Growing concerns regarding environment degradation and its ill-effects on health of people is resulting in adoption of environmental friendly products. Petroleum-based polymers are one of the key factor causing environmental degradation, as it is non-biodegradable in nature. This, in turn, has resulted in growing demand for biodegradable polymers.
Chemically, a polymer with double-carbon backbone (C-C) resists degradation. On the other hand, hetero-atom with polymer backbone (C-X) is biodegradable in nature. Rising awareness has been entailing people to switch to biodegradable polymers market.
Increasing Prices of Crude Oil Present Widening Opportunities for Biodegradable Polymer Market
Further, increasing price of crude oil is providing new growth prospects for widening of biodegradable polymers market. Crude oil is the main source for production of petroleum-based polymers.
Meanwhile, biodegradable polymer market is also being adopted for biomedical applications. The polymer is extensively used for manufacturing medical devices. The application is opening new growth opportunities for expansion of the biodegradable polymers market in forthcoming years.
Biodegradable Polymer Market Witness Upsurge in Demand from Pharmaceutical and Biomedical Industries
Besides application in petroleum products and medical devices, biodegradable polymers are also used in agricultural, pharmaceuticals, biomedical and packaging industries. Biodegradable polymers used in the biomedical and pharmaceutical industries are manufactured using polyesters.
These polyesters are derived from polycaprolactone, polyglycolide, and polyactide. These material are biocompatible in nature. Degradation of these polyesters result in hydroxyl acids. Presence of hydroxyl acids do not cause any harm to the body.
Owing to rising awareness about the use of renewable polymers and associated benefits to environment is pushing adoption rate of biodegradable polymers based products in Europe. As a result, Europe has occupied prominent position in the biodegradable polymer market.
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Further, North America is anticipated to follow growth trajectory of Europe. This is due to rising crude oil prices and consumer shift towards biodegradable polymer based products.
Meanwhile, Asia Pacific region is projected to witness high growth rate. Countries such as Japan and China are opening their markets for biodegradable polymers.