Portland, OR, Nov. 23, 2023 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global starch blended biodegradable polymer market generated $1.5 billion in 2020, and is predicted to reach $3.4 billion by 2030, manifesting a CAGR of 8.2% from 2023 to 2030. The report offers an in-depth analysis of the market size, emerging and current trends, future estimations, and key players.
Increase in use of starch blended biodegradable polymer in the packaging market, favorable government regulations toward the use of bioplastic, eco-friendly nature, and rise in consumer adoption of biodegradable plastics fuel the global starch blended biodegradable polymer market. On the other hand, high cost of biodegradable plastic hinders market growth. On the contrary, surge in CSR activities and drop in the dependence on petroleum resources create new opportunities.
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COVID-19 Scenario:
- Before Covid-19 pandemic, several multinational businesses such as Danone, Coca-Cola, and Nestlé planned to accept biodegradable plastics due to consumer demand and spreading awareness.
- Since the pandemic, countries made many changes in their regulations regarding disposable and single-use plastics which impacted the demand for starch blended biodegradable polymer.
- Disrupted supply chain due to irregular transport leads to increase in prices of raw materials. This delays the entire production process.
The report segments the global starch blended biodegradable polymer market on the basis of application and region.
Based on application, the packaging & bags segment accounted for the largest market share in 2020, contributing to nearly half of the total share, and is expected to maintain the lead throughout the forecast period. The segment is estimated to witness the fastest CAGR of 8.7% from 2023 to 2030. The report also covers segments such as consumer durables, agriculture & horticulture, textiles, and others.
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Based on region, Asia-Pacific, followed by Europe and North America, contributed to the highest share in 2020, holding nearly half of the total share, and is anticipated to maintain dominance throughout the forecast period. The global starch blended biodegradable polymer market across Europe is anticipated to exhibit the fastest CAGR of 9.2% during the forecast period.
Key players of the global starch blended biodegradable polymer market analyzed in the research include Stantec, AECOM, Geoquip Marine Group, Fugro, WSP, HDR, Gardline Limited, EGS Survey, Arup, and Kiewit Corp.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
