Feb 17, 2022   SOURCE: BusinessWire

The Worldwide Biodegradable Films Industry is Expected to Reach $1.4 Billion by 2026 - ResearchAndMarkets.com

The "Biodegradable Films Market by Type (PLA, Global Starch Blends, Biodegradable Polyesters, PHA), Application (Food Packaging, Agriculture & Horticulture, Cosmetic & Personal Care Products Packaging, Industrial Packaging) and Region - Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.

The global biodegradable films market size is estimated to be USD 1.0 billion in 2021 and projected to reach USD 1.4 billion by 2026, at a CAGR of 7.2%.

The growing awareness regarding plastic waste and its adverse impact on the environment is one of the primary factors driving the market growth. Moreover, factors like growing demand from the food packaging industry, and high demand from the agriculture & horticulture sector are also contributing to the market growth of biodegradable films.

PLA is estimated to lead the biodegradable films market, by type in terms of volume during the forecast period

By type, PLA is estimated to be the largest segment in the biodegradable films market in 2021. It is largely used in the packaging industry because it does not have a negative impact on food prices or its supply. It is often blended with starch to increase biodegradability and reduce cost. The key applications of PLA are thermoformed products, such as drink cups, takeaway food trays, containers, and planter boxes. It has good rigidity and allows for the replacement of polystyrene and PET in such applications. PLA is being adopted rapidly as it is more economical to manufacture as compared with the synthesis of other biodegradable plastics.

Food packaging is estimated to be the fastest-growing segment in the biodegradable films market, by application

By application, Food packaging is estimated to be the fastest-growing application of biodegradable films. Egg trays, edible coating, paper boards, wrapping films, and food containers are some of the common applications of biodegradable films in the food packaging industry. PLA, starch blends, PBS, PHA, and cellulose are the most widely used biodegradable films in the food packaging industry. Increasing demand for more sustainable packaging material for fast food and ready to eat food is driving the growth of biodegradable films in food packaging applications. Biodegradable films are mainly used in fresh & frozen food packaging as well as the packaging of dried snacks & candy, and bakery goods among others.

Asia Pacific biodegradable films market is projected to grow at the highest CAGR during the forecast period, in terms of value

Asia Pacific is projected to be the fastest-growing market for biodegradable films during the forecast period. The use of biodegradable films is increasing due to environmental regulations. The rising government regulations regarding the ban on conventional plastic bags and global warming initiatives are expected to drive the demand for biodegradable films for packaging applications in Asia Pacific.

Market Dynamics

Drivers

  • High Demand from Food Packaging Industry
  • Shift in Consumer Preference Toward Eco-Friendly Plastic Products
  • Focus of Governments on Green Procurement Policies

Restraints

  • Higher Cost of Biodegradable Films Than That of Conventional Plastic Films

Opportunities

  • Steadily Growing Global Bioplastic Industry
  • Growing Demand for Biodegradable Films in Composting Applications

Challenges

  • Performance Issues Related to Biodegradable Films
  • Adverse Impact of COVID-19

Companies Mentioned

  • Avery Dennison Corporation
  • Basf Se
  • Bi-Ax International Inc.
  • Biobag Americas, Inc.
  • Clondalkin Group
  • Cortec Corporation
  • Futamura Group
  • Groupe Barbier
  • Kingfa Sci. & Tech. Co., Ltd.
  • Layfield Group. Ltd.
  • Paco Label
  • Plascon Group
  • Plastika Kritis S.A.
  • Polypak S.R.O.
  • Polystar Plastics Ltd.
  • Taghleef Industries
  • Tipa Ltd
  • Trioworld Industrier Ab
  • Walki Group Oy

For more information about this report visit https://www.researchandmarkets.com/r/fvs63s.