Introduction
In a world increasingly conscious of environmental sustainability, the Biodegradable Films Market has emerged as a beacon of hope. These innovative films are revolutionizing packaging and more, offering a promising solution to plastic pollution. Join us on a journey through the Biodegradable Films Market, where sustainability meets industry needs.
The Green Revolution in Packaging
Biodegradable Films: A Game-Changer
Biodegradable films are the stars of this eco-friendly revolution. They offer a sustainable alternative to traditional plastic packaging, promising reduced environmental impact without compromising quality or functionality. These films are derived from natural sources and can break down into harmless components, making them the ideal choice for environmentally conscious consumers and businesses.
With a projected CAGR of 5.6%, the global biodegradable films market is set to experience impressive growth, elevating its value from US$ 1,040.1 Million in 2022 to an estimated US$ 1.7 Billion by 2032. The market’s continuous ascent is evident, as it was valued at US$ 1,000.5 Million in 2021, and is expected to exhibit a Y-o-Y growth of 5.4% in 2022.
The U.S. is one of the biggest plastic packaging markets in the world and is also expected to be the leader in plastic packaging till the end of the decade. The U.S. packaging market was worth US$ 265 Billion in 2020 and is steadily rising at CAGR of 6.1%. Also, the ongoing trend of e-commerce is spurring demand for biodegradable films.
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Global Biodegradable Films Market: Key Players
Some of the key players operating in the global biodegradable films market are as follows:
- Taghleef Industries Group
- Cortec Corporation
- Clondalkin Group
- Futamura Group
- Storopack, Inc.
- Transilwrap Co., Inc.
- Accredo Packaging, Inc.
- POLYNOVA Industries Inc.
- Tipa Corporation
- Plastiroll Oy Ltd.
Competitive Landscape-
- In October 2021, Walki Group acquired the French packaging producer Rollpack to expand its geographical footprint.
- In December 2020, BASF and BillerudKorsnäs cooperated to develop unique home-compostable paper laminate for flexible packaging.
Challenges and Innovations
While the Biodegradable Films Market has gained significant traction, it is not without its challenges. Some of the key obstacles faced by the industry include:
- Cost-Effectiveness: Biodegradable films can be more expensive to produce compared to traditional plastics, impacting their widespread adoption.
- Performance: Some biodegradable films may not possess the same level of strength and durability as conventional plastics, necessitating further research and development.
- Recycling Infrastructure: The existing recycling infrastructure may not be fully equipped to handle biodegradable films, leading to confusion among consumers and inadequate disposal practices.
Global Biodegradable Films Market: Geographical Outlook
The popularity of biodegradable films in North America and Europe is expected to gaining traction owing to local governments push toward sustainability and manufacturers increased research and development activities. The ban on plastic and consumers’ acceptance for biodegradable packaging options are expected to speed up the growth of the biodegradable films market in the coming decade.
Japan, China and India are planning to reduce 100% of single-use plastic by the end of 2025, which is expected to boost the demand for biodegradable films in the Asia Pacific region. Latin America and Middle East & Africa regions witnessed sluggish growth for biodegradable films market in the past five years, which is projected to accelerate in the next decade.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides an in-depth analysis of parent market trends, macroeconomic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on biodegradable films market segments and geographies.
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Global Biodegradable Films Market: Segmentation
The global biodegradable films market has been segmented into material, application, thickness, and end-user industry.
On the basis of material, the global biodegradable films market has been segmented into:
- Bio-LDPE (Low Density Polyethylene)
- Bio-MDPE (Low Density Polyethylene)
- Bio-HDPE (Low Density Polyethylene)
- Bio-based PLA (Polylactic Acid)
- Others
On the basis of application, the global biodegradable films market has been segmented into:
- Bags
- Mulch Films
- Wrapping Films
- Liners
- Others (Sheets, etc.)
On the basis of thickness, the global biodegradable films market has been segmented into:
- Up to 1 mil
- 1-3 mil
- Above 3 mil
On the basis of end-user industry, the global biodegradable films market has been segmented into:
- Food & Beverages
- Healthcare
- Personal Care & Cosmetics
- Agriculture
- Waste Management
- Others
On the basis of Region, the global biodegradable films market has been segmented into:
- North America
- Latin America
- Europe
- Middle east and Africa
- East Asia
- South Asia
- Oceania
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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