The biodegradable packaging market is estimated to be valued at USD 111.55 Bn in 2024, growing at a compound annual growth rate (CAGR) of 6% from 2024 to 2031. The growing awareness about environment protection and depletion of natural resources has led to a rise in the demand for sustainable and eco-friendly packaging solutions. Biodegradable packaging is considered as one of the most effective alternatives to conventional plastic packaging. Biodegradable packaging is manufactured using renewable and recyclable raw materials like paper, leaves, wood, etc. that can decompose and break down into natural elements within a short span of time without causing pollution. The packaging decomposes completely when in contact with microorganisms such as bacteria and fungi. This prevents biodegradable packaging from accumulating and clogging landfills. With rising environmental concerns and stringent regulations against single use plastics, the biodegradable packaging market is expected to witness significant growth in the coming years.
Market Dynamics:
The global phenolic resins market is driven by the robust growth of the construction industry. Phenolic resins are widely used in wood adhesives for building and construction applications owing to their high heat resistance and dimensional stability. Rapid urbanization and increasing construction of residential and commercial buildings in developing nations is driving consumption. Moreover, wide application in automotive brakes, clutch facing, and other friction components on account of their high friction coefficient and temperature resistance also supports market growth. However, volatility in raw material prices may hamper the market growth. The development of bio-based phenolic resins using renewable feedstock presents lucrative opportunities for market players.
Key Features of the Study:
Market Segmentation
Table of Contents
* Browse 50 market data tables* and 40 figures* on “Biodegradable Packaging Market” - Global forecast to 2031.
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