reach USD 23.65 billion by 2029, exhibiting a CAGR of 14.4% during 2022-2029.
Biodegradable polymers are expected to gain traction in the biodegradable polymers market with increasing usage in packaging industry and agriculture, textile and medical industries. In addition, medical applications are expected to have significant usage compared to others, with increasing need for safety decomposition of materials. Wide-ranging applications in biomedical sectors for the purpose of artificial organs, syringes, catheters and blood bags have been fostering the demand for biodegradable polymers.
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The report includes a thorough analysis of market dynamics, including market drivers, restraints, and opportunities. The market for biodegradable plastics is anticipated to be driven by rising environmental concerns, strict regulatory requirements, and increasing demand from a variety of end-use sectors. The report also includes potential opportunities in the global and regional bio polymers markets. Market dynamics are the factors that influence market growth, and their analysis aids in understanding current global market trends. As a result, the report forecasts the global market from 2022 to 2029 while also providing an in-depth analysis of the bio polymers market.
Recent Developments
- CJ BIO and NatureWorks Working Towards a Master Collaboration Agreement to Commercialize Novel Biopolymer Solutions
- February 5th, 2020 - BASF and Fabbri Group have developed a sustainable solution for cling film used in fresh-food packaging: Based on BASF’s certified compostable ecovio®, Fabbri Group produces the highly transparent stretch film Nature Fresh.
The constant adoption of new technologies in the manufacture of biodegradable plastics is expected to generate sufficient investment possibilities for the Biodegradable polymers industry in the coming years. For example, antimicrobial technology has been included in the manufacture of biodegradable materials in order to generate materials with a longer shelf life and to extend the preservation of packaged products, particularly food items. Antimicrobial packaging is also used to prevent degradation and to assure microbiological and chemical food safety by preventing bacteria growth.
Asia-pacific is the most dominant market in the biodegradable polymer market.
The Asia-Pacific biodegradable polymer market had the biggest share. This dominance is mostly attributed to significant economic development for biodegradable plastics usage in the packaging sector, as well as a growing consumer positive view toward its use to reduce plastic pollution. Growing economies such as China and India have imposed stringent limits on the use of traditional plastics, and key manufacturers in these countries are providing sustainable packaging alternatives such as bio-based goods, which are expected to fuel market expansion in the forecast period.
Key Players Adopt Ingenious Strategies to Amplify their Market Reach
The market comprises Arkema SA, BASF SE, Braskem SA, DuPont de Nemours Inc., Evonik Industries AG, Koninklijke DSM NV, NatureWorks LLC, Novamont SpA, Plantic Technologies Ltd., and Toray Industries Inc and others as the top market players. The key players adopt ingenious growth strategies such as collaborations, partnerships, acquisitions, mergers, new product launches, and others to amplify their market reach.
Market scope and Structure Analysis
| Report Metric | Detail |
| Market size available for years | 2022-2029 |
| Base year | 2021 |
| Forecast period | 2021-2030 |
| Forecast unit | Value (USD) |
| Segments Covered | Type and Application |
| Regions Covered | North America, Europe, Asia-Pacific, LAMEA |
| Companies Covered | Arkema SA, BASF SE, Braskem SA, DuPont de Nemours Inc., Evonik Industries AG, Koninklijke DSM NV, NatureWorks LLC, Novamont SpA, Plantic Technologies Ltd., and Toray Industries Inc. |
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Top Impacting Factors
Globally, governments are combating this issue by outlawing single-use plastics and promoting the usage of biodegradable plastics. Due to its eco-friendliness, people are also willing to pay more for biodegradable plastics. One of the main applications for biodegradable polymers is packaging, which includes both rigid and flexible packaging. The market for biodegradable plastic is expanding as more and more of these goods are replacing traditional plastics in food packaging such as boxes, wraps, cups, and plates. A sizeable portion of the market was also occupied by the agriculture industry.
Biodegradable Polymer Market Segmentation:
Biodegradable Polymer Market by Type, 2020-2029, (USD Millions)
- PLA (Polylactic Acid)
- Starch Blends
- PHA (Polyhydroxyalkanoates)
- Biodegradable Polyesters
Biodegradable Polymer Market by End-Use, 2020-2029, (USD Millions)
- Packaging
- Consumer Goods
- Textiles
- Agriculture & Horticulture
Biodegradable Polymers Market Dynamics
Drivers
A positive contribution to the conservation of the world’s natural resources and protection of the environment is the major factor driving the growth of the biodegradable polymers market. Besides this, growing industrialization and standardization of the packaging procedures and high implementation of these polymers are driving the market. The inclination toward eco-friendly materials in the packaging industry as well as textiles would also provide an aid to the market. In addition to these, high demand for biodegradable products in the agriculture sector for films, plant pots, containers, and storage bags for fertilizers and chemicals is also an important factor for rising the demand of these polymers.
Restraints
High manufacturing cost of these polymers is the main factor restraining the growth of the biodegradable polymers market. With current technology levels, the production cost of polymers of biodegradable type is up to 50% higher in comparison to the petroleum-based polymers. On the other hand, some of these polymers produce methane when decompose in landfills, which in turn, would not serve the primary concern to lessen the greenhouse gas emission and could act as a restraint to the market.
Checkout Our Related Research Key Updates:
Biodegradable Plastics Market
Biodegradable plastics refers to plastic that degrades due to biological (often microbial) action. Some (but not all) biodegradable plastics are compostable, which means they breakdown in controlled environments like compost (or anaerobic digestion) sites.
https://exactitudeconsultancy.com/reports/6714/biodegradable-plastics-market
Biodegradable Films Market
Biodegradable films are made of plastic and contain additives during the manufacturing process. These additions, which are usually enzymes, allow the plastic to degrade. It may be decomposed without harming the environment by living creatures such as bacteria or fungi, with or without oxygen.
https://exactitudeconsultancy.com/reports/6646/biodegradable-films-market
Biodegradable Mulch Films Market
Biodegradable plastic mulches (BDMs) are a more environmentally friendly option than traditional polyethylene (PE) mulch. Unlike PE films, which must be discarded after use, BDMs are tilled into the soil and are supposed to decompose over time.
https://exactitudeconsultancy.com/reports/6668/biodegradable-mulch-films-market
