Biodegradable foams find wide application in packaging various goods and products, ranging from food and beverage packaging to electronics packaging. These foams offer advantages like durability, being lightweight, and good insulation properties. Further, they help reduce plastic waste as they can completely degrade into water and carbon dioxide.
The global Biodegradable Foam Market is estimated to be valued at US$ 906.1 Mn in 2023 and is expected to exhibit a CAGR of 21% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Stringent regulations promoting sustainable packaging solutions across regions are driving the growth of biodegradable foams in the packaging industry. Governments across countries are implementing bans on single-use plastics and enforcing policies mandating the use of eco-friendly alternatives. This is prompting packaging manufacturers to increasingly adopt biodegradable foams made from materials like polylactic acid and starch. The rapidly growing e-commerce industry is also boosting the demand for biodegradable foam packaging for securing goods during transportation. Biodegradable foam pads and liners are gaining traction as they help minimize product damage while being shipped.
Segment Analysis
Compostable foam segment dominates the biodegradable foam market currently. This is mainly because compostable foam offers excellent insulation and cushioning properties while also being eco-friendly. Compostable foam is commonly used in packaging applications like packaging fillers, insulated shipping containers and others since it can be home as well as industrially composted after use.
Key Takeaways
The global biodegradable foam market analysis is expected to witness high growth over the forecast period 2023 to 2030 supported by stringent environmental regulations regarding plastic usage and rising demand for sustainable packaging solutions. The global Biodegradable Foam Market is estimated to be valued at US$ 906.1 Mn in 2023 and is expected to exhibit a CAGR of 21% over the forecast period 2023 to 2030.
Regional analysis
Europe currently holds the largest share in the biodegradable foam market owing to strong presence of major manufacturers and favorable regulatory environment supporting bioplastics. Asia Pacific is expected to witness fastest growth due to rapid growth of e-commerce sector driving demand for sustainable and eco-friendly packaging materials in the region.
Key players
Key players operating in the biodegradable foam market are BASF SE, Arkema SA, Dow Chemical Company, Synbra Technology BV, and Sekisui Alveo AG. BASF SE offers Ecovio, a biodegradable and compostable foam made from renewable resources for various packaging applications. Arkema SA provides Derlite, an expanding biodegradable foam made from cornstarch for protective packaging.
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