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The biodegradable polymers market share is expected to increase by USD 817.05 million from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 4.59%.
This biodegradable polymers market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers biodegradable polymers market segmentations by product (PLA, starch-based polymer, and others), end-user (food packaging, foam packaging, biodegradable bags, agriculture, and others), and geography (Europe, North America, APAC, South America, and MEA). The biodegradable polymers market report also offers information on several market vendors, including Arkema SA, BASF SE, Braskem SA, DuPont de Nemours Inc., Evonik Industries AG, Koninklijke DSM NV, NatureWorks LLC, Novamont SpA, Plantic Technologies Ltd., and Toray Industries Inc. among others.
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Based on our research output, there has been a neutral impact on the market growth during and after post COVID-19 era. The eco-friendly packaging: enhanced consumer appeal is notably driving the biodegradable polymers market growth, although factors such as difficulty in labeling and lack of consumer education may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the biodegradable polymers market industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Biodegradable Polymers Market Driver
One of the key factors driving growth in the biodegradable polymers market is the government's emphasis on efficient plastic waste management. The demand for sustainable and eco-friendly packaging is increasing among consumers, shifting the focus of major plastics manufacturers and packaging vendors toward biodegradable polymers. The need to conform to government regulations is forcing vendors to focus on manufacturing biodegradable polymers and promoting products that have sustainable components in the export market. This is driving the biodegradable polymers market while helping the vendors to achieve their sustainability efforts and enabling the green branding of their products. It has been observed that consumers prefer sustainable options for plastic bags and food packaging. The growing consumer preference for sustainability in these product categories is forcing vendors to adopt greener technologies and strategies for branding as well as customer acquisition. The increasing acceptance of sustainable packaging and green products among consumers is thus driving the biodegradable polymers market.
Key Biodegradable Polymers Market Trend
Manufacturers focusing on sustainable production is another factor supporting the biodegradable polymers market growth in the forecast period. With an increase in the focus on sustainability and the emergence of favorable government regulations for green procurement, the global biodegradable polymers market will experience significant opportunities in the consumer goods and packaging sectors. Moreover, the demand for biodegradable mulch films, compostable waste bags, catering products, film packaging, and rigid packaging will experience significant growth during the forecast period. Furthermore, other applications of bioplastics include the manufacture of tires with starch-based materials to reduce fuel consumption, and the manufacture of stitching materials, screws, and implants in the medical sector is significantly increasing. Initially, bioplastics were used for niche products that have high prices. However, in the future, economies of scale and improved performance of bioplastics will expand the scope of end-use applications in every industry.
Key Biodegradable Polymers Market Challenge
The difficulty in labeling and lack of consumer education will be a major challenge for the biodegradable polymers market during the forecast period. Products made from biodegradable polymers must be placed in an end-of-life environment to ascertain their biodegradability. This puts additional pressure on material processing facilities and composters as sorting becomes a tedious task. Consumers demand easily recognizable and clear labels that facilitate end-of-life environment management of biodegradable polymers. ASTM D6400 standard specification is one of the composability standards that aid labeling. However, there is still a lack of formal communication between composters and brand owners who dictate product labeling of biodegradable products.
This biodegradable polymers market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
Technavio categorizes the global biodegradable polymers market as a part of the global commodity chemicals market. Furthermore, growing construction activities across the world, increasing demand for plastic packaging, and growing demand for high-performance coatings and paints from the automotive market are some of the factors driving the parent market growth. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the biodegradable polymers market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the biodegradable polymers market encompasses successful business strategies deployed by the key vendors. The biodegradable polymers market is fragmented and the vendors are deploying growth strategies such as innovation, competitive pricing, operational costs, and product quality to compete in the market.
To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The biodegradable polymers market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the biodegradable polymers market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the global commodity chemicals market includes the following core components:
The report has further elucidated other innovative approaches being followed by manufacturer providers to ensure a sustainable market presence.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Product
6 Market Segmentation by End-user
7 Customer landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
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