The new report by Expert Market Research titled, ‘Global Biodegradable Polymers Market Share, Report and Forecast 2023-2028’, gives an in-depth analysis of the global biodegradable polymers market, assessing the market based on its segments like types, distribution channels, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 21.1%
The market is likely to be driven by increased interest in biodegradable materials in sectors, such as packaging, agriculture and medicine. Governments around the world are tackling the problem by banning single-use plastics and promoting the use of biodegradable plastics. Also, consumers are willing to pay more for biodegradable plastics owing to their eco-friendly nature. Packaging is one of the leading segments used in both rigid and flexible packaging.
Replacement of conventional plastics by these products in food packaging, such as boxes, wraps, cups, and plates is gaining momentum, supporting the growth of the global market. The improving food packaging standards of various food and safety organisations in various places are projected to fuel the expansion of the packaging sector in emerging regions, thereby propelling the growth of the global market for biodegradable polymers over the forecast period.
Industry Definition and Major Segments
Biopolymers are biodegradable polymers that come from a variety of natural sources. Biopolymers, such as PLA, PHA, and starch are commonly used biopolymers that cause less environmental damage. Biodegradability is a property of polymers that is independent of their origin and can be altered at the molecular level.
By type, the market is segmented into:
• Starch-based Plastics
• Polylactic Acid (PLA)
• Polyhydroxy Alkanoates (PHA)
• Polyesters (PBS, PBAT, and PCL)
• Cellulose Derivatives
Based on distribution channel, the market is divided into:
• Consumer Electronics
On the basis of region, the market is segmented into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Biodegradable polymers are increasingly finding usage in niche applications, such as in the shale gas industry, hygiene products, and fishing gears, among other applications. These are expected to present future opportunities for the market. Developing countries, like China and India, are going through urbanisation and industrialisation.
Consumer goods emerged as one of the largest industries for biodegradable polymers. The major end-use sectors considered include household appliances, electronic devices, and various electronic gadgets. Electronic devices with conventional plastic parts, such as casing, circuit boards, and storage are now being manufactured with biodegradable plastic. Further, biodegradable polymers are used in surgical implants employed in vascular or orthopaedic surgery and plain membranes. These factors are expected to propel the market growth globally.
Key Market Players
The major players in the market are BASF SE, NatureWorks LLC, Novamont SpA, Total Corbion PLA, Rodenburg Biopolymers, and Biome Bioplastics Limited, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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