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Biodegradable Polymers Industry
The rising adoption of sustainable packaging solutions and increasing government regulations on plastic waste management are driving the global market.
WILMINGTON, DE, UNITED STATES, October 21, 2024 /EINPresswire / -- Allied
market Research recently released 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." The biodegradable polymers market, valued at $7.9 billion in 2023, is projected to reach $55.2 billion by 2033, growing at an impressive CAGR of 21.5% from 2024 to 2033.
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Key Growth Factors
The rising adoption of sustainable packaging solutions and increasing government regulations on plastic waste management are driving the global biodegradable polymers market. However, the higher production costs of biodegradable plastics could hinder market growth. On the other hand, the growing demand for eco-friendly packaging offers promising opportunities for the market.
Market Segments Overview
- Polylactic Acid (PLA): Expected to maintain its dominance, PLA is one of the most widely used biodegradable polymers due to its renewable sourcing from corn starch or sugarcane. It's popular in the food packaging industry for items like films, trays, cups, and disposable cutlery.
- Packaging Segment: Set to lead the market, biodegradable polymers are increasingly utilized for food packaging, offering both environmental benefits and preservation properties. Items like cups, plates, and straws made from biodegradable polymers are frequently used in food service industries.
Regional Insights
Europe is poised to dominate the market by 2033, driven by stringent environmental regulations and strong recycling infrastructure, particularly in Germany. The agriculture sector in Europe is also adopting biodegradable polymers for applications like mulch films, which enhance soil health and reduce plastic pollution.
Key Market Players
Major players in the biodegradable polymers market include:
- BASF SE
- NatureWorks LLC
- Novamont S.p.A.
- TotalEnergies Corbion
- Mitsubishi Chemical Group Corporation
- Danimer Scientific
- Evonik Industries AG
These companies are focusing on strategies such as product innovation, collaborations, and joint ventures to expand their market presence globally.
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About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
David Correa
Allied Market Research
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MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.