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The Global Biodegradable Films Market Size is valued at USD 1091.28 million in 2023 and is predicted to reach USD 1766.36 million by the year 2031 at a 6.41% CAGR during the forecast period for 2024-2031.
Key Industry Insights & Findings from the Report:
- Advancements in materials and manufacturing processes have enhanced the performance and feasibility of these films, broadening their market potential.
- The starch blends category held the highest market share and dominated the type segment.
- In the end-user segment, the Food & Beverage industry took the lead, accounting for the largest revenue share.
- North America is expected to experience substantial growth during the forecast period, driven by increasing awareness of environmentally friendly products and solutions.
- The significant cost associated with installing Biodegradable Films is the primary factor hindering their adoption, particularly in developing nations.
The biodegradable films industry is a rapidly growing market that is expected to continue its growth in the coming years. Biodegradable films are made from biodegradable materials that can be broken down by natural processes, such as composting and do not harm the environment. These films are becoming increasingly popular as a sustainable alternative to traditional plastic films, which are not biodegradable and contribute to environmental pollution.
The key drivers of the biodegradable films market growth include the increasing consumer demand for sustainable packaging solutions, the growing concern about the environmental impact of plastic waste, and the supportive regulatory environment for biodegradable materials. In addition, the development of new and innovative biodegradable materials and technologies is expected further to boost the biodegradable film market demand.
However, biodegradable films are generally more expensive than traditional plastic films due to the higher cost of raw materials and production processes. This can make it difficult for some companies to justify the switch to biodegradable films, particularly in price-sensitive markets.
Recent Developments:
- In September 2020, For the third consecutive year, AVERY DENNISON CORPORATION Brazil received the Industry Sustainability Award for its label-waste recycling program. This success is anticipated to increase its reputation and sales across the nation and the continent.
Competitive Landscape:
Some of the biodegradable films market players are:
- Futamura Chemical Co. Ltd
- Taghleef Industries
- Walki Group Oy
- Kingfa Sci & Tech Co. Ltd
- BioBag Americas Inc
- Avery Dennison Corporation
- Plascon Group
- Bi-Ax International Inc
- Cortec Corporation
- Clondalkin Group
- TRIOWORLD INDUSTRIER AB
- Groupe Barbier
- Paco Label
- Layfield Group
- Polystar Plastics Ltd.
- BASF SE
Market Segmentation:
The biodegradable film market is segmented based on type and application. Based on application, the biodegradable films market has been segmented as food packaging, agriculture & horticulture, cosmetic & personal care products packaging, industrial packaging and others (composting, service ware, and carrier bags). Based on Type, the biodegradable films market has been segmented into PLA, starch blends, biodegradable polyesters (PCL, PBAT, PBS), PHA and others (regenerated cellulose and cellulose derivatives).
Based On Type, The Starch Blend Segment Is A Major Contributor To The Biodegradable Films Market
Starch blends are one of the major types of biodegradable films, and they are expected to significantly impact the growth and dominance of the biodegradable films market. These blends offer better mechanical properties and performance than pure starch films while maintaining biodegradability. Firstly, starch is a widely available and inexpensive raw material, which makes it an attractive option for biodegradable film manufacturers. Secondly, starch blends can be easily processed using conventional film extrusion and conversion techniques, which makes it easy for manufacturers to incorporate these materials into their existing production processes. Finally, the increasing demand for sustainable packaging solutions drives the growth of biodegradable films. Starch blends are well-positioned to meet this demand due to their cost-effectiveness, ease of processing, and versatility. In conclusion, the dominance of starch blends in the biodegradable films market is anticipated due to their availability, ease of processing, versatility, and increasing demand for sustainable packaging solutions.
The Food Packaging Segment Witnessed Growth At A Rapid Rate
The food packaging segment is projected to grow at a rapid rate. The dominance of food packaging in the biodegradable film market is due to several factors. The food & beverage sector is considered one of the most significant users of plastic packaging, and there is growing concern about the environmental impact of this packaging. Biodegradable films offer a sustainable alternative to traditional plastic packaging and are becoming increasingly popular with consumers concerned about plastic waste's impact on the environment.
The Asia Pacific Biodegradable Films Market Holds A Significant Revenue Share
The Asia Pacific biodegradable films market is expected to record the highest market share in revenue shortly. This can be attributed to the rising demand for eco-friendly packaging solutions driving the biodegradable films market in the Asia Pacific region. Consumers in this region are becoming more environmentally conscious and actively seeking sustainable packaging options. Secondly, the Asia Pacific region has a large and growing population, leading to increased demand for packaged food and beverages. This, in turn, drives the biodegradable films market expansion in the region.
Moreover, many countries in the Asia Pacific region are implementing regulations and policies to reduce plastic waste and promote sustainable packaging. For instance, China has banned the import of plastic waste and is encouraging biodegradable packaging.
Besides, North America is a significant market for biodegradable films. It is expected to grow at a slower rate compared to other regions. The growth in North America is driven by increasing consumer demand for sustainable products and supportive government policies and initiatives. The biodegradable films market position in North America is also driven by the food packaging industry, which is a major consumer of biodegradable films.
Biodegradable Films Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2023 |
USD 1091.28 Mn |
|
Revenue forecast in 2031 |
USD 1766.36 Mn |
|
Growth rate CAGR |
CAGR of 6.41% from 2024 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Billion, Volume (KT), and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report coverage |
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
|
Segments covered |
Type, Application |
|
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
|
Competitive Landscape |
BASF SE, Futamura Chemical Co. Ltd, Taghleef Industries, Walki Group Oy, Kingfa Sci & Tech Co. Ltd, BioBag Americas Inc. Avery Dennison Corporation, Plascon Group, Bi-Ax International Inc, Cortec Corporation, Clondalkin Group, TRIOWORLD INDUSTRIER AB, Groupe Barbier, Paco Label, Layfield Group and Polystar Plastics Ltd. |
|
Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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