DUBLIN, October 18, 2021--(BUSINESS WIRE)--The "Bio-degradable Polymers Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The market for bio-degradable polymers is anticipated to register a CAGR of over 20% during the forecast period.
Eastman Chemical Company
FKuR Kunststoff GmbH
Mitsubishi Chemical Holdings Corporation
Total Corbion PLA bv
Key Market Trends
Increasing Demand from the Packaging Industry
Bio-degradable polymers are used in both flexible and rigid packaging applications. Bio-degradable polymers are used for wrapping organic food, as well as for premium and branded products with particular requirements. In 2019, global production capacities of bioplastics (of which bio-degradable polymers accounted for around 40% of the market) amounted to about 2.11 million tons, with almost 50% of the volume destined for the packaging market - the biggest market segment within the bioplastics industry.
In rigid packaging applications, bio-degradable polymers are used in cosmetics packaging of creams and lipsticks, as well as beverage bottles and many more. PLA is widely used in rigid packaging applications.
Biodegradability is an important component of food packaging for perishables. Flexible packaging solutions, such as films and trays, are particularly suitable for fresh produce, such as fruit and vegetables, as they enable longer shelf life.
Overall, the growing packaging industry is expected to drive the market demand of bio-degradable polymers through 2025.
The consumption of bio-degradable polymers in making bottles and containers is increasing across the world. The production of bottles and containers is more in China since it is the manufacturing hub for major products.
In Europe and North America, the consumption of bio-degradable polymers is increasing, owing to stringent regulations by the government to ban the usage of petroleum-based plastics, coupled with the increasing usage of bio-degradable polymers in rigid packaging for bottles in these regions.
Moreover, the slowing down of R&D activities due to the economic slowdown and lockdowns due to COVID 19 outbreak is expected to have a negative impact on the growth of the packaging industry in the short term, and thereby have an adverse effect on the market studied.
The growth in the packaging industry in developing regions, such as Asia-Pacific, South America, and the Middle East, is expected to increase over latter part of the forecast period, due to the improving food packaging standards of various food and safety organizations in these regions, which is expected to propel the growth of the bio-degradable polymers market at a latter stage of the forecast period.
China to Dominate the Asia-Pacific Market
In Asia-Pacific, China is the largest economy, in terms of GDP. The country witnessed about 6.1% growth in its GDP during 2019, even after the trade disturbance caused due to its trade war with the United States.
Although China was the first country affected by the COVID-19 and its related lockdown, it was the first country to come out of lockdown, but the country has been witnessing recurring cases of coronavirus, leading to further lockdowns. With this, manufacturing seems to be heavily impacted and is expected to continue with slow growth during 2020. Moreover, a major chunk of the Chinese economy is linked to foreign exports, where demand is still low due to lockdowns being practiced in various countries due to the COVID-19 outbreak. This has been negatively affecting the Chinese industry in 2020.
Chinese plastics manufacturers that account for almost 29% of the global plastic production are focusing on the increased use of corn, sugar, and other crops to develop biodegradable plastics as concerns about environment pollution have encouraged directives from Beijing and the prospects of a ban on conventional plastics- single-use non-biodegradable plastics, such as cutlery, plastic bags, and packaging.
China's production of polylactic acid (PLA), a biodegradable plastic raw material, is expected to rise rapidly over the forecast period, owing to rising textile, packaging, and electronics sectors.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1.1 Favorable Government Policies Promoting Bio-plastics
4.1.2 Increasing Usage in Flexible Packaging
4.1.3 Increasing Demand for Medical Gloves
4.2.1 Higher Price Compared to Petroleum-based polymers
4.2.2 Impact of COVID-19 Pandemic
4.3 Industry Value-Chain Analysis
4.4 Porters Five Forces Analysis
4.5 Raw Material Analysis
4.6 Regulatory Policy Analysis
4.7 Patent Analysis
5 MARKET SEGMENTATION
5.1.1 Starch-based Plastics
5.1.2 Polylactic Acid (PLA)
5.1.3 Polyhydroxy Alkanoates (PHA)
5.1.4 Polyesters (PBS, PBAT, and PCL)
5.1.5 Cellulose Derivatives
5.2 End-user Industry
5.2.3 Consumer Goods (Consumer Electronics)
5.2.6 Other End-user Industries
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Growing Use in the Electronics Industry
7.2 Increasing Applications in the Medical Industry
For more information about this report visit https://www.researchandmarkets.com/r/hpj1l2
View source version on businesswire.com: https://www.businesswire.com/news/home/20211018005594/en/
Laura Wood, Senior Press Manager
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