Global Biodegradable polymers Market - Segmented by Type, End-user Industry and Region - Growth, Trends and Forecasts (2018 - 2023)
The global biodegradable polymers market is expected to witness a CAGR of over 20% during the forecasted period, majorly driven by growing popularity of the eco-friendly polymers that cause minimal damage to the environment and provide a sustainable future for the future generations.
Preference to Ecofriendly Polymers to Preserve Environment Are Driving the Market
Ecofriendly polymers are necessary for sustainable future and biodegradable polymers help in a long way to protect the environment from polymers filling land and water bodies. Biodegradable polymers are the need of the hour, as they help in avoiding accumulation of toxic particles in the environment. Non-degradable polymers clog the water flow, occupy area on landfills restricting absorption of water and nutrients into the soil, and harm aquatic life and innocent animals who mistake these polymers for food.
Polylactic Acid the Dominating Type
Polylactic Acid biodegradable polymers lead the market demand for bio-degradable ones. These are widely used in the packaging industry and have applications in medical, textile, and agriculture industries. Medical industry is expected to adopt these biodegradable polymers rapidly in the forecast period.
Asia Pacific a Potential Market
Currently Europe and North America occupy more than 75% of the demand for bio-degradable polymers. Asia-pacific region currently has highest usage of polymers and is a potential region where the usage of bio-degradable polymers can increase rapidly in the future by increasing awareness about advantages of these bio-degradable polymers. Lowering the prices of biodegradable polymers is necessary for their wider adoption. The adaption of bio-degradable polymers in this region is expected to propel, once the price competitiveness is achieved.
January 2018: Bengbu-based BBCA Group signed an agreement with Glactic Company, located in Belgium, on a PLA (polylactic acid) cooperation project, featuring a designed annual production capacity of 100,000 metric ton
January 2018: Engineers from the University of Connecticut developed an implantable sensor, made from poly (L-lactide) (PLLA), a medically-safe biodegradable polymer that can measure even very small changes in pressure inside organs
June 2017: NatureWorks signed a contract to license Plaxica's Optipure chemical processing technology for the production of D-lactic acid, which serves as a building block for Ingeo PLA grades
Major Players: BASF SE, DowDuPont, Merck, Mitsubishi Chemical Corporation and Showa Denko K.K. amongst others.
Reason to Purchase this Report
To understand the impact of various types of Biodegradable polymers on the market
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
To understand the dominating type and end-user industry in the market
Countries expected to witness the fastest growth during the forecast period
Identifying the latest developments, market shares, and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet in excel
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