Shrilk Market Size (2024 – 2030)

In 2023, the Global Shrilk Market was valued at $534.09 million, and is projected to reach a market size of $970.08 million by 2030. Over the forecast period of 2024-2030, market is projected to grow at a CAGR of 8.9%.

INDUSTRY OVERVIEW

During the Second World War, advances in chemical technology allowed us to create new, mass-produced polymers. More than 300 tons of plastic are created annually by humans, yet only 3 % of that plastic is recycled, leaving the remainder to contaminate landfills, seas, and even our food chains. Scientists have developed shrilk, a biodegradable polymer, as a cleaner response to this threat as a result. Shrilk is a naturally occurring mixture of chitosan and silk protein that may be found in shrimp shells. It gives material hardness equivalent to that of aluminum alloy and protects without adding weight. Additionally, it generates natural fertilizers and readily decomposes when combined with composites. Shrilk may help produce implantable foams, films, and scaffolds for surgical closures, wound healing, tissue engineering, and regenerative medicine applications as chitosan and fibroin are both employed in FDA-approved devices. Shrilk's demand has increased due to the packaging industry's growing needs, and its use in wound healing in the medical profession has boosted the shrilk market.

COVID-19 IMPACT ON THE SHRILK MARKET

Prices for conventional plastics have decreased as a result of the COVID-19 pandemic's effects on manufacturing, shipping, and other aspects of the supply chain. The fundamental cause of the decline in this market's growth is the use of crude oil for fuel, which has reached its lowest level since World War II and has resulted in reduced pricing for traditional plastics. Additionally, the pandemic delays legislation on single-use plastics and green expenditures proposed by several countries and organizations, which lowers the demand for bio-based alternatives. Sustainable plastics, on the other hand, can prove to be a very good substitute for conventional plastics, which are now more in demand because of the rise in food, pharmaceutical, and PPE packaging, offering a different development route for this sector in the wake of the pandemic.

MARKET DRIVERS: 

Demand for packaged drinking water is growing which is fueling the Shrilk market

Consumer preference for bottled water is continuing to change dramatically, and a wide range of packed bottles, including sparkling water, water with added minerals, and water with flavors, among others, are being brought to the market. According to the International Bottled Water Association's 2018 report, the market for bottled water in the United States saw growth from 12,808 million gallons to 13,7105 million gallons or 7%. The survey also forecasted that in the upcoming years, the average amount of bottled water consumed per person will likely exceed 50 gallons. Shrilk-based plastics are highly biodegradable, moldable into a variety of forms, and preserve the integrity of the packed item. Therefore, it is anticipated that throughout the projected period, the rise of the bottled water sector would propel the growth of the shrilk market.

Stringent Environmental Norms Regarding Plastic Disposal

PET, often known as polyethene terephthalate, is one of the most widely used polymers worldwide. It has usage in a range of end uses, including packaging, automobiles, electrical electronics, textiles, and home appliances, due to its natural transparency and semi-crystalline structure. PET is not biodegradable, which means that it photodegrades and disintegrates into tiny pieces that absorb pollutants. These chemicals then leak into subterranean water systems, contaminate soils, and enter the food chain. Globally, governments have joined together to combat plastic pollution and have put strict regulations in place to address the negative impacts of PET disposal. For instance, the Basel Conference of the Parties, which took place in May 2019, changed the Basel Convention to include plastic trash in a binding framework and mandated that nations get informed permission before exporting mixed plastic garbage. Furthermore, a phased-in ban on plastics has been implemented in several nations due to growing environmental awareness about plastic pollution in the oceans. As the substance is utilized to build biodegradable polymers stronger than aluminum alloys, these aspects are anticipated to open up the potential for the shrilk industry.

MARKET RESTRAINTS:

High prices in comparison to traditional plastics will limit market expansion.

Even though biodegradability is unquestionably a benefit, the majority of grades require specialized industrial composting methods to break down, and only a small number of economies have a dense enough infrastructure to handle these items. As a result, they could contaminate the recycling feedstock or end up in landfills, hurting the environment. Therefore, a separate method is needed to get rid of these polymers, which drives up the price of the final product. Since the feedstock crops utilized in production are often grown for human consumption globally, the area needed to create shrilk plastics competes with food cultivation. According to the Plastic Pollution Coalition, to supply the present global demand for these plastics, feedstock crops will need to be grown over an area of 13800 sq. km. Compared to Belgium, the Netherlands, and Denmark, this region is bigger. These considerations together have led to the product's pricing being greater than it would be for ordinary polymers.

