Hyderabad, Aug. 07, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled “Bio-Degradable Polymers Market Report (2023-2028),” the market is estimated at 0.71 million kilotons in 2023. It is expected to register a CAGR of 21.10% during the forecast period.
Bio-degradable polymers consist of different functional groups such as ester, amide, etc. They are increasingly used for various applications, owing to less or no carbon footprint. Bio-degradable polymers are preferred over non-biodegradable polymers as they are less toxic, have lesser side effects, help to improve patient compliance, and maintain the stabilization of the drug.
Report Summary:
| Report Attribute | Details |
| Market Size (2023) | 0.71 million kilotons |
| Market Size (2028) | 1.85 million kilotons |
| CAGR (2023-2028) | 21.10% |
| Study Period | 2018-2028 |
| Forecast Units | Volume (million kilotons) |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Europe |
| Report Scope | Market Dynamics, Revenue Forecast and Segmentation, Competitive Landscape, and Recent Developments, Market Growth, Future Opportunities, and Trends |
| Key Market Drivers | Favorable government policies promoting the use of bioplastics. |
| Growing usage in flexible packaging. |
Who are the Top Companies in the Bio-Degradable Polymers Market?
The market is partly consolidated, with a mass of the market controlled by market leaders in each product segment.
The key players in the global biodegradable polymers market are:
- BASF SE
- Biome Technologies plc
- BIOTEC Biologische Naturverpackungen GmbH & Co. KG
- Cardia Bioplastics
- Danimer Scientific
- DuPont
- Eastman Chemical Company
- FKuR
- Merck KGaA
- Mitsubishi Chemical Group Corporation
- NatureWorks LLC
- Novamont SpA
- TEIJIN LIMITED
- Total Corbion PLA
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Key Highlights from the Bio-Degradable Polymers Market Report:
Expanding Demand from the Packaging Industry
- Bio-degradable polymers are employed in both flexible and rigid packaging applications. They are used for wrapping organic food, as well as for premium and branded products with particular requirements.
- As per the European Bioplastics, international production capacities of bioplastics (of which bio-degradable polymers accounted for around 40% of the market) are projected to increase from 2.2 million tons in 2022 to 6.3 million tons in 2027.
China to Account for Major Market Growth in the APAC
- In the Asia-Pacific region, China is the largest economy in terms of GDP. Chinese plastics manufacturers are focusing on the amplified use of corn, sugar, and other crops to develop biodegradable plastics.
- Asian consumers are taking more interest in the materials used for packaging and the impact on their health and environment. Consequently, companies are focusing on transforming biodegradable plastic packaging.
What are the Latest Developments in the Bio-Degradable Polymers Market?
- In April 2023, NatureWorks launched Ingeo 6500D for non-woven applications. With this, the company expanded the use of Ingeo biopolymers in hygiene applications.
- In May 2022, NatureWorks and CJ Bio signed an agreement to commercialize novel biopolymer solutions. The two companies aim to produce high-performance biopolymers with a combination of NatureWorks Ingeo biomaterials technology and CJ Bio's polyhydroxyalkanoate (PHA) to be employed in food packaging, personal care, and other applications.
Mordor Intelligence has Segmented the Bio-Degradable Polymers Market Based on Type, End-user Industry, and Geography:
-
- By Type
-
- Starch-based Plastics
- Polylactic Acid (PLA)
- Polyhydroxy Alkanoates (PHA)
- Polyesters (PBS, PBAT, and PCL)
- Cellulose Derivatives
-
- By End-user Industry
-
- Agriculture
- Textile
- Consumer Goods (Consumer Electronics)
- Packaging
- Healthcare
- Other End-User Industries
-
- By Geography
-
- North America
- United States
- Canada
- Mexico
- Europe
- United Kingdom
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia-Pacific
- Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
- South America
- Brazil
- Argentina
- Rest of South America
- North America
-
- By Type
In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the Bio-Degradable Polymers Market Report (2023-2028).
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About Mordor Intelligence:
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
Our market research reports are comprehensive and provide exclusive data, facts and figures, trends, and the industry’s competitive landscape.
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