Why are more businesses relying on biodegradable plastics like our Nature-Pack products?
A new report looks at the current state of the global biodegradable polymers market as well as its potential for future growth based on three drivers.
HiRes_Web.jpgGlobal_Biodegradable_Polymers_Market.jpgThe global biodegradable polymers market is expected to grow at a CAGR of more than 21% from 2017 to 2021. That’s according to a new report from Technavio that covers the current biodegradable polymers market and its growth prospects based on Technavio’s analysis of the revenue generated from the sale of biodegradable polymers during the forecast period.
Notes the study, by application, the global biodegradable polymers market is segmented into food packaging, foam packaging, biodegradable bags, agriculture, and other segments. Biodegradable polymers are used in these areas to reduce the carbon footprint of products and provide enhanced sustainability through a circular process. The global market was valued at $2040.2 million in 2016 and is forecast to reach $5324.4 million by 2021.
Region-wise, Western Europe is the market leader in the global biodegradable polymers market with a share of more than 41% (2016 figures). The high levels of consumer awareness and maturity in the region make way for easy adoption of new technologies and products, which is the main reason behind the segment’s dominance. The key products available in the Western European market are compostable bio-based waste bags and loose-fill packaging materials. North America and the rest of the world follow Western Europe.
Technavio analysts highlight the following three factors that are contributing to the growth of biodegradable polymers:
• Eco-friendly packaging leading to enhanced customer appeal
• Government emphasis on efficient plastic waste management
• The emergence of bio-based and renewable raw materials
Read Full Article Source: Three factors driving the global biodegradable polymers market | Greener Package