SHRILK MARKET REPORT COVERAGE:

This research report on the Shrilk market has been segmented and sub-segmented based on End-User and By Region.

SHRILK MARKET - BY END-USER

• Medical

• Automobile

• Packaging

• Others

Based on the end-user, the Shrilk market is segmented into Medical, Automobile, Packaging and Others. One of the most dynamic and promising sectors in today's economy is the packaging. Demand for fast-moving consumer items has increased as a result of expanding globalization and rising per capita income. The production of shrilk, which is used to make bottles, will increase in the upcoming years due to the rising demand for bottled water on a global scale. According to information provided by the Committee for Economic Development, the food industry contributes roughly 5% of the GDP and total sales totaling USD 1.4 trillion, including food consumed both at home and away from home. The food and beverage sector alone are responsible for USD 164 billion in sales. This demonstrates the enormous potential for preserving perishable items and extending their shelf life in meals and drinks packaged in high-quality plastics made from shrimp.

SHRILK MARKET - BY REGION

• North America

• Europe

• The Asia Pacific

• Latin America

• The Middle East

• Africa

By region, the Shrilk market is grouped into North America, Europe, Asia Pacific, Latin America, The Middle East and Africa. European market dominated the Shrilk industry. The success of the European economy as a whole is greatly influenced by the automobile sector. It accounts for over 13.5 million employment and a sizable portion of the continent's exports. According to the European Automobile Manufacturers Association, total investments in Europe's automotive industry were estimated to be around USD 67 billion in 2020, and the total number of vehicles produced in 2021 was estimated to be around 18.3 million units or roughly 18.1% of the total number produced worldwide. Automobile components that display excellent resilience to high temperatures, exceptional abrasion resistance, high strength, and chemical resistance, among other features, are frequently made with polymers produced from shrilk in the automotive sector. Furthermore, without adding any extra weight, polymers made from shrimp demonstrate strength on par with that of aluminum alloys. It is common knowledge that lighter vehicles often have better fuel economy and are more cost-effective over time. As a result, the automobile industry is adopting a wide range of alternatives, including shrilk, that may decrease weight without sacrificing performance and functionality. Shrilk is also used in high-speed, racing-style vehicles that must be both strong and lightweight.

One of the major contributors to the economy of the Europe region is the food and beverage business. According to FoodDrinkEurope, Europe owned 18% of the global foreign trade, which totaled USD 121 billion. This was supported by renewed R&D investments totaling around 3.2 billion USD. Additionally, in 2021, the F&B sector had annual revenue of around USD 1.23 trillion and made up about 2.1% of the overall gross value added to the economy. The demand for plastics made from shrimp is driven by the food and beverage industry. Shrimp plastics are commonly used for packaging since they are translucent, semi-rigid, and light, do not react with food or water, and keep the quality of the food. The shrilk market is thus anticipated to be driven by the expansion of the food and beverage sector in the next years.

SHRILK MARKET - BY COMPANIES

Some of the major players operating in the Shrilk market include:

1. NATUREWORKS LLC

2. CORBION PURAC

3. CARDIA BIOPLASTICS

4. BIOME TECHNOLOGIES PLC

5. TORAY INDUSTRIES INC.

6. EVONIK INDUSTRIES

7. BIOAPPLY POLYMERS

8. NATUREWORKS LLC

9. BIOSPHERE PLASTIC

10. CEREPLAST

11. SOLVAY SA

12. TECHNO-POLYMER COMPANY LIMITED

NOTABLE HAPPENING IN THE SHRILK MARKET

ACQUISITION- In July 2021, Solvay purchased the worldwide coatings division of Bayer, which included facilities in Mereville, France, as well as toll operations in Brazil and the United States. The company's selection of environmentally friendly and biodegradable products for farmers will expand as a result of this purchase. All product lines, worldwide tolling activities, and R&D initiatives from the Mereville site have now been transferred entirely to Solvay.

EXPANSION- KFC of Plano, Texas, made a new worldwide sustainability pledge in January 2019 by promising that by 2025, all plastic-based consumer-facing packaging would be recoverable or recyclable. According to KFC, the objective helps it achieve its long-term ambition to adopt a more sustainable packaging strategy in its restaurants by creating and utilizing sustainable packaging solutions as well as expanding on the work previously done in some areas to remove plastic packaging items.