Biodegradable Polymers Market to Reach $55.2 Billion, Globally, by 2033 at 21.5% CAGR: Allied Market Research

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Aug 21, 2024, 05:45 ET

The global biodegradable polymers market is experiencing growth due to several factors such as advances in material science and biotechnology, which are leading to the development of new biodegradable polymers with improved properties, opening up new possibilities for applications in various industries. However, high production cost as compared to traditional plastics is expected to restrain the growth of the biodegradable polymers market during the forecast period.

WILMINGTON, Del., Aug. 21, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Biodegradable Polymers Market by Material Type (Polylactic Acid, Polyhydroxyalkanoates, Starch Blends, Polybutylene Succinate and Polyhydroxyurethanes) and Application (Packaging, Agriculture, Medical, Consumer Goods, Textile and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the biodegradable polymers market was valued at $7.9 billion in 2023, and is estimated to reach $55.2 billion by 2033, growing at a CAGR of 21.5% from 2024 to 2033.

Prime determinants of growth

The global biodegradable polymers market is experiencing growth due to several factors such as increase in use of sustainable packaging solution. Governments and regulatory bodies are imposing stricter regulations on plastic waste management, promoting the adoption of biodegradable alternatives. However, high production costs of biodegradable plastic is expected to hamper the market. Moreover, increase in demand for green packaging solutions is expected to provide lucrative opportunities in the market.

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Report coverage & details:

Report Coverage	Details
Forecast Period	2024–2033
Base Year	2023
Market Size in 2023	$7.9 billion
Market Size in 2033	$55.2 billion
CAGR	21.5 %
No. of Pages in Report	300
Segments Covered	Polymer Type, Application, and Region
Drivers	increase in use of sustainable packaging solution Advances in material science and biotechnology
Opportunities	Increase in demand for green packaging solutions
Restraint	Higher production costs of biodegradable plastic

The polylactic acid segment is expected to maintain dominance during the forecast period.

Polylactic acid (PLA) is one of the most common biodegradable polymers used today. It's derived from renewable resources like corn starch or sugarcane, making it an attractive alternative to traditional petroleum-based plastics. PLA is often used in packaging materials such as films, trays, cups, and containers. Its ability to form transparent and heat-sealable films makes it suitable for food packaging. PLA-based disposable cutlery, plates, and cups are popular in the food service industry. These items can be composted along with organic waste, reducing the environmental impact of single-use plastics.

The packaging segment is expected to lead throughout the forecast period.

Biodegradable polymers are used in various forms of food packaging, including films, trays, and containers. These materials provide protection and preservation for food products while also being environmentally friendly. Biodegradable polymers are used in the production of single-use items like cups, plates, utensils, and straws. These items are often used in restaurants, cafes, and other food service establishments where single-use items are common.

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Europe to maintain its dominance by 2033

Biodegradable polymers have gained significant traction in European countries due to their potential to address environmental concerns associated with traditional plastics. The agriculture sector in European countries has also embraced biodegradable polymers for various purposes. Biodegradable mulch films, made from polymers such as polylactic acid (PLA) or polyhydroxyalkanoates (PHA), offer an environmentally friendly alternative to conventional plastic mulches. These biodegradable mulch films help improve soil health, reduce plastic contamination in agricultural environments, and facilitate the decomposition of the mulch after use, minimizing the need for removal and disposal.

Germany stands out as a leader in the adoption of biodegradable polymers. The country has a robust recycling infrastructure and stringent environmental regulations, driving the demand for sustainable alternatives to traditional plastics. German companies are investing in research and development to innovate biodegradable polymers for various applications, including packaging, agriculture, and consumer goods.

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Players: -

BASF SE
NatureWorks LLC,
Novamont S.p.A.,
TotalEnergies Corbion
Mitsubishi Chemical Group Corporation.
Natur-Tec
Polysciences Inc
Danimer Scientific
FKuR
Evonik Industries AG

The report provides a detailed analysis of these key players in the global biodegradable polymers market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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