The biodegradable films market is projected to grow from USD 1.1 billion in 2020 to USD 1.5 billion by 2025, at a CAGR of 6.6% from 2020 to 2025. The major reasons for the growth of the biodegradable films market include growing awareness regarding plastic waste and its adverse impact on the environment. Some of the other driving factor for the biodegradable films market growth include, growing demand from the food packaging industry, high demand from the agriculture & horticulture sector.
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Companies such as BASF SE, Futamura Chemical Co. Ltd., Taghleef Industries, Walki Group Oy, Kingfa Sci. & Tech. Co., Ltd., and BioBag Americas, Inc. fall under the winners’ category. These are leading players in the biodegradable films market, globally are some of the leading players operating in the biodegradable films market. These players have adopted the strategies of acquisitions, new product launches, collaborations, expansions, partnerships, and contracts to increase their presence in the global market.
BASF SE is the leading player in the global biodegradable films market and is estimated to have the highest share in the market. In May 2019, BASF SE entered into an exclusive contract with Lactips (France) to market a water-soluble, 100% bio-based, and fully biodegradable film manufactured by Lactips. This biodegradable film is manufactured from natural ingredients and is applicable for home care, industrial, and institutional markets. Under this contract, BASF SE will use its expertise in network and supply chain to market the product. The contract supports BASF SE’s strategy to leverage sustainable solutions to drive business growth.
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The
another important player in the global biodegradable films market is Futamura
Chemical Co. Ltd.
In October 2019, Futamura Chemical Co. Ltd.
launched a new compostable film, NatureFlex 30NVO. This new product is made
from renewable wood pulp and is said to be the first certified compostable,
heat-sealable film in the biodegradable films market. The product offers the heat
resistance required for conventional and microwave ovens. This new product
launch helped Futamura Chemical Co. Ltd. widen the market scope of its
biodegradable film’s product portfolio
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