Biodegradable Polymers Market Worth $829 Million by 2024 – Exclusive Report by MarketsandMarkets™

According to the new market research report “Biodegradable Polymers Market for Extrusion Coating, By Type (PLA, Starch, PBS, PHA), Substrate (Paper & Paperboard, Cellulose Films), Application (Rigid Packaging, Flexible Packaging, Liquid Packaging) Country – Forecast to 2024“, published by MarketsandMarkets™, the Biodegradable Polymers Market size is expected to grow from USD 403 million in 2019 to USD 829 million by 2024, at a CAGR of 15.5% during the forecast period.

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The major factors driving the market include high demand from various packaging applications, such as rigid packaging, flexible packaging, and liquid packaging and stringent environmental regulations against the use of non-biodegradable polymers in the European region.

The PLA segment is the largest type of biodegradable polymers for extrusion coating.

Among the different types of biodegradable polymers for extrusion coating available, the PLA segment is the fastest-growing type. PLA can be safely used for the packaging of hot soup, coffee, and other hot beverages. It is often blended with starch to increase its biodegradability and reduce its cost. The key applications of PLA used for extrusion coating are dairy containers, disposable tableware, agricultural mulch films, milk & juice cartons, and planter boxes. PLA is being adopted rapidly as it is easily available and economical to manufacture as compared with other biodegradable polymers. These factors are expected to drive the biodegradable polymers market for extrusion coating during the forecast period.

The paper & paperboard segment is the largest substrate of biodegradable polymers for extrusion coating.

Among the different substrates available in the biodegradable polymers market for extrusion coating, paper & paperboard is the fastest-growing segment. PLA, PBS, and other biodegradable resins are used to extrude craft papers that are used in applications such as wrapping, grocery bags, sacks, and specialty packaging. Paper & paperboard is lightweight, recyclable, low-cost, and has an added advantage of improving the visual appearance of a product. The market in this segment is expected to grow in the coming years due to the increasing demand from the packaging industry.

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The flexible packaging application is expected to register the highest CAGR in the European biodegradable polymers market for extrusion coating during the forecast period.

The flexible packaging segment of the biodegradable polymers market for extrusion coating is the fastest-growing application.  It is used in various industrial and consumer products. Many brands are shifting from rigid packaging to flexible packaging as it offers various advantages, such as longer shelf-life, low cost, consumer-friendliness, the capability of retaining the freshness of products, requirement of less energy, eco-friendliness, and others. In Europe, the demand for flexible packaging is expected to be driven by the food industry, specifically bakery and cereals segments of the industry.

Italy is expected to hold the largest market share in the European biodegradable polymers market for extrusion coating during the forecast period.

Italy is expected to account for the largest market share for Biodegradable Polymers Market for extrusion coating in Europe and is expected to offer significant growth opportunities to the overall market during the forecast period. The demand in the country is driven by the use of flexible packaging for various products, such as biscuits, snacks, noodles, and pasta, among others. In addition, Italy also provided expansion opportunities for the major players in the market. Bio-On (Italy) has started a new biodegradable and bioplastic production facility at Castel San Pietro Terme, Bologna (Italy). The new plant has been established to produce 100% natural and biodegradable special PHA bioplastics to be used in niche applications.

NatureWorks LLC (US), BASF SE (Germany), Total Corbion PLA (Netherlands), Mitsubishi Chemical Holdings Corporation (Japan), Biotech (Germany), Novamont S.P.A. (Italy), Biome Bioplastics (UK), Toray Industries (Japan), Bio-On (Italy), and Plantic Technologies (Australia), are the leading biodegradable polymers manufacturers for extrusion coating, in Europe.

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Related Reports:

Biodegradable Plastics Market by Type (PLA, Starch Blends, Biodegradable Polyesters, PHA), End Use Industry (Packaging & Bags, Consumer Goods, Agriculture & Horticulture), and Region (APAC, Europe, North America, Rest of the World) – Global Forecast to 2023

Extrusion Coating Market by Material Type (LDPE, EVA, PP), Substrate (Paper & Paperboard, Polymer Films, Aluminum Foil), and Region – Global Forecast to 2022

SOURCE MarketsandMarkets