Global Biodegradable Polymer Market - 2021-2028
Biodegradable Polymer Market Overview
The biodegradable polymer market size was worth US$ XX billion in 2020 and is estimated to reach US$ XX billion by 2028, growing at a CAGR of XX % during the forecast period (2021-2028).
Biodegradable polymers are a unique class of polymer that breaks down after its intended purpose by bacterial decomposition process to result in natural byproducts such as gases (CO2, N2), biomass, water and inorganic salts. Biodegradable polymers are returned to the soil and are enriched by being composted with microorganisms. Usage of biodegradable polymers decomposition stabilizes the environment and enhances the longevity of the landfills by reducing the garbage volume.
The polymers can also be reprocessed into useful oligomers by enzymatic, microbial, and hydrolytic treatment for other applications. Biodegradable polymers can be classified into synthetic polymers, natural polymers and modified natural polymers. Various types of biodegradable polymers are described with respect to their composition, structure, properties and applicability.
Demand for biodegradable polymers has been rising due to environmental concerns about the use of nonrenewable materials. Biodegradable polymers are being integrated into the countries and becoming a norm in plastic packaging that promotes a sustainable lifestyle.
Biodegradable Polymer Market Dynamics
The global biodegradable polymer market growth is driven by increasing research & developments for biodegradable plastics and strict government norms on non-biodegradable polymers.
Strict government norms on non-biodegradable polymers
The biodegradable polymer market is expected to drive with government efforts to reduce the use of harmful plastics and to support biodegradable polymers. Various countries have been aiming to reduce single-use plastic items such as bags, straws and cutlery. For instance, Since 2018, China has imposed a ban on plastic waste imports. Also, India is looking at a three-phased ban on the use, manufacture, sale, import and handling of single-use plastic items.
The countries have invested in research and development to use eco-friendly polymers for different fields and applications, such as agriculture, packaging, and healthcare. Mango Materials is among the firms attempting to create an industry around polyhydroxyalkanoates, a biodegradable, biobased polymers class. In addition, The University of California has shared a new process for making 'biodegradable' plastics truly compostable with Polymer-eating enzymes embedded in plastic, allowing programmed degradation in 2021. In 2018, A new Tel Aviv University study also described a process to make bioplastic polymers that do not require land or freshwater resources. Instead, the polymer is derived from microorganisms that are fed on seaweed.
High cost of biodegradable polymer
The biodegradable polymer market is impacted by the higher price when compared to petroleum-based polymers. Biodegradable polymers are are comparatively expensive than petroleum based non-biodegradable counterparts due to and higher raw material cost and limited availability, which impose a serious threat to its gobal acceptence. Their cost for manufacturing depends upon several factors including type of polymer, amount of material, raw material cost, availability etc.
Moreover, biodegradable polymers obtained from renewable sources have low mechanical properties, high hydrophilic capacity, rapid degradation rate, and poor mechanical properties in humid environments are the factors responsible for restraining the market. These scenarios are expected to restraint the maket in the forecast period.
COVID-19 Impact Analysis
Due to the pandemic, stakeholders across the biodegradable polymer industry have seen a notable impact as all the production work, factories and other activities were closed. As a result, the production was hindered by halts and supply chain disruption globally. After the pandemic, the governments still impose various restrictions, such as working with half the workforce and fewer operating hours hindering the production cycle of the market. On the contrary, biodegradable polymers have encountered a higher demand in covid-19 with expanding medical industry and increase consumption of packaged food products. Moreover, the dramatically increasing demand for personal protective equipment manufactured with various polymers to fight the COVID-19 pandemic.
Biodegradable Polymer Market Segment Analysis
by type, the biodegradable polymer market is broadly classified into polylactic acid, polyhydroxyalkanoates, polyurethane, starch-based and others
The polyhydroxyalkanoates for arc welding is expected to grow at the fastest CAGR during the forecast period (2021-2028)
Polyhydroxyalkanoates (PHA) is expected to hold the largest market for biodegradable polymer market and is expected to continue its dominance in the forecast period. PHA has been widely used for numerous biomedical applications, including tissue engineering scaffolds and drug delivery due to their exceptional biocompatibility and biodegradability. In addition, PHA offers additional properties such as piezoelectricity, barrier properties and transforming toxic materials by microorganisms. According to the EC report, PHA biopolymers have the potential to upcycle low-value waste organic carbon generated in Europe. The EU has sponsored over 108 million Euros in research grants to valorise organic waste carbon to produce PHA.
PHA's have also been developed by the leading market players, owing to the growth in the market. For instance, In 2021, TerraVerdae Bioworks has developed a new line of PHA-based resins for customer evaluations. These resin formulations are available in three versions: injection moulding, blown/cast films and thermoforming.
Biodegradable Polymer Market Geographical Analysis
Europe region holds the largest market for the global biodegradable polymer globally
Europe region holds the largest market share for the biodegradable polymer market globally and is expected to continue its dominance in the forecast period. According to the recent study by European Bioplastics, global bioplastics production is set to increase from approximately 2.11 million tons in 2020 to 2.87 million tons in 2025. Moreover, the strict government regulations towards the use of plastics have boosted the biodegradable polymer market. For instance, European Union has approved a ban on certain single-use plastics, which will create opportunities for new and innovative biopolymers, such as polylactic acid, bio-based polypropylene and polyhydroxyalkanoates.
The region has been observing new product launches and partnerships between leading market players to surge the demand for biodegradable polymers. For example, in 2020, Packaging firm DS Smith formed a partnership with biodegradable polymer manufacturer Aquapak for developing the "next generation" of packaging solutions. The two UK-based companies are looking to develop fibre-based products, which will replace hard-to-recycle packaging.
Moreover, in 2020, Danimer Scientific, a company focused on developing and producing biodegradable materials, and Live Oak Acquisition Corp announced a definitive agreement for a business combination that would result in Danimer Scientific becoming a public company.
Biodegradable Polymer Competitive Landscape
The biodegradable polymer market is consolidated with the local player's presence, followed by the global companies, contributing to the significant share in the market growth. In addition, some of the key players contributing to the growth of the market are Toyochem Co., Ltd, BASF SE, TerraVerdae Bioworks, NatureWorks LLC, Novamont S.p.A, Novamont SpA, Total Corbion PLA bv, Rodenburg Biopolymers, LG Chem, Sigma Aldrich and others. Furthermore, the major players are adopting various new strategies to dominate the market, such as expansions, acquisitions and collaborations, contributing to the growth of the biodegradable polymer market globally.
Overview: LG Chem Ltd. is a Korean company founded in 1947. It is one of the largest chemical manufacturers globally. The company has 27 offices in Asia, 19 offices in Kora, four offices in Europe and six offices in America.
Product Portfolio: The Company offers a wide range of products under three major categories: Petrochemicals, Advanced Materials and Life Sciences.
Key Development: In 2020, LG Chem developed a biodegradable material that delivers mechanical properties equivalent to polypropylene. The biodegradable material features 100% bio content using crude glycerol and corn-based glucose.
The global biodegradable polymer market report would provide access to an approx: 69 market data table, 74 figures and 260 pages.
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