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.
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Latest Drivers Restraint and Opportunities Market Snapshot:
Key factors influencing the global Biodegradable Films market are:
- The longevity of food shelf life contributes to the growth of the biodegradable film industry.
- Consumer preferences for eco-friendly products drive the market expansion.
- The growth of biodegradable films in the country is driven by an increased demand for green technology and a rise in healthcare expenditures.
The following are the primary obstacles to the Biodegradable Films market’s expansion:
- The economic downturn triggered by the COVID-19 pandemic led to a substantial decline in the demand for plantation crops, floriculture, and other sectors, constraining overall growth.
- The elevated installation costs of Biodegradable Films can impede their growth.
- The absence of standardized testing methods and criteria for biodegradable films can lead to uncertainty and variation in performance, which can hinder growth.
Future expansion opportunities for the global Biodegradable Films market include:
- The increasing consumer inclination towards sustainable products has significantly contributed to the rise in demand for biodegradable films.
- Government initiatives are contributing to increased agricultural production in various countries, presenting opportunities for the growth of the Biodegradable Film industry.
- The implementation of strict regulations and policies aimed at reducing plastic waste and promoting sustainable practices is encouraging the adoption of biodegradable films in various industries.
Market Analysis:
The biodegradable film industry is significantly influenced by the move towards ecologically friendly packaging materials. The global trend toward sustainability is reflected in the growing demand from both consumers and businesses for packaging solutions that are less harmful to the environment and can break down organically. It is anticipated that during the forecast period, this important industry trend will propel the biodegradable films market.
List of Prominent Players in the Biodegradable Films Market:
- BASF SE
- Cortec Corporation
- Kingfa Sci. & Tech. Co., Ltd.
- Futamura Chemicals Co., Ltd
- BioBag Americas, Inc.
- Plastchim-T
- Shreeji Stretch Film Industries
- Clondalkin Group Holding B.V.
- Tipa Corp. Ltd.
- Brentwood Plastics, Inc.
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Recent Developments:
- In May 2020, Dr. Reddy’s Laboratories, a pharmaceutical company, launched desmopressin acetate injectable USP, four mcg/mL, in the American market.
- In September 2020 -Avery Dennison was honored with the industry sustainability award its label-waste recycling initiative, marking the third consecutive year of recognition. This achievement is expected to enhance the company’s standing and drive increased sales both nationally and continent-wide.
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Biodegradable Films Market Dynamics:
Market Drivers: Increased Demand from Agriculture Sector
Films crafted from recycled materials instead of chemicals and plastics contribute to environmentally friendly packaging. These biodegradable packaging materials offer superior benefits for the environment, reducing waste and resource consumption, thus driving the global biodegradable film market. In specialty crop production systems, agricultural biodegradable films are frequently employed due to their agronomic advantages. The utilization of such films enhances soil quality, thereby propelling the global biodegradable films market. Importantly, these films can decompose without causing harm to the environment through the actions of living organisms, including bacteria or fungi, with or without the presence of oxygen.
Challenges: High Price of Biodegradable Film prices
The growth of the biodegradable film market is hindered by the significant costs involved. The production expenses for biodegradable films are greater than those for conventional plastic films. This cost disparity is mainly attributed to the elevated expenses associated with the polymerization of biodegradable plastics. The higher costs arise because most technologies are still in the research and development phases, needing economies of scale.
North America is Expected to Grow with the Highest CAGR During the Forecast Period
The North America Biodegradable Films Market is likely to register a significant revenue share and develop at a rapid CAGR in the near future. Sustainability is a key driver in the packaging industry, with consumers in North America showing a growing interest in eco-friendly alternatives. The demand for biodegradable films is notably high in the food and beverage sector within North America. These films find frequent application in packaging snacks, beverages, sauces, and various food items, owing to their attractive shelf presentation and versatility. Manufacturers in North America are actively investing in innovative closure features for Biodegradable Films, including resealable zippers, tear notches, and spouts.
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Segmentation of Biodegradable Films Market-
By Type-
- PLA
- Starch Blends
- Biodegradable Polyesters
- PCL
- PBAT
- PBS
- PHA
- Others (Regenerated Cellulose and Cellulose Derivatives)
By Application-
- Agriculture & Horticulture
- Cosmetic & Personal Care Products Packaging
- Industrial Packaging
- Others (Composting, Service Ware, and Carrier Bags)
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of Middle East and Africa
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