Biopolymers Market To Witness High Growth Owing To Increasing Environment Concerns Regarding Non-Biodegradable Plastics
The biopolymers market is estimated to be valued at US$ 17,428.96 Mn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Biopolymers are polymers that are produced from renewable feedstock. They include polylactic acid, polyhydroxyalkonoates, polysaccharides, and renewable polyesters. Biopolymers are derived from agricultural crops and renewable biomass resources. They find applications in packaging materials, textiles, agriculture, and consumer goods.
Market Dynamics:
The biopolymers market is driven by growing environmental concerns regarding non-biodegradable plastics and increasing demand for sustainable packaging solutions. According to European Bioplastics, around 11.4 billion plastic bottles were sold in Europe in 2018 alone and less than half were collected via deposit return systems or kerbside collection. This has increased the demand for biopolymers as an environment-friendly alternative to conventional plastics. Furthermore, stringent regulations against single-use plastics by various governments are also propelling the adoption of biopolymers across industries. However, high production costs of biopolymers compared to conventional plastics can restrain the market growth.
SWOT Analysis
Strength: Biopolymers are environment friendly as they are produced from renewable sources like corn, sugarcane etc. Their production does not depend on fossil fuels. They have superior properties like biodegradability and renewability. Biopolymers can reduce dependency on plastic which is made from petroleum.
Weakness: High production cost of biopolymers makes them less competitive than conventional plastics. Processing of biopolymers into end products requires specialized equipment which increases costs.
Opportunity: Growing consumer demand for sustainable and eco-friendly products offers huge market opportunities for biopolymers. Strict government regulations to curb plastic pollution and ban on single use plastics will further boost the biopolymers market.
Threats: Availability of substitutes like paper, glass and metal packaging limits the scope of biopolymers. Volatility in raw material prices impacts the overall production cost of biopolymers.
Key Takeaways
The Global Biopolymers Market Demand is expected to witness high growth, exhibiting CAGR of 13% over the forecast period, due to increasing consumer awareness about environmental protection and stringent government regulations against plastic pollution. Growing preference for sustainable packaging solutions from food and beverages industry is favoring the biopolymers market.
Europe dominated the global biopolymers market in 2023, accounting for around 30% of the global demand. This was attributable to strong government support and favorable policies encouraging adoption of bioplastics. Germany led the European biopolymers market owing to presence of key industry players and advanced research facilities. Asia Pacific exhibited fastest growth in biopolymers consumption and is anticipated to surpass Europe in the coming years. China, Japan and India served as major demand centers in the region.
Key players operating in the biopolymers market are BASF SE, NatureWorks LLC, Braskem S.A., Novamont S.p.A., Du Pont, Plantic Technologies Ltd, Archer Daniels Midland Company, Danimer Scientific, Bio-on S.p.A., and Rodenburg Biopolymers B.V. These players are investing in capacity expansion projects and engaging in partnerships to strengthen their market position.
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