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Biodegradable Films Market Top Companies Study - BASF SE, Futamura Chemical Co. Ltd, Taghleef Industries, Walki Group Oy, Kingfa Sci & Tech Co.
Biodegradable Films Market
The global biodegradable films market is estimated to reach over USD 1766.36 million by 2031, exhibiting a CAGR of 6.20% during the forecast period.
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By enhancing crop output, these biodegradable films provide a limited answer to this rapidly evolving problem and so aid in addressing important issues like water conservation, soil pollution, and climatic change. The world's population has been growing quickly, which is anticipated to last during the forecast period. To meet the growing demand brought on by the increased per capita food consumption, attempts have been made to create superior food crops that produce higher yields. Agricultural mulch films boost production by accelerating germination cycles, limiting direct contact between the crop and soil, and keeping fertilizers and nutrients close to the crop. Thus, it is anticipated that demand for biodegradable mulch films will rise during the forecast period. When certain environmental requirements are not met, the biodegradable film cannot break down, which poses a problem for the market for biodegradable film.
List of Prominent Players in the Biodegradable films market:
• BASF SE
• Futamura Chemical Co. Ltd
• Taghleef Industries
• Walki Group Oy
• Kingfa Sci & Tech Co. Ltd
• BioBag Americas Inc
• Avery Dennison Corporation
• Plascon Group
• Bi-Ax International Inc
• Cortec Corporation
• Clondalkin Group
• TRIOWORLD INDUSTRIER AB
• Groupe Barbier
• Paco Label
• Layfield Group
• Polystar Plastics Ltd.
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Market Dynamics:
Drivers-
The demand for the biodegradable film is increasing due to the fluctuating price and long-term availability of fossil fuels. The demand for the biodegradable film is hampered by its relatively higher production cost than plastic films. The biodegradable film market is benefiting from the expansion of the sustainable film industry.
Challenges:
Performance issues related to biodegradable films can be a major challenge for the market. Biodegradable films may offer a different level of performance than traditional plastic films, particularly in terms of strength and durability. For example, some biodegradable films may be more prone to tearing or puncturing than traditional plastic films, which can be a problem in applications where the film needs to withstand stress or handling. Biodegradable films may also have different moisture barrier properties than traditional plastic films, which can impact their suitability for certain applications. Another issue is that the performance of biodegradable films may vary depending on the specific material and processing methods used. This can make it difficult for companies to find the right biodegradable film for their specific application and may require additional testing and development.
Regional Trends:
Asia Pacific is expected to dominate the biodegradable films market due to the increasing demand for eco-friendly packaging solutions and the supportive regulatory environment in the region. Food packaging is expected to be the dominant application area for biodegradable films due to the growing concern about the environmental impact of plastic packaging in the food and beverage industry. Moreover, North America is also a substantial market for biodegradable films. It is anticipated to expand more significantly than other regions. Increasing consumer demand for sustainable products and supportive government policies and efforts fuel growth in North America.
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Recent Developments:
• In September 2020, For the third consecutive year, AVERY DENNISON CORPORATION Brazil received the Industry Sustainability Award for its label-waste recycling program. This success is anticipated to increase its reputation and sales across the nation and the continent.
Segmentation of the Biodegradable films market-
By Application-
• Agriculture & Horticulture
• Cosmetic & Personal Care Products Packaging
• Industrial Packaging
• Others (Composting, Service Ware, and Carrier Bags)
By Type-
• PLA
• Starch Blends
• Biodegradable Polyesters
o PCL
o PBAT
o PBS
• PHA
• Others (Regenerated Cellulose and Cellulose Derivatives)
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa
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InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
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