Biodegradable Polymers Market Size and Share | Industry Analysis 2023-2029

The global biodegradable polymers market size was valued at USD 9,235.4 million in 2022 and is poised to grow at a significant CAGR of 23.1% during the forecast period 2023-29. The primary drivers of the expansion of the global biodegradable polymers market include the increasing environmental consciousness among the public influences the demand for sustainable and lowering impact on environment which drives the biodegradable polymers market growth. The increase in issues related to plastics has boosted the need of an alternative material like is biodegradable polymers.

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The biodegradable polymers market is segmented based on type, application, and geography.

Based on the type, the market is segmented into the following:
• Starch-based Plastics
• Polylactic Acid
• Polyhydroxy Alkenoates
• Polyesters
• Cellulose Derivatives
• Others

Based on the application, the market is segmented into the following:
• Packaging & Bags
• Consumer Goods
• Agriculture & Horticulture
• Textile
• Others

Based on geography, the market is segmented into the following:
• North America
• Europe
• The Asia Pacific
• Latin America
• MEA

Based on the application, the global Biodegradable Polymers market is segmented into Packaging & Bags, Consumer Goods, Agriculture & Horticulture, Textile, and Others. The packaging and bags industry segment is expected to account for a larger revenue share in the global biodegradable polymers market. The increase in Organic food and cosmetic industry across the globe and their increased export volumes is expected to fuel the growth of biodegradable polymers market. Biodegradable polymers are used in the cosmetic packaging of lipsticks, creams and other products. They are also used to pack beverages bottles which is expected to boost the growth of biodegradable polymers market in this segment.

Europe Biodegradable Polymers Market
The Europe biodegradable polymers market is expected to increase over the forecast period due to the increasing awareness of people in plastic waste and the impact of non-decomposable plastics on environment. in addition, increasing government supports in the use of biodegradable plastics in this region is expected to drive the market growth. for instance, in 2019 European union decided to reduce the use of single use plastics by the ban on single use plastics in this region.
furthermore, the increasing investment in research and development in bioplastic sector by public and private organizations is expected to trigger the growth of biodegradable polymers market in this region.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players.

The global Biodegradable Polymers market further reveals that the key players are increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region. For instance, In March 2022, Solvay launched biodegradable guar-based polymers for beauty care.

In September 2019, Clariant launched new organic pigments for the biodegradable plastics.

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Key players profiles in the Biodegradable Polymers Market report are Arkema SA, BASF SE, Braskem SA, DuPont de Nemours Inc., Evonik Industries AG, Koninklijke DSM NV, NatureWorks LLC, Novamont SpA, Plantic Technologies Ltd., Toray Industries Inc.

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