(MENAFN- GlobeNewsWire - Nasdaq) Luton, Bedfordshire, United Kingdom, Feb. 08, 2023 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Biodegradable films market.
The biodegradable films market size was valued at USD 1.1 billion in 2022 and is projected to reach USD 2.03 billion by 2029, growing at a CAGR of 7.1% from 2023 to 2029.
Biodegradable films are prominently used in packaging as it offers protection to the products and can be molded easily into different shapes as per the requirements. The biodegradable film can be molded into any desired shape in form of pouches, bags, or overwraps. This aspect has contributed to the use of biodegradable films by end-use industries such as food, healthcare, cosmetics, and many others.
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The market is witnessing significant growth across the world due to the increasing awareness and stringent government regulations about the use of non-biodegradable films.
Biodegradable films are degraded over time by natural elements such as moisture, air, microbes, and sunlight. Because plastic films are hazardous to the environment and landfills, these films were created to address these concerns. These materials are manufactured primarily by chemically altering carbon chains in the chemicals used to make plastic films, resulting in a faster disintegration than ordinary plastics.
Asia Pacific is expected to be the fastest-growing market for biodegradable films.
In Asia Pacific, factors such as the implementation of various environmental regulations, as well as increased government rules surrounding the prohibition on traditional plastic bags and global warming measures, are projected to fuel demand for biodegradable films for packaging applications.
For instance:
October 6, 2022 – Plascon blown films are Made in the USA! Biodegradable bags are manufactured by blown film extrusion. In the Blown film production process biodegradable additives are placed into a hopper as they are extruded through a circular blown film die, forming a vertical thin-walled tube.
Mar 31, 2022 - Production of Biodegradable Sigma Stretch Vanish Film Expands in North America In partnership with Smart Plastic Technologies, Sigma Stretch announced this week that it is expanding production of Sigma Stretch Vanish, powered by SPTek Eclipse bio-assimilation technology
Key Competitors:
Some of the major players in this industry have taken a leadership position while trying to establish their market through innovative marketing strategies. These leading firms focus on expanding by developing new products or partnering with other companies for strategic initiatives that will help them conquer markets they occupied previously and make gains where it matters most- at home (geographic). There are a lot of local players in each of the regions who are trying to penetrate the market which again can be disruptive in low-income economies.
BASF SE, Bio general, Plascon Group, TAGHLEEF INDUSTRIES GROUP, Shreejistretchfilm, Polyplex, Storopack Hans Reichenecker Gmbh, Grafix Plastics, Profol GmbH, Walki Group Oy, BioBag Americas, Inc., Avery Dennison Corporation, Polystar Plastics Ltd, TIPA LTD, Cortec Corporation, BI-AX International Inc, Futamura Group, Trioplast Industrier AB, Poysha Packaging Private Limited, Layfield Group. Ltd., Accredo Packaging, Inc., Paco Label, Brentwood Plastics, Inc., Novamont S.p.A., Plastika Kritis S.A.
Biodegradable Films Market Report Scope
| Report Attribute | Details |
| Market size value in 2022 | USD 1.1 billion in 2022 |
| Revenue forecast in 2029 | USD 2.03 billion by 2029 |
| Growth rate | CAGR of 7.1% from 2023 to 2029 |
| Base year for estimation | 2021 |
| Historical data | 2017 - 2021 |
| Forecast period | 2023 - 2029 |
| Quantitative units | Volume in kilo tons, revenue in USD million and CAGR from 2023 to 2029 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Product, application, region |
| Regional scope | North America; Europe; China; Asia; Pacific; Central & South America; MEA |
Segmentation:
Based on type the market is divided into Polylactic acid (PLA), Starch Blends, Biodegradable Polyesters, Polyhydroxyalkanoates (PHA)
Polylactic acid (PLA): PLA has no detrimental impact on food pricing or supply, it is widely employed in the packaging sector. It's frequently used with starch to improve biodegradability and cut costs. Thermoformed goods, such as drink cups, takeaway food trays, containers, and planter boxes, are among PLA's most common uses. It has a high stiffness and can be used to replace polystyrene and PET in certain applications. PLA is quickly gaining popularity since it is more cost-effective to produce than other biodegradable plastics. Starch-based: Starch-based bioplastics are often blended with biodegradable polyesters to produce starch/polylactic acid, starch/polycaprolactone, or starch/Ecoflex (polybutylene adipate-co-terephthalate produced by BASF) blends. These blends are used for industrial applications and are also compostable. Biodegradable Polyesters: Biobased aliphatic polyesters are among the most crucial biodegradable polymers. They form a significant class of biodegradable polymers since many of them have outstanding biodegradability and biocompatibility. Aliphatic biodegradable polyesters are widely available. Polyhydroxyalkanoates: Polyhydroxyalkanoates (PHA) are created by a variety of microorganisms in nature, including bacteria that ferment sugars or lipids. They are both an energy source and a carbon reserve when produced by bacteria. PHA is a method for producing plastics from non-fossil fuel sources that fit into the green economy.
