Biodegradable Polymer Market Size, Share, Growth Analysis, By Material Type(PBAT, PBS, PLA, PHA), By End-User(Packaging, Agriculture, Healthcare, Consumer goods and others), By Region - Industry Forecast 2024-2031

In the biodegradable polymer market, Europe emerges as a front-runner which has been helped by great regulations and a high level of awareness regarding pollution by plastic waste. Italy has sustained the advance of biodegradable polymers by developing countries, and Novamont SPA is taking the lead with its Mater-Bi range. Governmental measures, which are the EU’s Single–Use Plastic ban, which was adopted in 2019, prohibit the selling of single-use plastics like plastic straws, forks, plates, etc. Moreover, the EU has also adopted the Circular Economy Action Plan which seeks to replace the current plastic packaging placed in the EU market with reusable ones by 2030.

The Asia-Pacific region is said to be the fastest-growing region in this market. This region is slated to be driven by increasing industrialization and urbanization process that creates massive spaces for manufacturers. China and Japan are leading the field by signing big agreements with companies such as Tianan Biologic Materials Co., Ltd. and Kingfa Sci.& Tech. co., which comes with the latest tools for solving problems. Also, many countries in this region have implemented initiatives and regulations to promote the use of biodegradable plastics. For example, China has banned the use of certain types of single-use plastics, creating a market opportunity for biodegradable alternatives.

North America recorded the second-highest adoption rates of biodegradable options along with the US and Canada, and both pronounced customer awareness and environmental concerns for this advancement. Whereas Latin America especially Brazil is now demanding more eco-friendly products and solutions. Braskem, one of the largest players in the Brazilian market, is also involved in introducing new biodegradable products. On the other hand, when it comes to the Middle East, and Africa, the phase of consistently switching to biodegradable options is just coming into action. Although, there is a part of people in the region who are becoming interested in sustainable alternatives. They are investing such in a way that the research and development gesture to growth in the future.