Pune, Feb. 24, 2023 (GLOBE NEWSWIRE) -- According to SNS Insider “Biodegradable films Market Size was valued at USD 1.28 billion in 2022 and is expected to reach USD 2.24 billion by 2030, and grow at a CAGR of 7.1% over the forecast period 2023-2030”. Films made of biodegradable materials naturally disintegrate over time when exposed to environmental elements like moisture, air, bacteria, and sunlight. These films were created to address problems caused by plastic film, such as air pollution and landfill expansion. In order to speed up the degradation process compared to ordinary polymers, these materials are typically created by chemically replacing carbon chains.
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Biodegradable Films Market Report Scope
| Market Size in 2022 | 1.28 Billion |
| Market Size by 2030 | 2.24 Billion |
| CAGR 2023-2030 | 7.1% |
| Key Drivers | High demand from the food packaging industry. |
| Opportunity | Continuously growing bioplastic industry worldwide. |
| By Application |
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| By Type |
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| Company Profiles | BASF SE, Taghleef Industries, Kingfa Sci. & Tech. Co., Ltd., BioBag Americas, Inc., Avery Dennison Corporation, Bi-Ax International Inc., Cortec Corporation, Clondalkin Group, Paco Label, and others. |
| Region Covered | North America. Europe Asia-Pacific The Middle East & Africa Latin America |
Due to rising public awareness of the usage of non-biodegradable films and strict regulatory controls, the industry is expanding significantly on a global scale.
Biodegradable films deteriorate with time when exposed to environmental factors such moisture, air, microorganisms, and sunlight. These films were developed to address environmental and landfill safety issues with plastic films. These materials are typically created by chemically modifying the carbon chains in the chemicals used to create plastic films, which causes them to degrade more quickly than regular polymers.
Recent breakthroughs in the market
The market's major players are engaged in research and development to provide high-quality films with enhanced features. To increase their efforts in R&D activities, the corporations are also using technical collaborations. Although third-party distribution channels are also used, the company's own distribution channels are often where the products are distributed. To enhance their market share, the corporations place a strong emphasis on expanding their geographic reach. Due to the existence of several manufacturers all over the world, the global market for biodegradable mulch films is highly fragmented.
Recntly, Tipa, an Israeli business that specialises in compostable packaging for goods and food, just announced a USD 70 million investment for January 2022. To manufacture packaging for fresh and dried food and commodities, it combines compostable polymers.
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The first biodegradable corrosion-inhibiting film equipped with Cortec's patented VpCI technology was Eco-Corr Film in April 2021. It guards against vapor-phase, barrier, and contact corrosion in ferrous and non-ferrous metals. After two to three months, waste in a professional composting setting will break down into carbon dioxide and water.
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