Biodegradable Polymers Market: By Type (Starch-based Plastics, Polylactic Acid, Polyhydroxy Alkenoates, Polyesters, and Cellulose Derivatives, and Others) and By Application (Packaging & Bags, Consumer Goods, Agriculture & Horticulture, Textile, and Others), and Geography

Biodegradable Polymers Market size was valued at USD 9,235.4 million in 2022 and is expected to grow at a 23.1% CAGR from 2023 to 2029. Biodegradable polymers are the polymers which are degradable in nature, which breakdown into smaller molecules with the action of microorganism. Biodegradable polymers are less toxic, and have lesser side effects when compared to non-biodegradable polymers. The biodegradable polymers help in improve patient compliance and maintains drug stabilization. The rising demand for biodegradable polymers in applications like hygiene products, shale gas industry, and in fishing gears are expected to provide opportunity to the key market players in the growth of biodegradable polymer market over the forecasted period. Protection of environment from non-decomposable plastics, and an optimistic contribution in the preservation of natural resources are the key driving factors in the growth of biodegradable polymers market.In addition, the growing packaging industries and adoption of biodegradable plastics in their packaging is expected to boost the growth of biodegradable polymers market over the forecasted period. Furthermore, the inclination towards the eco-friendly packaging materials in textile industry and packaging industry is expected to further aid the growth of biodegradable polymers market. In addition, increasing demand for biodegradable plastics in agriculture sector like plant pots, containers, bags for fertilizers are expected to have a positive effect on the growth of market.However, the cost of production of biodegradable polymers are higher when compared to petroleum-based polymers and it is observed that some of the biodegradable polymers when decomposed, produces methane in the landfills which is expected to have a negative impact on the market and expected to hinder the growth of biodegradable polymers market over the forecasted years. Geographically, Europe region held the major market share in 2022 and is expected to dominate the global biodegradable polymers market in the forecasted years.

Biodegradable Polymers Market Key Developments:
In March 2022, Solvay launched biodegradable guar-based polymers for beauty care.
In September 2019, Clariant launched new organic pigments for the biodegradable plastics.