Biodegradable foam is increasingly preferred over conventional foam as it decomposes into natural elements such as carbon dioxide, methane, water, inorganic compounds, and biomass at the end of its service life without releasing toxic byproducts into the environment. Biodegradable foams find applications in packaging, consumer electronics, bedding & furnishing, transportation, and construction due to their insulation and shock-absorption properties. The growing demand for eco-friendly packaging from sectors like food & beverage and e-commerce is fueling the biodegradable foam market. 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:
The surging environmental concerns about the use of conventional petroleum-based foams are a key trend boosting the growth of the biodegradable foam market. The growing consumer awareness regarding the adverse impacts of plastic waste on the environment has increased the demand for biodegradable products. Increasing regulations prohibiting or restricting the use of certain types of plastic foam are further encouraging manufacturers to shift towards biodegradable options. Moreover, foam packaging made from renewable technologies provides equivalent durability and performance as that of conventional foams and are 100% recyclable, compostable or reusable. This is driving their popularity in the packaging industry.
Segment Analysis
The global biodegradable foam market is dominated by Starch-based segment, accounting for around 35% of the total market share in 2024. Starch-based foams are majorly preferred for packaging applications due to their low cost and eco-friendly properties. Though starch-based foam has low mechanical strength, it can efficiently replace plastic foam for single use packaging.
Key Takeaways
The Global Biodegradable Foam Market Size is expected to witness high growth.
Asia Pacific region dominates the global market and is expected to witness the fastest growth over the forecast period. This can be attributed to the presence of emerging economies like China and India which are manufacturing hubs as well as have stringent regulations regarding ban on plastics.
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 wide range of biodegradable foams under the ecoflex® brand for various applications including packaging, automotive and hygiene.
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https://www.newswirestats.com/biodegradable-foam-market-industry-insights-trendsbiodegradable-foam-market-2023-2030/
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