Global Biodegradable Films Market is valued approximately at USD 1.0 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 6.95% over the forecast period 2020-2027. Biodegradable films are environment friendly films used as a wrap in numerous applications namely, Food Packaging and agriculture. These films can be decomposed by nature with greater ease as opposed to traditional films used. Thus, the growing concerns for environment safety and increasing public awareness drives the market growth. Further, growing support from the government through mandatory regulations regarding environmental safety of the manufactured products propel organizations to adopt biodegradable films fueling the market growth. For Instance: Futamura Chemicals collaborated with Bio4Pack GmbH to manufacture plastic free compostable crisp pack for German crisps producer myChipsBox. The use of this biodegradable pack using NatureFlex Flim helped the company venture into sustainable crisp pack market. Further, continuous research and development in the field to increase the ease of biodegradability has led to launch of new products increasing the product portfolio leading to the market growth. In May 2019, BASF SE entered into an agreement with Lactips to market water soluble, 100% bio-based and fully biodegradable film manufactured by Lactips. However, higher cost of biodegradable films compared to conventional plastic films impedes the growth of the market over the forecast period of 2020-2027. Although, steady growth in the bioplastic industry presents a lucrative opportunity for the market.
The regional analysis of global Biodegradable Films market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share owing to the growing awareness regarding environment safety. Whereas, Asia-Pacific is also anticipated to exhibit highest growth rate / CAGR over the forecast period 2020-2027. Factors such as rising disposable income and rising Food packaging plants would create lucrative growth prospects for the Biodegradable Films market across Asia-Pacific region.
Major market player included in this report are:
- BASF SE
- Futamura Chemical Co. Ltd.
- Taghleef Industries
- Walki Group Oy
- Kingfa Sci. & Tech. Co., Ltd.
- Biobag International AS
- AEP Industries Inc.
- Armando Alvares
- British Polythene Industries PLC
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
- Starch Blends
- Biodegradable Polyesters
- Food Packaging
- Agriculture & Horticulture
- Cosmetic & Personal Care Products Packaging
- Industrial Packaging
- North America
- Asia Pacific
- South Korea
- Latin America
- Rest of the World
Furthermore, years considered for the study are as follows:
- Historical year – 2017, 2018
- Base year – 2019
- Forecast period – 2020 to 2027
Target Audience of the Global Biodegradable Films Market in Market Study:
- Key Consulting Companies & Advisors
- Large, medium-sized, and small enterprises
- Venture capitalists
- Value-Added Resellers (VARs)
- Third-party knowledge providers
- Investment bankers