PUBLISHER: The Business Research Company | PRODUCT CODE: 1425281
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425281
Biodegradable Films Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on biodegradable films market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for biodegradable films? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The biodegradable films market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Biodegradable films are plastic packaging films that incorporate additives during production to facilitate degradation. These additives, often enzymes or derived from proteins, polysaccharides, or fatty components, contribute to the breakdown of the plastic material.
The primary types of biodegradable films include polylactic acid (PLA), starch blends, biodegradable polyesters, polyhydroxyalkanoates (PHA), and others. Polylactic Acid (PLA), a thermoplastic monomer derived from organic and renewable resources like sugar cane or maize starch, is utilized in various applications such as bags, mulch films, wrapping films, liners, among others. These biodegradable films find applications across diverse industries including food and beverage, healthcare, personal care, cosmetics, agriculture, as well as in the metals and glass sectors.
The biodegradable films market research report is one of a series of new reports from The Business Research Company that provides biodegradable films market statistics, including biodegradable films industry global market size, regional shares, competitors with a biodegradable films market share, detailed biodegradable films market segments, market trends and opportunities, and any further data you may need to thrive in the biodegradable films industry. This biodegradable films market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The biodegradable films market size has grown strongly in recent years. It will grow from $1.27 billion in 2023 to $1.36 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The growth observed in the historical period can be attributed to several factors. Firstly, cost challenges and technological limitations played a significant role in shaping the landscape. The introduction of pilot projects allowed for experimentation and learning in the nascent stages of development. Initial efforts in consumer education were crucial to raising awareness and fostering acceptance of new practices. Initiatives aimed at waste reduction gained prominence, addressing environmental concerns and promoting sustainable practices. The overall growth was further driven by an upward trend in adopting eco-friendly practices across various industries.
The biodegradable films market size is expected to see strong growth in the next few years. It will grow to $1.79 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. Anticipated growth in the forecast period is driven by enhancements in cost competitiveness, the expansion of global market reach, strategic investments in research and development, increased applications in agriculture, and heightened global concerns about waste management. Key trends expected during this period include a discernible transition from traditional plastics to sustainable materials, a strong emphasis on environmental considerations and compliance with regulations, continuous advancements in material science, heightened demand from the food packaging industry for sustainable solutions, and a notable focus on the circular economy, emphasizing resource recycling and reuse for environmental sustainability.
The expanding global bioplastics industry is set to fuel the growth of the biodegradable film market. Bioplastics, derived from renewable or natural resources, are integral to the production of biodegradable films as eco-friendly alternatives to single-use plastics. Notably, the European Bioplastics (EUBP) reported in December 2021 that worldwide bioplastics manufacturing capacity is projected to witness a substantial increase, surging from approximately 2.4 million tons in 2021 to an anticipated 7.5 million tons by 2026. This surge underscores the significant role played by the burgeoning bioplastics sector in propelling the expansion of the biodegradable film market.
The escalating demand in the food and beverage sector is poised to be a key driver for the biodegradable film market. Food and beverages, comprising a diverse range of consumable substances, witness a growing preference for sustainable packaging solutions. Biodegradable films, serving as eco-conscious alternatives, contribute to environmental conservation and offer versatility in packaging design. A report by Common Thread Collective in April 2022 highlighted the robust performance of the global food and beverage sales, reaching $435.3 billion in 2021 and surging to $506 billion in 2022. Projections suggest a further increase, reaching $857 billion by 2025. This surge in demand underscores the pivotal role of biodegradable films in catering to the sustainability needs of the thriving food and beverage industry.
Technological advancements stand out as a pivotal trend influencing the biodegradable film market. Key industry players are strategically incorporating advanced technologies into their product offerings to fortify their positions in the dynamic biodegradable films sector. A noteworthy example is the January 2021 launch by EcoCortec, a Croatia-based biodegradable and compostable flexible films manufacturer. EcoCortec introduced the Eco-Corr Biodegradable VpCI Film, integrating Cortec's proprietary VpCI Technology. This innovative film, designed for diverse applications, boasts high-performance anti-static and corrosion-inhibiting properties. In an environmentally friendly manner, Eco-Corr Film decomposes into carbon dioxide and water within two to three months in a professional composting setting.
Major companies in the biodegradable films market are strategically focusing on innovation to boost revenues. The introduction of fully biodegradable biaxially oriented polypropylene (BOPP) exemplifies this approach. BOPP, a type of plastic film, is designed to completely break down into natural elements under specific environmental conditions. In March 2023, Polymateria Limited, a UK-based leader in responsible plastic management, partnered with Toppan Printing Co. Ltd., a Japan-based printing and packaging specialist, to launch this groundbreaking product. The fully biodegradable BOPP, applicable in food and cosmetic packaging, demonstrates unprecedented biodegradation rates. Polymateria's advanced biotransformation technology underpins this achievement, offering a substantial contribution to global efforts in reducing plastic pollution.
In January 2021, Novamont, a prominent European producer of biochemicals and compostable bioplastics, completed the acquisition of BioBag Group for an undisclosed amount. This strategic move is aimed at consolidating the market presence of both entities, enabling them to provide a comprehensive solution set. The acquisition positions Novamont and BioBag Group to cultivate robust partnerships with key stakeholders, including major retailers and local governments. BioBag Group, a Norway-based manufacturer specializing in biodegradable films and related packaging products, aligns with Novamont's commitment to sustainable and environmentally friendly solutions.
Major companies operating in the biodegradable films market report are BASF SE, Futamura Chemical Co. Ltd., Taghleef Industries LLC, BioBag International AS, Plascon Group, Avery Dennison Corporation, Walki Group Oy, Bi-Ax International Inc., Cortec Corporation, Clondalkin Group, Groupe Barbier, Kingfa Sci & Tech Co. Ltd., Tipa Corp Ltd., Novamont SpA, Sigmund Lindner GmbH, Organix AG, Armando Alvarez Group, Amtrex Nature Care Pvt Ltd., Solos Polymers Pvt. Ltd., ENVIPLAST, Xinle Huabao Medical Products Co. Ltd., Tilak Polypack Private Limited, EcoBharat, Polynova Industries Inc., Magical Film Enterprise Co. Ltd., Chintec Limited, RKW Group, Dow Chemical Company, Plastiroll Oy, Mondi Group, Innovia Films Ltd., Toray Industries Inc., Mitsubishi Chemical Corporation, NatureWorks LLC, Danimer Scientific Inc., Total Corbion PLA, and Synbra Technology BV.
Asia-Pacific was the largest region in the biodegradable films market share in 2023 and is expected to be the fastest-growing region in the forecast period. The regions covered in the biodegradable films market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the biodegradable films market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The biodegradable film market consists of sales of polycaprolactone, polybutylene adipate terephthalate, and polybutylene succinate. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.