Global degradable materials market is anticipated to grow significantly in the forecast period due to increase in demand from end users for sustainable packaging materials. Degradable materials comprise biological or chemical waste, including heavy metals. They are degraded either through natural degradation process (takes hundred years) or broken down purposely. Some materials are added with the chemicals that help the break down at a faster rate under specific condition.
The growth of degradable material market is influenced by government initiatives for degradable packaging materials, rise in spending power of consumers, and government initiatives for the promotion of degradable materials. Old plastics do not degrade early, which results in landfilling. Hence, retailers are increasingly encouraging consumers to purchase bio-based packaging materials. Growing consumer awareness for the use of sustainable packaging materials is impacting the market growth.
Moreover, increasing government initiatives from European Union for the use of green packaging and producing eco-friendly solutions is also driving the degradable material market. Furthermore, regulatory bodies are continuously focusing on the use of eco-friendly packaging materials. Increasing threats caused by the piling of plastic wastes and increase in health hazards by plastic dumping strengthens the enforcement of strict regulations. .
Increase in demand for degradable materials from various end use industries and cost-effective biodegradable plastic packaging is trending in the market. This can be attributed to the eco-friendly approach by the population and high demand for sustainable solutions.
Degradable materials market is categorized on the basis of packaging type, application, and geography. On the basis of packaging type, market is divided into reusable packaging, recycled content packaging, and degradable packaging. Reusable packaging is further divided into plastic, paper, glass, metal, and others. Recycles content packaging is further classified into plastic container, drum, and others. Recycled content packaging accounts for the significant share of the market owing to high demand from the food and beverages industry and rise in number of restaurants, cafes, etc.
In terms of application, degradable materials market is bifurcated into electronics packaging, food packaging, personal care packaging, pharmaceutical packaging, and others. Food packaging segment is expected to lead the market in the coming years due to wide applications of green packaging in the food and beverage industry. Pharmaceutical segment is also predicted to contribute significantly since the packaging solutions are increasingly used as carrier for all types of medical products. Additionally, growing investments in the segment is also driving the market.
Geographically, degradable materials market is segmented as North America, South America, Europe, Asia Pacific, and Middle East & Africa. Asia Pacific and Europe are expected to dominate the market in the forthcoming years due to increase in applications in several end use industries, high demand from the increasing consumer base and growing focus on implementing eco-friendly solutions. Furthermore, North America is expected to lead the market due to rising prominence of food service sector.
The key players profiled in degradable materials market report include Mondi, BASF, International Paper Company, Green Day, Smurfit Kappa, Stora Enso, Bofa, Jai Corp, Amkay Products, Adsum Solutions, Bakeys Foods, Fidelio, Green Industries, Georgia-Pacific, Biopac, Hood Packaging, Holmen, Kruger, NatureWorks, MeadWestvaco, Mayr-Melnhof Karton, Novamont, Rocktenn, Oji Paper Company, and Achyut Polymers.
Leading players of Degradable Materials including:
• International Paper Company
• Smurfit Kappa
• Stora Enso
• Green Day
• Jai Corp
• Amkay Products
• Bakeys Foods
• Green Industries
• Achyut Polymers
• Adsum Solutions
Market split by Type, can be divided into:
• Photodegradable Materials
• Biodegradable Materials
• Environmentally Degradable Materials
Market split by Application, can be divided into:
• Food Packaging
• Pharmaceutical Packaging
• Electronics Packaging
Market split by Sales Channel, can be divided into:
• Direct Channel
• Distribution Channel
Market segment by Region/Country including:
• North America (United States, Canada and Mexico)
• Europe (Germany, UK, France, Italy, Russia and Spain etc.)
• Asia-Pacific (China, Japan, Korea, India, Australia and Southeast Asia etc.)
• South America Brazil, Argentina, Colombia and Chile etc.)
• Middle East & Africa (South Africa, Egypt, Nigeria and Saudi Arabia etc.)
Research Support Specialist, USA