Market Size of Bio-degradable Polymers Industry
| Study Period | 2019 - 2029 |
| Market Volume (2024) | 0.71 Million tons |
| Market Volume (2029) | 1.85 Million tons |
| CAGR (2024 - 2029) | 21.10 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Europe |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Bio-degradable Polymers Market Analysis
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.
- 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 is expected to hinder 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.
