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

Drivers

Environmental concerns and sustainability goals

• One significant driver in the global biodegradable polymer market is the increasing consumer awareness and demand for a safer environment. Consumers are becoming more conscious of the harmful effects of synthetic polymer and the damage it causes to our environment and our health. This growing awareness has pushed the demand for products that are eco-friendly, leading companies to switch to biodegradable packaging and products. Thus, many major companies like Nestle, Coca-Cola, Unilever, etc have opted to reduce plastic waste and environmental impact.

Government Regulations

• Many countries are implementing regulations to reduce the use of conventional plastics and promote the use of biodegradable materials due to the interference of governmental schemes and regulations. For example, India introduced Plastic Waste Management Rules in 2016 and amended them in 2018 to regulate the manufacture, usage, and disposal of plastic items. The rules include a ban on the manufacture, sale, and use of certain types of plastic carry bags and products made from non-biodegradable plastics.

Restraints

Cost and Lack of Infrastructure

• One of the biggest restraints is cost and lack of infrastructure. Biodegradable polymers are more expensive to produce than traditional plastics, which can be a challenge to their widespread adoption. This high cost is due to the use of renewable raw materials and the production process. Moreover, they need proper disposal and recycling infrastructure, such as composting facilities which are also very expensive to build. The lack of such infrastructure in many regions can also hinder the growth of the biodegradable polymer market.