The Biodegradable Films Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Biodegradable Films Global Market Report 2024, 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 in the historic period can be attributed to cost challenges and technological limitations, introduction of pilot projects, initial consumer education efforts, initiatives for waste reduction, rise in eco-friendly practices.
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%. The growth in the forecast period can be attributed to improvements in cost competitiveness, global market expansion, r&d investments, expansion in agriculture applications, global waste management concerns. Major trends in the forecast period include shift from plastic to sustainable materials, environmental concerns and regulations, advancements in material science, demand from food packaging industry, focus on circular economy.
The growing bioplastics industry worldwide is expected to propel the growth of the biodegradable film market going forward. Bioplastic refers to a polymer that is created into a commercial product using renewable or natural resources. Bioplastics are used in biodegradable films to replace single-use plastics since they are renewable and biodegradable. For instance, in December 2021, according to European Bioplastics (EUBP), a European-based association representing the interests of the bioplastics industry, the worldwide bioplastics manufacturing capacity is set to rise significantly from around 2.4 million tonnes in 2021 to 7.5 million tonnes in 2026. Therefore, the growing bioplastic industry worldwide is driving the growth of the biodegradable film market.
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The biodegradable films market covered in this report is segmented –
1) By Type: Polylactic Acid (PLA), Starch Blends, Biodegradable Polyesters, Polyhydroxyalkanoates (PHA) , Other Types
2) By Application: Bags, Mulch Films, Wrapping Films, Liners, Other Applications
3) By End-Use: Food And Beverage, Healthcare, Personal Care And Cosmetics, Agriculture, Metal, Glass, Other End-Users
Technological advancements are a key trend gaining popularity in the biodegradable film market. Major companies operating in the market are using advanced technologies in their products to sustain their position in the biodegradable films market. For instance, in January 2021, a Europe-based manufacturer of biodegradable and compostable flexible films, launched Eco-Corr Biodegradable VpCI Film with Cortec’s proprietary VpCI Technology. EcoCortec has developed the world’s first Eco-Corr Film ESD, high-performance anti-static and corrosion-inhibiting films and bags for the electronics, telecommunications, packaging, and electric vehicle industries. Within two to three months in a professional composting setting, Eco-Corr Film will decompose into carbon dioxide and water.
The biodegradable films market report table of contents includes:
1. Executive Summary
2. Biodegradable Films Market Characteristics
3. Biodegradable Films Market Trends And Strategies
4. Biodegradable Films Market – Macro Economic Scenario
5. Global Biodegradable Films Market Size and Growth
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31. Global Biodegradable Films Market Competitive Benchmarking
32. Global Biodegradable Films Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Biodegradable Films Market
34. Biodegradable Films Market Future Outlook and Potential Analysis
35. Appendix
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