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Biodegradable Polymers Market 2024 Report By Key Companies, Regional Analysis And Forecast 2033
Biodegradable Polymers Market
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According to The Business Research Company's, The biodegradable polymers market size has grown rapidly in recent years. It will grow from $6.58 billion in 2023 to $7.78 billion in 2024 at a compound annual growth rate (CAGR) of 18.4%. The growth in the historic period can be attributed to growth in e-commerce, growth in the healthcare sector, growth in initiatives promoting circular economy practices, rise in demand from the cosmetics industry, and increasing investments in research and development.
The biodegradable polymers market size is expected to see rapid growth in the next few years. It will grow to $15.35 billion in 2028 at a compound annual growth rate (CAGR) of 18.5%. The growth in the forecast period can be attributed to increasing industrialization, growing demand for eco-friendly materials, rising packaging industry, increasing demand for sustainable packaging, and increasing environmental regulations. Major trends in the forecast period include technological advancements, adoption of life cycle assessments, hybrid materials, 3D printing, and algae-based biodegradable polymers.
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Market Drivers and Trends:
The expansion of the agricultural sectors is expected to propel the growth of the biodegradable polymer market going forward. Agricultural sectors refer to the various segments of agriculture, including crop production, livestock farming, forestry, fisheries, and agribusiness, each focused on producing food, raw materials, and related products. Agricultural sectors are expanding due to rising global demand for food driven by population growth, advancements in farming technologies, increased investment in sustainable practices, and the growing need for bio-based materials. Biodegradable polymers are required in agricultural sectors to reduce plastic waste, improve soil health, and promote sustainability by providing eco-friendly alternatives for products such as mulch films, seed coatings, and packaging. For instance, in September 2024, according to a report published by the United States Department of Agriculture, a US-based government agency, agriculture, food, and related industries contributed approximately $1.53 trillion to the U.S. gross domestic product (GDP) in 2023, representing 5.6 % of the total. Therefore, expanding the agricultural sectors is driving the growth of the biodegradable polymer market.
Major companies operating in the biodegradable polymers market are focused on developing soil conditioners to improve soil structure, enhance water retention, boost nutrient availability, and promote better root development. A soil conditioner is a material added to soil to improve its physical characteristics, including structure, water retention, and nutrient availability, promoting plant growth and improving soil health. For instance, in August 2024, Hydroplan-EB, a UK-based manufacturer of biodegradable polymers and superabsorbent polymers, launched HYB PLUS biodegradable polymer. Hydroplan-EB's biodegradable polymers are designed with additives that enhance rooting and promote successful establishment during planting and transplanting. These polymers improve initial plant development while minimizing the need for replanting. Key benefits include elevated nitrogen levels, organic carbon, and enzymes that help mitigate the physiological stress often associated with transplanting.
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Major Key Players of the Market:
BASF SE, Mitsubishi Chemical Group Corporation, Merck Group, Evonik Industries AG, Solvay S.A., Koninklijke DSM N.V., Smurfit Kappa Group plc, Sulzer Ltd., Toyobo Co. Ltd., Corbion N.V., Green Dot Bioplastics Inc., Kaneka Belgium N.V., Danimer Scientific Inc., Polysciences Inc., Sulapac Ltd., TIPA Corp Ltd., Natur-Tec, TotalEnergies Corbion B.V., BioBag International AS, Futerro S.A., Cereplast Inc.
Biodegradable Polymers Market 2024 Key Insights:
• The biodegradable polymers market size is expected to see rapid growth in the next few years. It will grow to $15.35 billion in 2028 at a compound annual growth rate (CAGR) of 18.5%.
• Impact Of Agricultural Sector Expansion On The Growth Of The Biodegradable Polymers Market
• Innovations In Biodegradable Polymers
• Asia-Pacific was the largest region in the biodegradable polymers market in 2023
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