Biopolymers are natural polymers obtained from renewable resources. They are commonly used as an alternative to petroleum based plastics. Biopolymers provide advantages such as biodegradability, compostability, and reduced environmental impact. The polymers obtained from corn starch, cellulose, and polylactic acid are widely used in rigid as well as flexible packaging for food and consumer goods. The rise in consumption of packaged food and increasing awareness about eco-friendly products are expected to drive the demand for biopolymer packaging material. The global Biopolymers Market is estimated to be valued at US$ 42.5 billion in 2023 and is expected to exhibit a CAGR of 21% over the forecast period 2024, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increased demand from the packaging industry is one of the key trends driving growth of the biopolymers market. According to studies, packaging is the largest application segment, accounting for over 45% of the total biopolymers market share. Biopolymers such as polylactic acid, starch blends, polyhydroxyalkanoates, and cellulose offer great packaging properties including biodegradability and are ideal replacements for synthetic plastics in rigid as well as flexible packaging. Stringent regulations prohibiting single use plastics along with rapidly growing demand for sustainable and eco-friendly packaging solutions from food chains, healthcare industry as well as personal care product manufacturers are expected to boost the adoption of biopolymer packaging materials. This rising preference for green packaging is estimated to accelerate the demand for biopolymers at an exponential rate over the forecast period.
Segment Analysis
The global biopolymers market is divided into two key segments - biodegradable polymers and non-biodegradable polymers. The biodegradable polymers segment currently dominates the market, accounting for over 60% of the total share. This is mainly due to the growing environmental concerns and stringent regulations regarding the use of non-biodegradable plastics. Within the biodegradable polymers segment, polylactic acid (PLA) dominates and holds around 30% of the market share. PLA is widely used in packaging and textile industries due to its properties such as biodegradability and sustainability.
Key Takeaways
The Global Biopolymers Market Share is expected to witness high growth over the forecast period of 2024 driven by growing environmental consciousness and the shift towards sustainable alternatives to conventional plastics.
Regional analysis: North America currently accounts for the largest share of over 35% of the global biopolymers market. The region is home to key players as well as is at the forefront in terms of R&D activities pertaining to biopolymers. Additionally, stringent regulations and bans on single-use plastics boost market growth. Asia Pacific is expected to be the fastest growing region during the forecast period supported by increasing production of biopolymers in countries such as China, India, and South Korea.
Key players: Key players operating in the biopolymers market are BASF SE, NatureWorks LLC, Braskem, Novamont S.p.A., DuPont, Cargill, Incorporated, Corbion NV, Metabolix, Indorama Ventures Public Company Limited, and Mitsubishi Chemical Holdings Corporation. BASF SE is one of the largest producers of biopolymers worldwide, with its ecoflex and ecovio biopolymers brands dominating the market. NatureWorks LLC is a dominant producer of polylactic acid (PLA) based biopolymers.
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https://www.newsstatix.com/biopolymers-market-size-share-growth-outlook-2023/
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