Global Biodegradable Polymers Market Size, Share & COVID-19 Impact Analysis, by Type, By End Use Industry, By Region Forecasts, 2024 – 2032

Global Biodegradable Polymers Market Size, Share & COVID-19 Impact Analysis, by Type, By End Use Industry, By Region Forecasts, 2024 – 2032

Global Biodegradable Polymers Market was valued at USD 7.9 billion in 2023 and is expected to reach USD $ 20.9 billion by 2032 growing at a CAGR of 21.3% during the forecast period 2024 – 2032.

Biodegrade plastics are largely used by the packaging, consumer goods and textiles industries. A significant portion of it is utilised in both horticulture and agriculture. Both petrochemically and plant-based biodegradable polymers are already widely available on the market. Biodegradable polymers offer numerous benefits over non-biodegradable ones. These consist of decreased patient toxicity and adverse effects, better patient adherence to treatment, and longer medication shelf life. Biodegradable polymers are now being used in shale gas wells, fishing aids and hygiene products. Every day, specialised uses increase.

Government initiatives supporting bioplastics are also a major driver of the market's expansion. According to the predictions, the market would continue to grow as flexible packaging is used extensively. On the other hand, because biodegradable polymers cost more than those made from petroleum sources, this may hamper the market growth. So, in niche markets like fishing nets and lines, hygienic items (like single-use utensils), and even shale gas drilling operations (like hydro-fracturing), there has been a sharp shift towards the usage of biodegradable plastic.

“PLA segment, by type, to be fastest growing market from 2023 to 2030.”

The majority of biodegradable polymers are composed of PLA. Environmental responsibility and sustainability Concerns regarding the harmful effects of conventional plastics derived from fossil fuels have increased in tandem with the need for sustainable substitutes. By lowering reliance on non-renewable resources and plastic pollution, PLA provides a solution. Throwaway food containers, utensils, and packing There is no doubt that more and more customers are requesting biodegradable consumer goods. As PLA offers us a renewable and biodegradable substitute for conventional plastics, it does indeed fit this need.

“Consumer goods segment, by end use industry, to be dominating market from 2023 to 2030.”

This market segment's consumer goods include household appliances, electrical appliances, and similar items. Manufacturers of consumer goods are switching from regular plastics to biodegradable plastic in order to lessen their environmental impact. Vacuum cleaners, mobile phone cases, loudspeakers and touchscreen computer casings are just a few examples of consumer goods produced with biodegradable polymers.

“Asia Pacific to be fastest growing region in biodegradable polymers market.”

China's economy is the largest in the Asia-Pacific region in terms of GDP. The Chinese plastics sector is working to create biodegradable plastics made from corn, sugar, or other crops. China accounts for 29% of the global plastic product market. Beijing has made demands in response to concerns about environmental pollution, including the potential ban on single-use, conventional, nonbiodegradable packaging and disposables like plastic bags and cutlery.

Interpak 2023 figures show that China holds a sizable portion of the world market for flexible packaging. The national flexible packaging market grew at an average annual rate of 8% until 2022, outpacing the global rate of 4.3 percent. Rapid urbanisation, strong economic growth, and rising living standards are the primary factors driving the packaging industry's expansion. There is a trend in consumer desire towards packaging that is safer, more convenient, and possibly even environmentally beneficial.

The effects of packing materials on human health and the environment are now attracting the attention of consumers. As a result, companies are concentrating on changing the packaging made of biodegradable plastic.

But the packaging for food and beverages is the primary driver of the fast increasing need for biodegradable polymers. Interpak 2023 reports that for the entire 2018 year, China's retail sales of food packaging were only 447,066 million units.

Furthermore, China is a major producer of plastics in significant quantities. Export commerce generates income, and packaging firms have large manufacturing facilities. The International Trade Centre (ITC) reports that exports of goods and plastics totalled around USD $36,948 million in 2021. Regarding yearly comparable figures for international nations, this signifies an increase of almost 33% over the export value from the previous year.

Warming the soil, retaining moisture, and controlling vegetation In China's agriculture sector, the use of plastic film mulching has proved crucial. Currently being prepared are methods for substituting biodegradable polymer films for polythene, automating residual technology recycling, and enhancing requirements for plastic film applications. This technology of mulching using biodegradable plastic film is essential for the country's agricultural supplies. Grain crop yields have already increased by 20% to 50% as a result of it.

Due to advancements in end-user sectors, it is anticipated that China's market for biodegradable polymers will expand throughout the forecast period.

Biodegradable Polymers Competitive Landscape

The competitive landscape of the Biodegradable Polymers market involves assessing the competitive landscape to understand the strengths, weaknesses, opportunities, and threats of the industry. Key industry players have recognized that the adoption of Biodegradable Polymers holds the potential for further growth. The growing desire among producers to optimize their production costs has spurred collaborative efforts among companies to scale up their production capacity. This strategic collaboration not only aims to increase revenue but also seeks to establish dominance in the market.

The Biodegradable Polymers market is highly competitive, with numerous companies vying for market share. Prominent companies in the Biodegradable Polymers Market include:

BASF (Germany), Total Corbion (Netherlands), NatureWorks (US), Biome Bioplastics (UK), Novamont (Italy), Toray Industries (Japan), Mitsubishi Chemical Holding Corporation (Japan), Danimer Scientific (US), Plantic Technologies (Australia), Fkur Kunstsoff (Germany), and others.

Recent Developments:

In December 2023, For the continuous production of polycaprolactone (PCL), a biodegradable polyester frequently utilised in the packaging, textile, agricultural, and horticultural industries, Sulzer is introducing CAPSUL, a new end-to-end licenced technology. The CAPSUL solution makes it possible to produce PCL grades of the highest calibre at competitive prices while maintaining excellent process performance. It complements Sulzer's current portfolio of circular and renewable plastic technologies, which includes process technology for polylactic acid (PLA).

BASF and the Italian company Fabbri Group established a joint venture in February 2020 with the aim of creating a sustainable alternative to cling film, which is utilised in the packaging of perishable goods. This is the process used to manufacture meat, fish, and fresh produce that has been packaged. The Fabbri group's usage of Ecovio bioplastic from BASF in its manufacturing is expected to increase the market for packaging-related biodegradable polymers.