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Biodegradable Films Market is Reach USD 2.03 billion by 2029, Expected to Grow at a CAGR of 7.1, Trends Analysis to Witness Astonishing Growth till Forecast
Biodegradable Films Market Overview:The growing awareness regarding plastic waste and its adverse impact on the environment is one of the primary factors driving the market growth. Moreover, factors like growing demand from the food packaging industry, and high demand from the agriculture & horticulture sector are also contributing to the market growth of biodegradable films.
The global biodegradable films market size is estimated to be USD 1.1 billion in 2020 and projected to reach USD 2.03 billion by 2029, at a CAGR of 7.1%.
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The biodegradable film market is witnessing high demand from food industry, agriculture, and cosmetics industry. The research and implementation of bioplastics for food has piqued the interest of the food, packaging, and distribution industries in recent years. Edible coatings, paper boards, egg trays, carry bags, wrapping films, and food packaging are all examples of biodegradable film applications in the food sector.
Biodegradable Films Market Key Players
The study of the growth of the top market player for in the target sector includes new projects with speculative returns, innovations and study of the accessibility of companies. some of the profiled players are BASF SE, Biogeneral, Plascon Group, TAGHLEEF INDUSTRIES GROUP, Shreejistretchfilm, Polyplex, STOROPACK HANS REICHENECKER GMBH, Grafix Plastics, Profol GmbH, Walki Group Oy, BioBag Americas, Inc., AVERY DENNISON CORPORATION, Polystar Plastics Ltd, TIPA LTD and Others
Recent Developments
In October 2021, Walki Group acquired the French packaging producer Rollpack to expand its geographical footprint.
In September 2020, AVERY DENNISON CORPORATION Brazil was honoured with Industry Sustainability Award for the third time in a row for its label-waste recycling program. This achievement is expected to raise its goodwill and sales in the country as well as the continent.
In February 2020, BASF SE partnered with Fabbri Group (Italy) to develop a new cling film for fresh food packaging. As part of the partnership, Fabbri Group will develop the stretch film, Nature Fresh, by using the certified compostable and bio-based bioplastic, Ecovio, which is offered by BASF SE. This partnership is expected to help increase the share of BASF SE in the biodegradable films market in Italy.
In April 2021, Walki Group acquired Plasbel, the Spanish leader in sustainable packaging solutions. Plasbel helped Walki to expand its reach in Europe by offering a diverse range of food packaging solutions, as well as post-consumer recycled and compostable films for use in the retail and hospitality industries. As part of Walki's objective to increase circularity and recyclability of packaging materials, this acquisition is a significant step. The combined entity's complementing R&D skills enabled it becomes a leading biofilm converter with significant expansion potential across.
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Biodegradable Films Market Segmentation:
Biodegradable Films Market by Type, 2020-2029, (USD Million) (Kilotons)
PLA
Starch Blends
Biodegradable Polyesters
PHA
Biodegradable Films Market by Application, 2020-2029, (USD Million) (Kilotons)
Food Packaging
Agriculture & Horticulture
Cosmetic & Personal Care Products Packaging
Industrial Packaging
Growth Factors:
Increasing demand from the Biodegradable Films industries
The growing use of Biodegradable Films in Chemical and Material Sectors.
Rising demand for products
Technological advancements in production processes
Growing applications in Biodegradable Films Market
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Biodegradable Films Market Regional Analysis
Geographically, this report is segmented into several key regions, with sales, revenue, market share and growth Rate of Fiberglass Storage Tank (Fiberglass Tank) Professional in these regions, from 2022-2029, covering
North America (United States, Canada and Mexico)
Europe (Germany, UK, France, Italy, Russia and Turkey etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
Key Biodegradable Films Market Trends
- The report identifies, determines, and forecasts the Global Biodegradable Films Market segments based on their type, sub-type, technology used, applications, end-users, and regions.
- Industry to Industry Holds Largest Share in the Biodegradable Films Market
- It examines the micro-markets based on their growth trends, development patterns, future prospects, and contribution to the overall market.
- Demand from Regional / geographical is expected to drive the Growth
- Rising Adoption of Market Segments in the Biodegradable Films Growth
- It studies the competitive developments such as partnerships and collaborations, mergers and acquisitions (M&A), research and development (R&D) activities, product developments, and expansions in the Global Biodegradable Films Market.
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