January 12, 2021
According to the research report titled ‘Global Biodegradable Films Market Size study, by Type (PLA, Starch Blends, Biodegradable Polyesters, PHA), by Applications (Food Packaging, Agriculture & Horticulture, Cosmetic & Personal Care Products Packaging, Industrial Packaging) and Regional Forecasts 2020-2027‘, available with Market Study Report LLC, global biodegradable films market was valued at USD 1.0 billion in 2019 and is anticipated to expand at 6.95% CAGR through 2027.
Improved environmental cognizance among individuals is primarily fueling the growth of global biodegradable films market. These films decompose naturally as compared to traditional films, and is used in numerous packing applications across food & beverages and agriculture sectors.
Further, increasing support from the government in terms of imposed mandatory regulations on packing of manufactured products for environment safety is positively impacting the industry growth. Citing an instance, Futamura Chemicals manufactured plastic free compostable crisp pack for German crisps producer myChipsBox, in collaboration with Bio4Pack GmbH. Utilization of the biodegradable pack made of NatureFlex film supported the company’s venture into sustainable crisp pack market.
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Further, constant research & development activities to enhance the biodegradability the product, leading to launch of new products are swaying the global biodegradable films market dynamics forward.
However, higher price of biodegradable films as compared to the conventional plastic films may hamper the industry growth during 2020-2027. Despite that, flourishing bioplastic industry is likely to create opportunities for the global biodegradable films market partakers.
From a regional frame of reference, worldwide biodegradable films market is segmented into Europe, Asia Pacific, North America, Latin America, and rest of the world. North America market is projected to grow substantially during the study period, mainly due to paradigm shift towards adoption of environmentally safe products & packaging in the region. Whereas, Asia-Pacific industry is anticipated to amass considerable revenues by the year 2027, owing to escalating setup of food packaging plants in the emerging nations.
Major players operating in global biodegradable films market sphere include Kingfa Sci. & Tech. Co. Ltd., Futamura Chemical Co. Ltd., BASF SE, Armando Alvarez Group, AEP Industries Inc., BioBag International AS, Walki Group Oy, Taghleef Industries LLC, and British Polythene Industries plc.