Bio-Degradable Polymers Market worth USD 27.2 billion by 2027

The Market Statsville Group (MSG) publishes the new report on the  "Bio-degradable Polymers Market by Grade Type (Starch-based Plastics, Polylactic Acid, Polyhydroxy Alkanoates, Polyesters, and Cellulose Derivatives), by End-Use (Agriculture, Textile, Consumer Goods, Packaging, Healthcare, Other End-user Industries), by Region – Global Share and Forecast to 2027". The global biodegradable polymers market size is expected to grow from USD 7.1 billion in 2020 to USD 27.2 billion by 2027, at a CAGR of 25.1% during the forecast period. Petroleum-based plastics have been extensively popular for packaging applications for many decades. However, it has become a major cause of global pollution, where the non-biodegradability of such packaging materials has been leading to a serious impact on the environment. Plastic consumption stands at 500 billion single-use plastic bags annually, and consumption is expected to increase. However, most plastic bags now in use worldwide are non-biodegradable, resulting in a buildup of plastic garbage on land and in the seas. This has heightened environmental worries all around the world. Further, the packaging industry has been investing in the innovation of eco-friendly and biodegradable packaging materials. Besides this, the packaging industry has focused on producing easy and lightweight packaging, fueling the demand for flexible packaging.

Global Bio-Degradable Polymers Market Segmentation

The overall bio-degradable polymers market has been segmented into grade type, end-use, and region.

• By Grade Type (Starch-Based Plastics, Polylactic Acid, Polyhydroxy Alkanoates, Polyesters, and Cellulose Derivatives)
• By End-Use (Agriculture, Textile, Consumer Goods, Packaging, Healthcare, Other End-user Industries)
• By Region (US, Mexico, Canada, Germany, France, UK, Italy, Spain, China, India, South Korea, Japan, Southeast Asia, Australia, Saudi Arabia, Peru, South Africa, Qatar, UK, Nigeria, Israel, Brazil, Argentina)

Packaging, by end-use, is estimated to hold the largest market share during the forecast period

Based on end-use, the global biodegradable polymers market is segregated into agriculture, textile, consumer goods, packaging, healthcare, other end-user industries. The Packaging segment generated the highest revenue of 62.2% of the global biodegradable polymers market in 2020, and it is expected to register a significant CAGR from 2021 to 2027. Bio-degradable polymers are used in both rigid and flexible packaging applications. Biodegradable polymers are used for wrapping organic food and premium and branded products with particular requirements.

In rigid packaging applications, biodegradable polymers are used in cosmetics packaging creams and lipsticks, beverage bottles, and many more. PLA is widely used in rigid packaging applications. Biodegradability is an important component for food packaging for perishables. Flexible packaging solutions, such as trays and films, are particularly suitable for fresh produce, such as fruit and vegetables, as they enable longer shelf life.

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Europe accounts for the largest market share in the biodegradable polymers market 2020

Based on the regions, the global biodegradable polymers market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2020, Europe accounted for the highest market share of 46.7% in the global biodegradable polymers market and was anticipated to maintain its dominance throughout the forecast period. The German economy is the largest economy in Europe and the fifth by GDP in the world. The technological advancement and concerns related to the environment have led to huge market opportunities for the biodegradable polymers market in the country. The country uses bio-degradable polymers in numerous industries, such as packaging, food services, agriculture/horticulture, electronics, automotive, consumer goods, and household appliances.

Furthermore, the United Kingdom is Europe's fourth-largest user of plastics. The country has been named one of the most inventive and sophisticated countries globally when it comes to creating advanced and modified plastics. With growing awareness of the environmental effect of petroleum-based non-biodegradable plastics, the country's focus has switched to bioplastic alternatives, especially biodegradable ones. The medical devices market in the region is the third-largest in Europe, behind Germany and France. Domestic device manufacturing is characterized by numerous small-scale medical device manufacturing companies, alongside a few global manufacturers with a significant presence in the market.

This research report includes a study on the development and marketing strategies, along with a study on the product portfolios and winning strategies of the leading companies operating in the biodegradable polymers market. It also consists of leading companies such as Cardia Bioplastics, DuPont, Eastman Chemical Company, BASF SE, BIOTEC, FKuR Kunststoff GmbH, Merck KGaA, Natureworks LLC, Novamont SpA, Rodenburg Biopolymers, Ltd, Mitsubishi Chemical Holdings Corporation, Total Corbion, and UNITIKA LTD. These market players have focused on acquisitions and expansion to gain a larger market share in the biodegradable polymers market.

Browse complete report: https://www.marketstatsville.com/bio-degradable-polymers-market

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