What are the Growth Drivers of Biodegradable Polymer Market | Major Players are BIOTEC GmbH, Cereplast, Mitsui Chemicals Inc, MetaboliX, FP INTERNATIONAL (UK) LIMITED
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The global biodegradable polymers market has been categorized on the basis of product type and application. On the basis of product type, the global market has been segmented into polybutylene adipate terephthalate, polybutylene succinate, polybutylene succinate adipate, polycaprolactone, polyglycolic acid, polyhydroxyalkanoates, polylactic acid and starch-based polymers. On the basis of application, the global market has been segmented into medical, packaging, agriculture and others. In medical application, biodegradable polymers are used in drugs deliver system, surgical sutures and adhesive prevention. Additionally, biodegradable polymers are used in agriculture mulches, starch-based packaging and cellulose-based packaging.
The major factors driving the regional market growth are improving healthcare facilities, increasing demand for eco-friendly packaging solutions and growing focus on biomedical applications. China and Japan are the countries driving the demand for biodegradable polymers in the Asia-Pacific region. The consumption of biodegradable polymers in China is expected to inflate significantly, during the forecast period, owing to the strict government regulations and low polymer production costs.
The global biodegradable polymers market is expected to witness significant growth during the forecast period. The growth in the global market is being driven by increasing awareness about environment and unstable crude oil prices. The environmental pollution caused by the use of petroleum-based polymers, which are non-biodegradable in nature, has resulted in growing demand for biodegradable polymers. Additionally, increasing concern about the environment has shifted the focus from petroleum-based polymers to biodegradable polymers market.
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The North American market for biodegradable polymers is expected to grow considerably, during the forecast period, due to increasing awareness about bio-degradable polymers and volatility of crude oil prices. The European market is expected to show firm growth in the global biodegradable polymers market, during the forecast period. The regional market growth is being driven by stringent environmental rules and regulations. The legislation rules include packaging waste directive with recovery and recycling targets, plastic bag bans in Europe and collection and waste disposal laws that aim to avoid landfill.
Some of the key players in the global biodegradable polymers market are Cereplast, BASF SE, Mitsui Chemicals Inc, BIOTEC GmbH& Co., Metabolix Inc., FP International and Lactel Absorbable Polymers.
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