According to Facts and Factors Market Research, the global Biodegradable Polymer market in 2019 was approximately USD 3.5 Billion. The market is expected to grow at a CAGR of 15% and is anticipated to reach around USD 9 Billion by 2026.
Polymers are compounds that are formed through chemical reactions and have high molar mass. Degradation is a process in which the products undergo a physical and chemical transformation that also results in a change of physical and mechanical properties. Biodegradation polymers generally break down into natural byproducts with the help of naturally occurring microbes such as algae, bacteria, and fungi. Biodegradable polymers are eco-friendly, non-toxic, and does not cause any kind of harm to the environment or other living things. Due to its non-toxic properties, its degradation can be controlled and it is capable to maintain its integrity until it is completely degraded.
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The major key players in the biodegradable polymer market are as follows:
- Cortec group
- Mitsui Chemicals
- BASF
- BIOTEC GmbH& Co
- Cereplast
- MetabolixInc
- FP International
- Others
Rising emissions due to the dumping of petroleum products have raised concerns for the protection of the environment and natural resources and the use of biodegradable products is driving the demand for biodegradable polymers.In addition, biodegradable polymers are triggering the demand due to sustainable development policies, and government initiatives to concentrate on the use of eco-friendly polymers which is bolstering the market growth. Furthermore, the increasing price of raw materials used in the manufacture of petroleum products helps to increase demand. Conversely, restricted uses of biodegradable polymers, high production costs, and inconsistencies in the final product are obstacles to the market. Nonetheless, raw materials for the manufacture of biodegradable polymers are cost-effective and end-users of biodegradable polymers are on the rise.
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The major types of biodegradable polymers are polymers with hydrolyzable backbone, natural polymers, and polymers with a carbon backbone. Polymers with a hydrolyzable backbone are further classified into polyglycolic acid (PGA), polyurethanes, polyamides, polycaprolactone (PCL), and others, out of which polyglycolic acid (PGA) is used widely in manufacturing loose-fill packaging, food packaging, compost bags, and plastic bottles as a result of the shifting preference of consumers towards eco-friendly plastic products. The biodegradable polymers are used are packaging, agricultural, medical and other applications. These polymers are widely used for packaging due to the new demographic conditions, growing demands of customers and their purchasing powers, increase in consumption of packaged food products, and increase in the use of medical and pharma equipment across the globe.
Polymers are those compounds that consist of an extended link of monomers and are formed through chemical reactions with high molar mass. Biodegradable polymers are non-toxic and eco-friendly products that generally break down into simple, natural, and reusable products. These biodegradable polymers are in huge demand due to the rising concern for environmental conservation and demand for eco-friendly products that cause less harm to the environment and other living things. Governments of many countries are encouraging their citizens to switch to a sustainable lifestyle and use biodegradable products. These biodegradable polymers are largely used in the field of packaging as there is a never-ending demand of consumers for various products that are generally packed, stored, and transported from one location to another.
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The Biodegradable Polymer market research report delivers an acute valuation and taxonomy of the Biodegradable Polymer industry by practically splitting the market on the basis of different types, applications, and regions. Through the analysis of the historical and projected trends, all the segments and sub-segments were evaluated through the bottom-up approach, and different market sizes have been projected for FY 2020 to FY 2026.
The European region is predicted to dominate the market due to the increasing awareness among the citizens in using products that are safe for the environment. Countries of this region are focusing on green technology and advancing manufacturing that can reduce carbon emissions. The governments of different countries in this region are creating awareness among the citizens on the consequences of plastic use and other products that contains harmful chemicals and encouraging people to change the purchasing behavior and switch to a more sustainable lifestyle.
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This report segments the Biodegradable Polymer market as follows:
Global Biodegradable Polymer Market: By Type Segmentation Analysis
- Polymers with Carbon Backbones
- Polymers with Hydrolyzable Backbones
- Natural Polymers
Global Biodegradable Polymer Market: By Application Segmentation Analysis
- Packaging
- Agricultural
- Medical
- Others
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