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

Biodegradable Polymer Market size was valued at USD 7.29 billion in 2023 and is poised to grow from USD 9.58 billion in 2023 to USD 44.90 billion by 2031, growing at a CAGR of 21.3% in the forecast period (2024-2031).

The biodegradable polymer market has several market players that shape the market share. Among the many major companies, NatureWorks LLC is a leading producer of PLA or polylactic acid (PLA). It provides a range of biodegradable polymers for different uses like packaging, textiles, 3D printing, etc. Total Corbion PLA, a collaboration between Total and Corbion, specializes in PLA production and provides various options for biodegradable and compostable polymers for fibre and packaging. Novamont SPA, well known for its Mater-BI brand is taking initiatives to eliminate plastic pollution by being a part of the New Plastics Economy. Mitsubishi Chemical Corporation, a Japanese company, produces DURABIO biodegradable polymers primarily for the automotive and electronics industry. 'NatureWorksLLC(US)', 'BASF SE(Germany)', 'Total Corbion PLA (Netherlands)', 'Novament SPA (Italy)', 'Mitsubishi Chemical Corporation (Japan)', 'Biome Bioplastics (UK)', 'FKuR Kunststoff GmbH (Germany)', 'Danimer Scientific (US)', 'Corbion (Netherlands)', 'Braskem (Brazil)', 'Arkema (France)', 'Cardia Bioplastics (Australia)', 'BioBag International (Norway)', 'Plantic Technologies (Australia)', 'Bioplastics International (US)', 'Green Dot Bioplastics (US)', 'API S.p.A. (Italy)', 'Synbra Technology bv (Netherlands)', 'Tianan Biologic Materials Co., Ltd. (China)', 'Kingfa Sci. & Tech. Co., Ltd. (China)'

One significant driver in the 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.

The rising consumer desire for sustainable packaging solutions is a prominent trend in the market for biodegradable plastics worldwide. Consumers prefer products that are safe and non-toxic to use. These plastics are often made from renewable sources and do not contain harmful chemicals, making them a safer option for both consumers and the environment as they are designed to break down into natural elements over time, reducing the amount of plastic waste in the environment.

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.