Global Biodegradable Polymers Market to Grow at a CAGR of 6.55% by 2030 | ChemAnalyst

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According to ChemAnalyst report, “Global Biodegradable Polymers Market: Plant Capacity, Production, Operating Efficiency, Demand & Supply, Technology, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, global biodegradable polymers market has shown tremendous growth in the past five years and is anticipated to achieve a CAGR of 6.55% during the forecast period. Increasing demand in the packaging industry backed by government initiatives across several regions to promote environment friendly biodegradable polymers would drive the demand for biodegradable polymers in the forecast period. In addition, UNICEF’s push for the economies to reach Sustainable Development Goals, aimed increasing usage of environment friendly materials by 2030 would further support the market growth in the forecast period.

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Biodegradable Polymers are the polymers which are degradable in nature and break down into smaller molecules with the action of agents such as microorganisms and nature. Based on feedstock type they can be classified into Natural Biodegradable Polymers which are formed in nature and Synthetic Biodegradable Polymers which are based on petroleum. Various Natural Biodegradable Polymers include Polylactic Acid (PLA), Polyhydroxy Butyrate (PHB), Starch based Biopolymers, Cellulose derivatives etc. Synthetic Biodegradable Polymers include Polycaprolactone (PCL), Polyglycolide (PGA), poly(3-hydroxybutyrate-co-3-hydroxyvalerate) (PHBV), poly (butylene adipate-co-terephthalate) (PBAT) etc. and others.

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Various Biodegradable Polymers find application in Agriculture Films, Textile, Consumer Goods, Packaging, Healthcare, and others. Major application is packaging which is driving the demand in the forecast period. various kinds of packaging such as food packaging, garbage bags etc. can be manufactured through polylactic acid which is degradable in nature. Next major end use is agriculture films which are also driving the market. Upcoming technologies such as Biodegradable composite materials and Biobased hybrid nanocomposites having application in artificial joints, drug delivery systems etc. are expected to push the demand further in the long run.

Prices of various natural biodegradable polymers like Polylactic Acid (PLA), Polyhydroxy Butyrate (PHB), Starch based Biopolymers, Cellulose derivatives etc. are high as compared to other non- biodegradable plastics due to high processing costs. Synthetic biodegradable polymers such as Polycaprolactone (PCL), Polyglycolide (PGA), poly(3-hydroxybutyrate-co-3-hydroxyvalerate) (PHBV), poly (butylene adipate-co-terephthalate) (PBAT) etc. and others are derived from petroleum hence their prices are dependent on the prices of crude oil. Recently in the first half of 2020 there was worldwide lockdown due to the coronavirus which resulted in fall in the prices of crude oil hence the prices of synthetic biodegradable polymers remained lesser as compared to 2019.

Regionally, Asia Pacific dominates the Global biodegradable polymers market and holds the largest market share in FY20. Asia’s biodegradable polymers market is anticipated to grow in the economies like India, China, and Japan due to continuously rising population and high demand from the industrial and household sector. Stronger government support for environment friendly materials is also projected to support demand rise in the region. South Asia, particularly India, seems to be the key market for biodegradable polymers as the country is seen as a generally under-supplied market with limited domestic manufacturing.

According to ChemAnalyst report, Global Biodegradable Polymers Market: Plant Capacity, Production, Operating Efficiency, Demand & Supply, Technology, Application, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, some of the major players operating global biodegradable polymers market are Nature Works LLC, Galactic, Shimadzu, Mitsui Chem, BASF SE, Dainippon Ink Chem, Chronopol, Toyota, Treofan, Purac, Mitsubishi, Biomer, Novamont, Rodenburg Biopolymers, National Starch, Végémat, Limagrain and others.

“Being directly linked to the FMCG industry, the global biodegradable polymers industry has shown a robust growth alongside growing population and changing consumer preference. India is forecasted to become the world's fifth largest consumer market by 2025. In addition, reduction in the goods and service tax (GST) applicable on food packaging poised a stronger outlook to the country’s biodegradable polymers demand. China also serves as the key growth region with sufficiently installed capacities. Additionally, stronger government support for environmentally friendly biodegradable polymers having lesser carbon footprint may push the demand further. Global synthetic biodegradable polymers pricing curve shows strong movement in line with the crude oil which left major economics indulged into biodegradable polymers production witness tumbling values during the coronavirus pandemic era. With new competitors emerging across the Asian biodegradable polymers market, players anticipate that supply will soon outpace demand in the near future. At this, it is extremely important to keep an eye which region will grab the biggest market share in the upcoming years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm promoting ChemAnalyst.

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