Bio-degradable Polymers Market Size
|Study Period||2018 - 2028|
|Market Volume (2023)||0.71 Million tons|
|Market Volume (2028)||1.85 Million tons|
|CAGR (2023 - 2028)||21.10 %|
|Fastest Growing Market||Asia Pacific|
*Disclaimer: Major Players sorted in no particular order
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Bio-degradable Polymers Market Analysis
The Bio-degradable Polymers Market size is expected to grow from 0.71 million tons in 2023 to 1.85 million tons by 2028, at a CAGR of 21.10% during the forecast period (2023-2028).
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.
- A major factor driving the market studied is the favorable government policies which promote bio-plastics. Additionally, tremendous usage in flexible packaging is likely to favor the market growth.
- On the flipside, the higher price of bio-degradable polymers compared to petroleum-based polymers and the impact of the COVID-19 pandemic outbreak is likely to hamper the market growth.
- Bio-degradable plastics are increasingly finding usage in niche applications, such as in shale gas industry (where they are used during hydro-fracking), hygiene products, and in fishing gears, among other applications, these are projected to act as an opportunity for the market in future.
Bio-degradable Polymers Market Trends
Increasing Demand from the Packaging Industry
- Bio-degradable polymers are used in both flexible and rigid packaging applications. Bio-degradable polymers are used for wrapping organic food, as well as for premium and branded products with particular requirements.
- According to European Bioplastics, global production capacities of bioplastics (of which bio-degradable polymers accounted for around 40% of the market) are expected to increase from 2.2 million tons in 2022 to 6.3 million tons in 2027. Around 50% of the volume is used for the packaging market, which is the biggest market segment within the bioplastics industry.
- In rigid packaging applications, bio-degradable polymers are used in cosmetics packaging, such as creams and lipsticks, as well as beverage bottles and many more. PLA is widely used in rigid packaging applications.
- Biodegradability is an important component of food packaging for perishables. Flexible packaging solutions, such as films and trays, are particularly suitable for fresh produce, such as fruit and vegetables, as they enable longer shelf life.
- In Europe and North America, the consumption of bio-degradable polymers is increasing, owing to stringent regulations by the government to ban the usage of petroleum-based plastics, coupled with the increasing usage of bio-degradable polymers in rigid packaging for bottles in these regions.
- The growth in the packaging industry in developing regions, such as Asia-Pacific, South America, and the Middle East, is expected to increase over the forecast period due to the improving food packaging standards of various food and safety organizations in these regions. In turn, it is expected to propel the growth of the bio-degradable polymers market during the forecast period.
- Owing to the aforementioned factors, the bio-degradable polymers market is expected to grow with the increasing demand from the packaging industry during the forecast period.
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China to Grow at a Fastest Rate in Asia Pacific Region
- In Asia-Pacific, China is the largest economy in terms of GDP. 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.
- According to Interpak 2023, China holds a significant share of the global flexible packaging market. The average annual growth of the flexible packaging market in the country until 2022 was around 8%, whereas the global annual average growth rate was around 4.3%. This growth in the packaging industry is mainly driven by dynamic economic development, accelerating urbanization, as well as improvement in people’s quality of life. Consumers are shifting toward more safe, convenient, unique, and eco-friendly packaging.
- Consumers take more interest in the materials used for packaging and the impact on their health and environment. Therefore, companies are focusing on transforming biodegradable plastic packaging.
- Food and beverage packaging is the major driver boosting the demand for bio-degradable polymers. As per Interpak 2023, the Chinese total retail trade of foodstuff packaging in 2023 reached 447,066 million units.
- Also, China has a significant presence in producing considerable quantities of plastics, generating revenues from trade exports, thereby creating significant production capacities for various packaging companies. According to International Trade Center (ITC), in 2021, China exported plastics and articles valued at about USD 131.07 billion, a 36% rise in exports from the previous year, valued at around USD 96.38 billion.
- Plastic film mulching in the Chinese agriculture industry has played a vital role, owing to its effects on soil warming, moisture conservation, and weed control. Standards for using plastic films have been improved, and appropriate techniques are being developed for multipurpose plastic film, mechanization of residue recycling technology, and the replacement of polythene with biodegradable polymer films. This biodegradable plastic film mulching technology has helped in increasing 20-50% of grain crop yields and plays a key role in ensuring the supply of agricultural goods in the country.
