Global Biodegradable Polymer Market to surpass USD 2.74 billion by 2030 from USD 1.21 billion in 2020 at a CAGR of 8.1% in the coming years, i.e., 2020-30. Approving government policies, which are emphasizing on the efficiency of plastic waste management to promote bio-plastics is the major factor driving the Biodegradable Polymer Market. Moreover, massive usage in flexible packaging is also favoring the market growth.
Biodegradable polymers are fossil-fuel-based polymers (plastics) that undergo bacterial decomposition to carbon dioxide and water in industrial or municipal compost facilities. Some of these are polymers are decomposed in court compost bins or soil, freshwater or saltwater. These polymers are made both naturally and synthetically. Biodegradable polymers are capable of being used by the living matter and safely be composed in the environment using various several disposal processes. These biopolymers are originated from different natural resources such as cellulose, starch, and proteins from plants and animals.
Global Biodegradable Polymer Market is expected to project a notable CAGR of 8.1% in 2030.
Biodegradable Polymers are beneficial as they are less toxic as compared to non-biodegradable polymers, this has helped in maintaining the stabilization of the drugs which in addition has boosted the Biodegradable Polymer Market growth. Eco-friendly packaging has enhanced the customer’s interest that had mounted the market growth. Various safety food packaging standards are also propelling the market growth.
Biodegradable Polymer Market: Segments
Polylactic (PLA) segment to grow with the highest CAGR during 2020-30
Biodegradable Polymer Market is segmented by product type into Starch-based Plastics, Polylactic Acid, Polyhydroxy Alkenoates, Polyesters, and Cellulose Derivatives. Polylactic acid segment is projected to hold the largest share during the forecast period. PLA segment is leading the market due to the widely used segment in rigid packaging applications. Additionally, the Biodegradable Polymer Market is also anticipated to grow in the packaging segment. Also, the rapid acquisition of such polymers in the healthcare segment has anticipated to drive growth in the market.
Healthcare segment to grow with the highest CAGR during 2020-2030
Biodegradable Polymer Market is segmented by end-user into Agriculture, Consumer Goods, Packaging, Healthcare, and Others. Healthcare segment is anticipated to register a good growth owing to the use of polymers in drug delivery systems, surgical sutures, and in medical applications, these polymers are used in drug delivery systems, surgical sutures, and an adherent prevention. Additionally, the packaging application segment is also expected to grow owing to shift in consumer’s preferences for packaged meals and convenient packaging techniques. Therefore, increase in demand for these polymers has satisfied the market demand including the rapid growth of Biodegradable Polymers Market, Globally. Moreover, these polymers are used in agriculture mulches, starch-based packaging, and cellulose-based packaging.
Rising income in emerging economies
Rising income of people in emerging economies is the primary factor to drive the biodegradable polymer market. Additionally, increasing demand for sustainable and eco-friendly packaging is boosting the biodegradable polymer market growth. Furthermore, increasing support for producing eco-friendly biodegradable polymers has gained traction from petroleum-based polymers to biodegradable and eco-friendly polymers. High usage of these polymers in the healthcare segment such as surgical sutures, tissue regeneration, wound dressings, and enzyme immobilization has shown rapid growth in the Biodegradable Polymer Market.
Government emphasis on efficient plastic waste management
Most of the governments are prioritizing an increase in plastic waste management with the mass consumption of products which have short life-spans. This major factor is leading the rapid market growth. Various initiatives brought by government lead to a steady demand for these products that has brought up significant expansion in the Biodegradable Polymer Market. This waste takes up valuable real estate space and often ends up in landfills or dumping grounds that have grave environmental. The Federal Farm Bill Energy Title was enforced by the U.S. government agencies, which requires attainment to involve only bio-based products. Such initiatives taken by the government are projected to propel the market extension.
High manufacturing cost for biodegradable polymers
High manufacturing cost for biodegradable polymers may act as a primary factor to restraint the Biodegradable Polymer Market growth. The high cost of biodegradable polymers which is more than the double of conventional polymers is compelling the customer’s demand for biodegradable polymers. Conventional polymers having cheaper prices can restrain the growth of Biodegradable Polymers Market. Technology barriers is another component to make the biodegradable polymers cheaper in price, which will hinder the market expansion. Moreover, the flagging of R&D activities due to the economic recession due to the COVID-19 outbreak has expected an adverse effect on the Biodegradable Polymer Market.
Global Biodegradable Polymer Market: Key players
Nature Works LLC
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Novamont S.p. A.
Total Corbion PLA bv
Other Prominent Players
Global Biodegradable Polymer Market: Regions
Global Biodegradable Polymer Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Europe is expected to dominate Biodegradable Polymer Market during the forecast period of 2020 to 2030, owing to the technological advancements, consumer awareness, and government initiatives regarding the efficient use of renewable polymers. Europe as an emerged market is leading the Biodegradable Polymer Market. On the other hand, a rise in the consumer shift and an increase in crude oil prices lead North America to rise significantly during the forecast period. Furthermore, regional markets such as Japan and China are showing a rapid growth in the market development.
Global Biodegradable Polymer Market is further segmented by region into:
North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA
Global Biodegradable Polymer Market report also contains analysis on:
Biodegradable Polymer Market Segments:
Biodegradable Polymer Market Dynamics
Biodegradable Polymer Market Size
Supply & Demand
Competition & Companies Involved in the Market
Value Chain of the Market
Market Drivers and Restraints