The global market for biodegradable films is predicted to develop at a CAGR of 5.6 percent over the next five years. By 2032, the market value is expected to rise from US$ 1,040.1 million in 2022 to US$ 1.7 billion. The biodegradable films market, which was worth US$ 1,000.5 million in 2021, is expected to rise by 5.4 percent year over year in 2022.
Biodegradable films, aluminum foil, and paper-based packaging are some of the more recent sustainable packaging alternatives that industry behemoths are considering. Shortly, the packaging market is projected to see increased demand for biodegradable films. Both varieties are completely biodegradable. The film decomposes to water, bio-compost, and carbon dioxide thanks to specific bio-additives in the degradable resin. The Biodegradable Films Market Research Report is a valuable resource that offers dynamic and statistical information about regional and global markets.
It includes a thorough examination of the existing situation in marketing and opportunities. Future advancements and developments are also tracked in Biodegradable Films Market Research studies.
Manufacturers are expanding their capacity to take advantage of the lucrative biodegradable film market.
Due to rising demand from end-users, packaging film manufacturers are working on expanding their biodegradable film products.
Monta, a German manufacturer, and supplier of self-adhesive tape, introduced monta biopack®, a novel self-adhesive tape in January 2020.
Summit Plastics, a producer of high-end machine and manual application stretch film products, increased its production of PE biodegradable films in 2018.
Furthermore, companies and colleges are exploring the production of biodegradable films made from novel materitor to provide manufacturers with more possibilities. The University of New South Wales identified a novel approach to convert banana plantation trash into biodegradable packaging material in January 2020.
Geographical Analysis of the Biodegradable Films Market
Because of local governments’ sustainability and manufacturers’ enhanced research and development activity, biodegradable films are projected to gain traction in North America and Europe. In the following decade, the biodegradable films market is predicted to rise at a faster pace due to the prohibition on plastic and public acceptance of biodegradable packaging choices.
By the end of 2025, Japan, China, and India want to eliminate all single-use plastic, which is predicted to increase the demand for biodegradable films in the Asia Pacific area. In the last five years, the biodegradable films industry in Latin America and the Middle East, and Africa has grown slowly, but it is expected to pick up in the coming decade.