- Thus, the market for biodegradable polymers in China is expected to experience growth during the forecast period owing to such trends in the end-user industries.
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Bio-degradable Polymers Industry Overview
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 are NatureWorks LLC, Novamont S.p.A, BASF SE, Total Corbion PLA, and Eastman Chemical Company, among others.
Bio-degradable Polymers Market Leaders
Total Corbion PLA
Eastman Chemical Company
*Disclaimer: Major Players sorted in no particular order
Bio-degradable Polymers Market News
- April 2023: NatureWorks introduced Ingeo 6500D for nonwoven applications, and with this, the company expanded the use of Ingeo biopolymers in hygiene applications. The Ingeo 6500D offers strength and softness and meets the demand from consumers and brands for products manufactured using sustainable materials.
- May 2022: NatureWorks and CJ Bio entered into an agreement to commercialize novel biopolymer solutions. The companies are planning to produce high-performance biopolymers with a combination of NatureWorks Ingeo biomaterials technology and CJ Bio's polyhydroxyalkanoate (PHA) to be used in food packaging, personal care, and other applications.
Bio-degradable Polymers Market Report - Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1.1 Favorable Government Policies Promoting Bio-plastics
4.1.2 Increasing Usage in Flexible Packaging
4.1.3 Other Drivers
4.2.1 Higher Price Compared to Petroleum-based polymers
4.2.2 Other Restraints
4.3 Industry Value-Chain Analysis
4.4 Porters Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Volume)
5.1.1 Starch-based Plastics
5.1.2 Polylactic Acid (PLA)
5.1.3 Polyhydroxy Alkanoates (PHA)
5.1.4 Polyesters (PBS, PBAT, and PCL)
5.1.5 Cellulose Derivatives
5.2 End-User Industry
5.2.3 Consumer Goods (Consumer Electronics)
5.2.6 Other End-User Industries
184.108.40.206 South Korea
220.127.116.11 Rest of Asia-Pacific
5.3.2 North America
18.104.22.168 United States
22.214.171.124 United Kingdom
126.96.36.199 Rest of Europe
5.3.4 South America
188.8.131.52 Rest of South America
5.3.5 Middle East & Africa
184.108.40.206 Saudi Arabia
220.127.116.11 South Africa
18.104.22.168 Rest of Middle East & Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 BASF SE
6.4.2 Biome Technologies plc
6.4.3 BIOTEC Biologische Naturverpackungen GmbH & Co. KG
6.4.4 Cardia Bioplastics
6.4.5 Danimer Scientific
6.4.7 Eastman Chemical Company
6.4.9 Merck KGaA
6.4.10 Mitsubishi Chemical Group Corporation
6.4.11 NatureWorks LLC
6.4.12 Novamont S.p.A.
6.4.13 TEIJIN LIMITED
6.4.14 Total Corbion PLA
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Growing Use in the Electronics Industry
7.2 Increasing Applications in the Medical Industry
Bio-degradable Polymers Market Research FAQs
How big is the Bio-degradable Polymers Market?
The Bio-degradable Polymers Market size is expected to reach 0.71 million tons in 2023 and grow at a CAGR of 21.10% to reach 1.85 million tons by 2028.
What is the current Bio-degradable Polymers Market size?
In 2023, the Bio-degradable Polymers Market size is expected to reach 0.71 million tons.
Who are the key players in Bio-degradable Polymers Market?
NatureWorks LLC, BASF SE, Novamont S.p.A, Total Corbion PLA and Eastman Chemical Company are the major companies operating in the Bio-degradable Polymers Market.
Which is the fastest growing region in Bio-degradable Polymers Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2023-2028).
Which region has the biggest share in Bio-degradable Polymers Market?
In 2023, the Europe accounts for the largest market share in the Bio-degradable Polymers Market.
Bio-degradable Polymers Industry Report
Statistics for the 2023 Bio-degradable Polymers market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Bio-degradable Polymers analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.