Biodegradable foams are foams that decompose and break down naturally when disposed of properly. They are widely used in packaging applications as shock absorbent cushioning material for delicate items. Biodegradable foams provide protection during transportation while keeping the environmental impact minimal. Unlike conventional foams, biodegradable foams do not accumulate as landfill waste and helps reduce dependency on non-renewable petroleum resources. 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 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving the growth of the biodegradable foam market is the rapid adoption of sustainable packaging solutions across various industries. Rising awareness about hazard of plastic waste on environment has propelled demand for eco-friendly packaging materials. According to studies, sustainable packaging made from biodegradable foam reduces carbon footprint by 70-80% over traditional packaging. Manufacturers are incorporating biodegradable foam in packaging of various consumer goods such as home appliances, electronics, food and beverage to meet sustainability targets. Increased focus on sustainable manufacturing practices is expected to further promote adoption of biodegradable foams during the forecast period.
Segment Analysis
Biodegradable foam can be segmented into starch-based, cellulose-based and protein-based foam. Starch-based foam dominated the biodegradable foam market in 2023, accounting for around 50% of the overall market share. Starch is widely available, affordable and easily biodegrades, making it a preferred choice for foam production.
Key Takeaways
The Global Biodegradable Foam Market Size is expected to witness high growth over the forecast period of 2023 to 2030. The increasing environmental concerns and growing awareness regarding the ill-effects of conventional foam are driving the demand for eco-friendly alternatives like biodegradable foam.
Regional analysis
Europe accounted for more than 30% share of the global biodegradable foam market in 2023. The strong government support through regulations restricting the use of conventional foam and rising adoption of green products across end-use industries in countries like Germany, France, UK, etc., are propelling the market growth in the region. North America is also expected to offer lucrative opportunities with growing environmental consciousness.
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 is one of the leading players dominating the market, leveraging its wide distribution network and expertise in biodegradable foam formulations. Arkema SA also has a significant presence backed by its well-established infrastructure for biodegradable foam production.
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https://healthcarelatesteditionnews.blogspot.com/2023/12/the-global-biodegradable-foam-market.html
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