by Biodegradable foam refers to lightweight and highly durable material that can be easily broken down by microorganisms into carbon dioxide, water, and biomass. It finds widespread application in food packaging, cushions, insulation, automobile parts, and other industrial goods due to properties such as thermal insulation, excellent acoustic insulation, cushioning, and buoyancy. The growing awareness regarding environmental pollution caused by non-biodegradable packing materials is driving the demand for biodegradable foam across industries.
The global Biodegradable Foam Market is estimated to be valued at US$ 906.1 Mn in 2024 and is expected to exhibit a CAGR of 21% over the forecast period 2024 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Biodegradable foam provides an effective alternative to polystyrene and PET foams which are non-biodegradable. With growing environmental concerns regarding plastic pollution, many industries are opting for biodegradable foam made from starch, PLA, and other plant-based materials for packaging applications. For instance, food chains are widely using biodegradable foam for packaging takeaway items like burgers, sandwiches, etc. With stringent regulations restricting the use of single-use plastic, the demand for biodegradable foam from the food packaging sector is expected to increase substantially over the forecast period.
SWOT Analysis
Strength: Biodegradable foams are environment friendly and sustainable alternative to petroleum-based foams. They breakdown completely without harming the environment.
Weakness: High production costs compared to traditional petroleum-based foams. Limited product portfolio and applications of biodegradable foams.
Opportunity: Increasing regulations against single use plastic and packaging waste worldwide offer major growth opportunities. Rise in environmentally conscious consumers and businesses also boost the market.
Threats: Stiff competition from established players in traditional foam industry. Fluctuations in raw material prices impact the production costs.
Key Takeaways
The Global Biodegradable Foam Market Size is expected to witness high growth. 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.
North America currently dominates the market due to stringent regulations against plastic waste and presence of key players. Europe is the second largest market driven by ban on single use plastic in many countries. The Asia Pacific region is expected to be the fastest growing market for biodegradable foams owing to rising environmental awareness and steady economic growth.
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 eco-flex line of biodegradable foams for applications in furniture, automotive interiors and packaging. Arkema SA provides biodegradable GreenSkin foam products used in shipping, insulation and protective packaging. Dow Chemical Company supplies bio-based insulation foams under the name Ecovio.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