Based on the application the market is divided into food Packaging, Agriculture & Horticulture, Cosmetic & Personal, Care Products Packaging, Industrial Packaging
In the food packaging sector, biodegradable films are frequently used for egg trays, edible coatings, paper boards, wrapping films, and food containers. The food packaging industry uses biodegradable films made of cellulose, PLA, starch blends, PBS, and PHA most frequently.
The desire for more environmentally friendly packaging materials for fast food and ready-to-eat items has led to an increase in the use of biodegradable films in food packaging. Fresh and frozen meals, as well as dried snacks, confectionery, and baked products, are frequently packaged using biodegradable films.
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Regional Dominance:
The biodegradable mulch film market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Asia Pacific is projected to be the fastest-growing market for biodegradable films during the forecast period. Factors such as the adoption of the application of various environmental regulations as well as the rising government regulations regarding the ban on conventional plastic bags and global warming initiatives are expected to drive the demand for biodegradable films for packaging applications in the Asia Pacific.
The North American region is expected to be the second biggest region during the forecast period. It is predicted that these countries have implemented the best cultivation techniques in the world to improve the cultivation process. Moreover, new technological advances are expected to stimulate demand growth in North America.
The countries covered in Europe's biodegradable film market report are Germany, the U.K., Italy, France, Spain, Russia, Turkey, Switzerland, Belgium, Netherlands, Luxemburg, Rest of Europe.
Germany is expected to dominate with the highest market share in the Europe biodegradable film market due to technological revolutions in the agricultural industry and increasing concerns regarding climate change and the emission of greenhouse gasses.
Drivers:
Due to their simplicity in disposal, degradability, and recycling, polylactic acid (PLA), starch-based polymers, and Polyhydroxyalkanoates (PHA) are being utilized more frequently as raw materials to create food and beverage packaging items. The need for biodegradable films in food packaging and compostable bag applications has risen as a result of businesses adopting green packaging labels as a strategy for branding and client acquisition. Factors such as rising demand from the food packaging industry and strong demand from the agriculture and horticulture sectors are helping to drive biodegradable film market growth.
Restraints:
The market for biodegradable films is being held back by a lack of cost-competitiveness. Biodegradable films have a greater production cost than regular plastic films, ranging from 20 to 80 percent. This is primarily owing to the high polymerization cost of biodegradable plastics, which is attributable to the fact that most of the technologies are still in the early stages of research and so have not yet attained economies of scale The biodegradable film market's demand is being hampered by its higher production costs when compared to plastic films. The inability of biodegradable film to break down when specific environmental parameters are not met is posing a barrier to the biodegradable film market's demand.
Benefits of Biodegradable films:
Reduction in Carbon Emission
The decrease in carbon emissions during the manufacturing process is one of the key advantages of employing biodegradable films. Additionally, because the components used to make biodegradable films are derived from plants, very little carbon is released during the composting process.
Lesser Energy Consumption
Biodegradable films require less energy in the long run, despite the slightly higher initial investment.
Eco-Friendly Disposable Solution
Biodegradable films need to be composted or recycled to ensure that the plastic fragments are properly broken down for the natural composting process.
Biodegradable films can be further recycled to produce more plastic by-products in addition to degrading substantially faster than conventional plastic.
Lower Petroleum Consumption
Oil plays a crucial role in the production of conventional polymers. It is well-recognized that petroleum harms the environment. Because biodegradable plastics are made from natural materials, using them can significantly reduce the amount of petroleum utilized and, as a result, the environmental risks associated with it.
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The key questions answered in the report are:
What is the market size and forecast of the Global Biodegradable Films market? Who are the key competitors/Players in this market? What are the key segments of Biodegradable Films? Which segment dominates the market? What are the benefits of biodegradable films? What are the applications of Biodegradable Films? What factors are driving the global market? Which is the dominating region in this market? What are the major applications for Biodegradable Films? Discover more research Reports:
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