Biodegradable Polymers Market (Type - PLA, Starch Blends, Biodegradable Polyesters, PHA, and Others; Application - Packaging & Bags, Consumer Goods, Agriculture & Horticulture, Textile, and Others): Global Industry Analysis, Trends, Size, Share and Forecasts to 2028

A recent report published by Infinium Global Research on the biodegradable polymers market provides in-depth analysis of segments and sub-segments in the global as well as regional biodegradable polymers market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional biodegradable polymers market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global biodegradable polymers market. According to the report, the global biodegradable polymers market is projected to grow at a CAGR of 28% over the forecast period of 2022-2028. The revenue generated by the market was USD approximately 9 billion in 2022 and is expected to reach approximately USD 38 billion in 2028.

Market Insight

The market for biodegradable polymers is anticipated to register with a CAGR of 28% during the forecast period. Biodegradable polymers are degradable in nature and are broken down into smaller molecules with the help of agents like microorganisms and nature. Bio-degradable polymers are advantageous over non-bio-degradable polymers as they are less toxic, have lesser side effects, help to improve patient compliance, and maintain the stabilization of the drug. A chief factor driving the market studied is the favorable government policies that promote bio-plastics. In addition to this, tremendous usage of flexible packaging is likely to favor market growth. Biodegradable plastics are increasingly finding uses in niche applications such as in the shale gas industry, hygiene products, and fishing gear, among other applications, these are projected to act as an opportunity for the market in the future. Furthermore, consumers are willing to pay more for biodegradable plastics owing to their eco-friendly nature which in turn is propelling the growth of the market. Packaging is one of the leading end-user segments of biodegradable plastics and is used in both rigid packaging and flexible packaging.

During the Covid-19, pandemic people were compelled to stay in their homes. The governments of many countries in the world turned their focus to healthcare from other industries. This significantly disrupted their supply chain operations and manufacturing as lockdowns were imposed by the respective governments. Manufacturing facilities were all shut down due to the pandemic in almost every country across the globe. Due to the pandemic, several industries including biodegradable polymers were adversely negatively affected.  Logistical restrictions, manpower shortage, material unavailability, and other restrictions had reduced the growth of the industry. The pandemic has affected the normal production of companies in the consumer goods sector. The lockdown has resulted in hampering the imports and exports of various goods. Also, the uncertainty created in the market in the consumers’ buying pattern has resulted in hampering the biodegradable polymers market.

Growing consumer demand for eco-friendly packaging and changing consumer focus towards healthier living which results in increasing demand for natural, sustainable, and green products is the prime factor driving the global biodegradable polymers market. Moreover, the intensity in the prices of crude oil which is the raw material for the production of petroleum-based polymers also helps in driving the demand for biodegradable polymers globally over the traditional petroleum polymers. Furthermore, increasing demand for biodegradable polymers from applications such as biomedical, agriculture, and packaging are also anticipated to drive the global biodegradable polymers market over the forecast period. However, fewer biodegradable applications to replace synthetic-based plastic materials and high manufacturing costs are the key restraining factors hampering the growth of the biodegradable market across the globe. Nevertheless, growing initiatives by the government to promote renewable & sustainable polymers, green products, and regulations forcing key vendors for manufacturing biodegradable polymers, as well as economical raw material prices required for the production of biodegradable polymers, will bring more opportunities to the global biodegradable polymers market over the forecast period.

The report provides a regional outlook covering geographies such as North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific holds the command over the market globally. In Asia-Pacific China shares the largest market share as it’s the largest economy, in terms of GDP. China’s production of polylactic acid (PLA), a biodegradable plastic raw material, is expected to rise rapidly over the forecast period, owing to rising textile, packaging, and electronics sectors. Chinese plastics manufacturers that account for almost 29% of the global plastic production are focusing on the increased use of corn, sugar, and other crops to develop biodegradable plastics as concerns about environmental pollution have encouraged directives from Beijing and the prospects of a ban on conventional plastics- single-use non-biodegradable plastics, such as cutlery, plastic bags, and packaging. These are the key reason owing to which the Chinese packaging market is projected to gain a significant CAGR during the forecast period. Europe is the second-largest market for biodegradable polymers worldwide.  Bans on non-recyclable traditional plastics are expected to boost consumer demand in many regions, especially in Europe and North America.

Segment Covered

The report on the global biodegradable polymers market covers segments such as type and application. On the basis of type, the sub-markets include PLA, starch blends, biodegradable polyesters, PHA, and others. On the basis of application, the sub-markets include packaging & bags, consumer goods, agriculture & horticulture, textile, and others.

Companies Profiled:

The report provides profiles of the companies in the market such as Arkema SA, BASF SE, Braskem SA, DuPont de Nemours Inc., Evonik Industries AG, Koninklijke DSM NV, NatureWorks LLC, Novamont SpA, Plantic Technologies Ltd., and Toray Industries Inc.

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the biodegradable polymers market. Moreover, the study highlights current market trends and provides forecast from 2022-2028. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.