LONDON--(BUSINESS WIRE)--The biodegradable polymers market is expected to grow by USD 3.98 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Growing environmental concerns and increasing stringency of regulations regarding the use of plastic are driving the demand for natural, sustainable, and green alternatives with functional benefits. Besides, consumers are increasing their preference for sustainable options over plastics. This is compelling major plastics manufacturers and packaging vendors to opt for biodegradable polymers. The use of biodegradable polymers will reduce the burden caused by single-use products such as bags, bottles, caps, cups, lids, and straws on the ecosystem. These factors are expected to drive the growth of the global biodegradable polymers during the forecast period.
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As per Technavio, the emergence of bio-based and renewable raw materials will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Biodegradable Polymers Market: Emergence of Bio-based and Renewable Raw Materials
Consumers are increasingly becoming aware of the harmful effects of plastics on the environment. This is driving many end-users to adopt sustainable solutions and reduce the dependence on petroleum-based plastics. Hence, vendors in the market are increasing the use of renewable energy sources, biomass, and bio-based raw materials such as starch and vegetable crop derivatives to produce biodegradable polymers. This trend is expected to have a positive impact on the growth of the global biodegradable polymers market during the forecast period.
“Government emphasis on efficient plastic waste management and a keen focus on sustainable production will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Biodegradable Polymers Market: Segmentation Analysis
This market research report segments the biodegradable polymers market by Product (PLA, Starch-based polymer, and Others), Geography (Europe, North America, APAC, South America, and MEA), and Application (Food packaging, Foam packaging, Biodegradable bags, Agriculture, and Others).
The European region led the biodegradable polymers market in 2019, followed by North America, APAC, South America, and MEA respectively. During the forecast period, Europe is expected to register the highest incremental growth due to the shift toward a resource-efficient low-carbon economy in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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