The Bio-degradable Polymers Market size is estimated at 0.71 Million tons in 2024, and is expected to reach 1.85 Million tons by 2029, growing at a CAGR of 21.10% during the forecast period (2024-2029).
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 maintains the stabilization of the drug. Therefore, temporary halt in the global production of industrial and consumer goods had repercussion not only on the demand, but also production of bio-degradable polymers. Such market scenario being witnessed in 2020 is indicated to trim the global economic growth by 3% to 6% during the year.
The global market for biodegradable polymers is partly consolidated, with a chunk of the market in the hands of the market leader in each product segment. Major companies holding a significant market share (not in any particular order) are NatureWorks LLC, Novamont S.p.A, BASF SE, Total Corbion PLA, and Eastman Chemical Company, among others.
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