Bio Polymers Market Overview
The Bio Polymers Market Size was valued at USD 11.50 Billion in 2022. The Bio Polymers industry is projected to grow from USD 14.71 Billion in 2023 to USD 37.16 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 15.79% during the forecast period (2023 - 2030).
Chief Boosters and Major Deterrents
Over the years, the demand and use of bio polymers as consumer goods has risen incredibly, proving to be quite favourable for the global industry. Meanwhile, the large-scale spending on the agricultural industry by major companies worldwide has raised the demand for bio polymers market size as well.
The fast-emerging concepts of smart buildings connected cities, and smart cities, especially in developing countries has contributed immensely to the growth of the biopolymers market. Due to these concepts, bio polymers have been witnessing increased demand in waste and water treatment as well as renewable energy management. Mounting awareness about environmental issues and the surge in strict laws across the world have also added to the market value.
Price instability associated with petroleum has worked in favor of the bio polymers market. Since these are environment friendly, recyclable, and display properties quite similar to that of petroleum-based PET, without compromising environment health, their demand has escalated in the packaging sector. Extensive and robust yet smooth distribution networks belonging to the leading firms in the biopolymers market fosters growth as well.
Bio polymers market has been considered for type, application, and end-use industry.
With respect to application, the bio polymer market caters to bottles, films, seed coating, fibers, medical implants, vehicle components, and more. Bio polymers find widespread use in the manufacturing of bio-based bottles and films.
The various types of bio polymers in the global market are bio-polyethylene terephthalate (bio-PET), biodegradable polyesters, bio-polyethylene (bio-PE), polyhydroxyalkanoate (PHA), polylactic acid (PLA), and others. Bio-PET segment took the lead in 2018, due to its low cost and large-scale production.
Some of the major end-use industries covered in the MRFR report are automotive, agriculture, packaging, construction, pharmaceutical, and others. Packaging industry forms the biggest segment in the global market for bio polymer on account of the improving standard of living among consumers as well as their rising concerns with regard to hygiene and health.
The bioplastics & biopolymers market has been geographically categorized into Europe, Asia Pacific or APAC, North America, Latin America and MEA or Middle East and Africa.
Europe secured the leading spot in 2018 and has remained the top consumer of bio polymers ever since. Presence of strict regulations banning the use of non-biodegradable polymers, in view of the depleting fossil fuel derivatives have resulted in higher use of bio polymers in the manufacturing of bottles, films, etc. Also, since Europe is home to the biggest packaging industry, bio polymers can continue to witness steady demand throughout the assessment period. Soaring concerns related to the green environment as well as environmental safety are compelling the government to implement safety measures, which can mean rampant product demand in the next few years.
Asia Pacific is a promising market and can gain the fastest growth rate between 2020 and 2027. The strong demand for bio polymers is the result of fast-paced industrialization and improving living standards across China, Japan, and India. The steady economic growth in the region is widening the application scope of bio polymers in agriculture, automotive and pharmaceutical industries.
The bio polymers market in North America benefits largely from the soaring demand by the renowned bioplastic manufactures for use in manufacturing recyclable bottles, bio plastic films, and more. There is an urgent need to bring down CO2 emission, which is compelling vendors to opt for recyclable products that can curb the pollution level. Surge in technological innovation with respect to biopolymer products should favor the North American market as well.
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Tianjin GreenBio Materials Co., Ltd (China), Novament SpA (Italy), Braskem (Brazil), Danimer Scientific (US), Yield10 Bioscience, Inc. (US), BASF SE (Germany), DuPont de Nemours, Inc. (US), Evonik Industries AG (Germany), HARBEC (US), BIO-ON (US), FMC Corporation (US), Total Corbion (Netherlands), NatureWorks LLC (US), Solanyl Biopolymers Inc. (Canada), Rodenburg Biopolymers (Netherlands), are the top manufacturers identified in the MRFR study.
These companies are involved in partnerships, acquisitions, and mergers as well as new product launches and innovations to gain a competitive advantage over their rivals in the global industry.
For instance, in May 2021, Cove partnered with RWDC Industries to develop water bottles made of RWDC’s biopolymer polyhydroxyalkanoate or PHA. RWDC’s biopolymer is made with plant-based oils, such as used or post-consumer cooking oils. In the next several years, Cove intends to develop products in other segments with the aim to accelerate the use of sustainable materials such as PHA.
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