Degradable Materials Market Key Players, Trends, Growth Opportunities and Industry Forecast till 2028
“The growth of degradable material market is influenced by government initiatives for degradable packaging materials, rise in spending power of consumers, and government initiatives for the promotion of degradable materials.�
Global degradable materials market is anticipated to grow significantly in the forecast period due to increase in demand from end users for sustainable packaging materials. Degradable materials comprise biological or chemical waste, including heavy metals. They are degraded either through natural degradation process (takes hundred years) or broken down purposely. Some materials are added with the chemicals that help the break down at a faster rate under specific condition. The growth of degradable material market is influenced by government initiatives for degradable packaging materials, rise in spending power of consumers, and government initiatives for the promotion of degradable materials. Old plastics do not degrade early, which results in landfilling. Hence, retailers are increasingly encouraging consumers to purchase bio-based packaging materials. Growing consumer awareness for the use of sustainable packaging materials is impacting the market growth. Moreover, increasing government initiatives from European Union for the use of green packaging and producing eco-friendly solutions is also driving the degradable material market. Furthermore, regulatory bodies are continuously focusing on the use of eco-friendly packaging materials. Increasing threats caused by the piling of plastic wastes and increase in health hazards by plastic dumping strengthens the enforcement of strict regulations. . Increase in demand for degradable materials from various end use industries and cost-effective biodegradable plastic packaging is trending in the market. This can be attributed to the eco-friendly approach by the population and high demand for sustainable solutions.