Biodegradable foam products are manufactured using natural plant-based material such as corn starch, potato starch, wheat starch, soy protein, and others making them environmentally sustainable and friendly. They are easily decomposable and water-soluble. Biodegradable foam find wide applications in food and beverage packaging, protective packaging of consumer goods, and industrial packaging owing to their properties including insulation, cushioning, and lightweight.
The global Biodegradable Foam Market is estimated to be valued at US$ 1.2 billion in 2023 and is expected to exhibit a CAGR of 21% over the forecast period 2023-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increased use of environmentally sustainable packaging solutions has accelerated the demand for biodegradable foam in the recent years. Various rules and regulations imposed by governments regarding single-use plastics and packaging waste have boosted the biodegradable foam market. Manufacturers are increasingly adopting renewable and plant-based raw materials to produce foam products keeping in mind sustainability. Also, rising consumer awareness about eco-friendly packaging is driving the demand for biodegradable foam solutions across industries.
Segment Analysis
The global biodegradable foam market is dominated by polylactic acid (PLA) biodegradable foams sub-segment. PLA foams offer highly durable and long-lasting properties while also being cost-effective. They exhibit good heat resistance and insulation abilities. Their biodegradability and sustainability make them suitable for various industrial and residential applications like packaging, automotive, consumer goods and others. Other biodegradable foam sub-segments like starch blended foams and cellulose foams also have a presence in the market but account for lower shares.
Key Takeaways
The Global Biodegradable Foam Market Size is expected to witness high growth over the forecast period.
Regional analysis: North America currently accounts for the largest share in the global biodegradable foam market attributed to strong government support and presence of major players in the region. However, Asia Pacific is projected to emerge as the fastest growing regional market owing to rising environmental awareness and industrial activities in countries like China and India.
Key players operating in the biodegradable foam market are BASF SE, Rogers Corporation, Biome Bioplastics, Spectrum Plastics Group, UFP Technologies, Greiner and Green Cell Foam. BASF offers biodegradable foams under the Ecovio brand for diverse applications. Rogers Corporation supplies renewable energy technologies and high-performance foams and elastomer components.
For More details on the topic:
https://www.marketwebjournal.com/biodegradable-foam-market-trends-size-and-share-analysis-2/
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