Pune, April 13, 2023 (GLOBE NEWSWIRE) -- Xcellent Insights announces the release of the recent report "Global Biodegradable Polymers Market Research Report, Growth Trends and Competitive Analysis 2023-2028". The global biodegradable polymers market is expected to register a robust revenue CAGR over the forecast period. Revenue growth of the market can be attributed to factors such as increasing eco-conscious populace across the globe, favorable government norms to promote biopolymers, and rising demand for biodegradable polymers across various end-use industries.
Biodegradable polymers are a class of polymers that are rapidly gaining popularity among eco-conscious population due to rising environmental concerns and plastic waste. Biodegradable polymers are capable of breaking down and decomposing into nature over time through action of microorganisms or natural processes. These polymers are designed to be environmentally friendly and are extensively used as a sustainable alternative to conventional, non-biodegradable plastics.
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Companies and consumers are steadily becoming aware of the rising plastic pollution and are focused on adopting sustainability. Moreover, governments around the world are banning sing use of plastic and promoting the use of biodegradable plastics. Several companies are collaborating with leading biopolymer manufacturers to develop new, durable, and eco-friendly materials to cater to rising consumer demand.
Some biodegradable polymers such as cellulose, chitosan, collagen, and starch are derived from renewable natural sources such as plants, animals, or bacteria while some are artificially produced through chemical reactions. Both natural and synthetic biodegradable polymers are widely used across various industries such as packaging, cosmetics, pharmaceuticals, and agriculture, owing to favorable properties such as environmental sustainability, biocompatibility, reduced greenhouse gas emissions, and versatility.
Factors such as rapid advancements in polymer technology, rising environmental concerns, stringent government regulations against non-biodegradable materials and plastic usage, growing penetration of e-commerce platforms, and increasing demand for eco-friendly and sustainable packaging from many industries are expected to drive overall market growth going ahead.
However, high cost of biodegradable polymers, limited availability of raw materials for producing biopolymers, and rising concerns about authenticity and consistent degradation rates of biodegradable polymers are expected to hamper overall growth of the biodegradable polymers over the forecast period.
Natural Biodegradable Polymers Segment to Register Rapid Revenue CAGR:
The natural biodegradable polymers segment is expected to register rapid revenue growth between 2023 and 2028. Factors such as growing demand for sustainable and eco-friendly products in various applications in packaging, pharmaceutical, and agriculture, high preference for natural polymers as a better alternative to traditional plastics, and ongoing research on developing biodegradable polymers from different natural elements are expected to drive segment revenue growth during the forecast period.
Packaging Segment to Account for a Significantly Larger Revenue Share:
The packaging segment is expected to account for a significantly larger revenue share during the forecast period. This can be attributed to rapidly expanding packaging sector, growing concerns about plastic waste and environmental impact, and steady inclination of many companies to biodegradable packaging to cater to rising demand for sustainable packaging solutions.
North America to Lead in Terms of Revenue Share:
North America is expected to continue leading the global market in the coming years owing to factors such as rising eco-conscious population, growing awareness towards sustainability, increasing demand for eco-friendly and sustainable products, and growing demand for biodegradable polymers in various end-use industries such as pharmaceuticals, agriculture horticulture, packaging. Moreover, presence of major manufacturers, favorable government support to promote biodegradable polymers, and rising investments in developing more enhanced materials are expected to drive North America market growth between 2023 and 2028.
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Biodegradable Polymers Market by Company:
- Arkema
- BASF
- NatureWorks
- Novamont
- Plantic
Biodegradable Polymers Industry Recent Developments:
- In June 2022, BASF announced the launch of a new biopolymer, Verdessence RiceTouch with small particle size providing powdery light and smooth skin feel for matte type cosmetics.
- In March 2022, Solvay, a global leader in naturally-derived beauty polymers, introduced two additional gaur-based functional polymers for hair and skincare formulations.
- In June 2021, AVATACK launched new biodegradable polymers with excellent transparency, best suited for food packaging.
The global biodegradable polymers market has been segmented based on type, application, and region:
Biodegradable Polymers Market Segment by Type:
- Synthetic Biodegradable Polymers
- Natural Biodegradable Polymers
Biodegradable Polymers Market Segment by Application:
- Pharmaceutical
- Agricultural
- Biomedical
- Packaging
- Others
Biodegradable Polymers Market Segment by Region:
- North America (USA, Canada)
- Europe (Germany, France, UK, Italy, Russia)
- Asia Pacific (China, Japan, South Korea, India, Australia, Taiwan, Indonesia, Thailand, Malaysia, Philippines, Vietnam)
- Latin America (Brazil, Argentina)
- Middle East & Africa (Turkey, Saudi Arabia, U.A.E)
Key Questions Addressed:
- What revenue CAGR is the global market expected to register during the forecast period?
- Which key players are leading in the global biodegradable polymers market?
- What is the expected market size of the global biodegradable polymers market between 2023 and 2028?
- What factors are expected to open new growth avenues and opportunities for existing and emerging market players?
- What are some of the key challenges that the global market is expected to face during the forecast period?
- Which region is expected to account for largest revenue share over the forecast period?
Key Reasons to Purchase:
- Estimates 2023 to 2028 biodegradable polymers market current market trends and development trends
- Market dynamics along with growth opportunities of the market in the years to come
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the biodegradable polymers market
- Competitive landscape involving market share of the major players, new strategies and projects adopted by players in the last five years
- Comprehensive company profiles covering product offerings, key financial information, SWOT analysis and strategies employed by major market players
- Brief about impact of COVID-19 on the global biodegradable polymers market
You can Purchase the Complete Report here: https://www.xcellentinsights.com/checkout/450030
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