According to the new market research report "Biodegradable Films Market by Type (PLA, Starch Blends, Biodegradable Polyesters, PHA), Application (Food Packaging, Agriculture & Horticulture, Cosmetic & Personal Care Products Packaging, Industrial Packaging), and Region - Global Forecast to 2025", The biodegradable films market is projected to grow from USD 1.1 billion in 2020 to USD 1.5 billion by 2025, at a CAGR of 6.6% from 2020 to 2025. The market is witnessing significant growth across the world due to the increasing awareness and stringent government regulations about the use of non-biodegradable films. Biodegradable films are used in various applications such as food packaging, agriculture & horticulture, and cosmetics & personal care packaging.
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By type, PLA is estimated to have the largest share of the biodegradable films market, in terms of value, in 2020 due to the ease of availability of raw materials for manufacturing PLA. It is also the fastest-growing market, which is projected to register the highest CAGR in terms of volume during the forecast period. Biodegradable polyester is the second-largest segment of the market, in terms of volume during the forecast period.
By application, the biodegradable films market in the food packaging segment is estimated to account for the largest share in 2020 due to the increased use of biodegradable films for manufacturing single-use compostable packaging materials, including carry bags, food packaging boxes, and laminating films. Food packaging is also the fastest-growing application of biodegradable films. The market in the cosmetic & personal packaging application is also projected to register the second fastest CAGR in terms of value during the forecast period.
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154 – Tables 29 – Figures 144 – Pages
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The biodegradable films market is projected to grow from USD 1.1 billion in 2020 to USD 1.5 billion by 2025, at a CAGR of 6.6% from 2020 to 2025. The major reasons for the growth of the biodegradable films market include growing awareness regarding plastic waste and its adverse impact on the environment. Some of the other driving factor for the biodegradable films market growth include, growing demand from the food packaging industry, high demand from the agriculture & horticulture sector.
Companies such as BASF SE, Futamura Chemical Co. Ltd., Taghleef Industries, Walki Group Oy, Kingfa Sci. & Tech. Co., Ltd., and BioBag Americas, Inc. fall under the winners' category. These are leading players in the biodegradable films market, globally are some of the leading players operating in the biodegradable films market. These players have adopted the strategies of acquisitions, new product launches, collaborations, expansions, partnerships, and contracts to increase their presence in the global market.
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BASF SE is the leading player in the global biodegradable films market and is estimated to have the highest share in the market. In May 2019, BASF SE entered into an exclusive contract with Lactips (France) to market a water-soluble, 100% bio-based, and fully biodegradable film manufactured by Lactips. This biodegradable film is manufactured from natural ingredients and is applicable for home care, industrial, and institutional markets. Under this contract, BASF SE will use its expertise in network and supply chain to market the product. The contract supports BASF SE's strategy to leverage sustainable solutions to drive business growth.
Another important player in the global biodegradable films market is Futamura Chemical Co. Ltd. In October 2019, Futamura Chemical Co. Ltd. launched a new compostable film, NatureFlex 30NVO. This new product is made from renewable wood pulp and is said to be the first certified compostable, heat-sealable film in the biodegradable films market. The product offers the heat resistance required for conventional and microwave ovens. This new product launch helped Futamura Chemical Co. Ltd. widen the market scope of its biodegradable film's product portfolio.
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Mr. Aashish Mehra
630 Dundee Road
Northbrook, IL 60062
Research Insights: https://www.marketsandmarkets.com/ResearchInsight/biodegradable-films-market.asp