Biopolymers Market is Expected to Grow from 17.10 billion 2023 to reach 35.60 billion in 2031 | SkyQuest Technology
Westford, USA, Sept. 02, 2024 (GLOBE NEWSWIRE) — Global biopolymers market was valued at USD 15.60 billion in 2022 and is poised to grow from USD 17.10 billion in 2023 to USD 35.60 billion by 2031, growing at a CAGR of 9.60% in the forecast period (2024-2031).
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In recent times, the biopolymers market has experienced a dramatic surge owing to the increasing demand for PHA-based biodegradable plastics. Most of the prominent packaging and plastics manufacturing organizations are shifting towards biodegradable products as there is a rising popularity of eco-friendly packaging from end-users of various industries. Biopolymers are utilized in different types of applications like biomedical, pharmaceuticals, and food & beverage. They are also high in demand on the biomedical applications due to their amazing recovery characteristics, making them ideal to be used in treatment of wounds. Nowadays, many policymakers, manufacturing organizations, and brands are analyzing techniques for removing the destructive pollutants triggered by leakage and to increase recycling rates. Therefore, there has been numerous attempts to use packaging that can be recycled in various end-of-life settings. This is one of the major reason the demand for biopolymer will constantly increase. Biopolymers are generally derived from raw materials such as sugarcane, corn, residual wood, and timber. They are also biodegradable and do not spread global warming and pollution like traditional polymers or plastics. Biopolymers are considered as a more sustainable substitute to the conventional petroleum-based plastics as they can be fragmented by natural process and does not threat the ecosystem.
Browse in-depth TOC on the “Biopolymers Market”
Pages – 197
Tables – 95
Figures – 76
Biopolymers Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 17.10 Billion |
| Estimated Value by 2031 | $ 35.60 Billion |
| Growth Rate | Poised to grow at a CAGR of 9.60 % |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, Application, End User, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and the Rest of the world |
| Report Highlights | Emergence of thermoplastic starch leading to complete biodegradable products |
| Key Market Opportunities | Increasing use of biopolymers in the medical device sector |
| Key Market Drivers | Rising environmental awareness about harmful impact of plastics |
Growing Awareness about Toxic Nature of Conventional Plastics to Increase Popularity of Biopolymers
The shift towards biopolymers is mostly due to the increasing awareness of the harmful impacts of conventional plastics on the environment. Conventional plastics are manufactured from petrochemicals and contains hazardous compounds that can leak into food and beverages causing various kind of health problems. As biopolymers are made from natural and secure components there are less to no chances of being exposed to any harmful substances. Recently, the biopolymers market is growing exponentially, this primarily due to consumer and commercial demand for safer and healthier products instead of harmful plastics. Customer are preferring more eco-friendly items as they are becoming more aware about the carbon footprints. Nowadays, many government facilities are also taking initiatives for minimizing plastic waste by enforcing laws on single-use plastics and encouraging the usage of sustainable packaging. With the increasing concerns of businesses and customers about the negative impact of plastics this trend will continue to grow, developing the market.
Government Initiatives to Reduce Use of Conventional Plastics to Increase Demand for PHA-Based Biodegradable Plastics
The demand for PHA-based biodegradable plastics are increasing because of the growing preference of eco-friendly packaging across several industries and the inclination of plastics and packaging producers towards biodegradable materials. This shift is mostly driven by rising government rules in initiatives that eradicates the usage of non-biodegradable plastic materials. Many government facilities are incorporating green procurement regulations for minimizing the damage caused by conventional plastics and encourage materials with healing features. The usage of renewable sources like biomass and biodiesel, is also positively influencing the biopolymers market. The growing demand for bioplastics will significantly boost the demand for PHAs (polyhydroxyalkanoates) and other biopolymers.
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Increasing Inclination of Purchasers Towards Eco-Friendly Plastics to Rise the Demand for Biopolymers Market in
In recent times, Europe is dominating the biopolymers market owing to the growing inclinations of the purchasers towards eco-friendly plastic items. Increasing buying power of consumers have also encouraged the development of various end use business in this region. These factors are positively influencing the market. The market will continue to grow at a rapid speed with the European Union applying directives against plastic bags and encouraging recyclable and reusable packaging by 2028. These initiatives will propel the demand for biopolymers in Europe. Furthermore, France’s prohibition on conventional plastic bags for packing fruits and vegetables under the Energy Transition for Green Growth law, also highlights the drastic measures taken by the government, leading to a growth of the market.
Biopolymers Market Insights
Drivers:
- Increasing environmental awareness about the harmful impacts of traditional plastics
- Government initiation on sustainable packaging
- Consumer preference of biodegradable plastics
- Emergence of thermoplastic starch as a key innovation of biopolymers
Restraints:
- High expense of making biopolymer plastics
- High cost of biopolymers products compared to conventional plastics
- Low market acceptance of biopolymer plastics
- Shortage of skilled workforce who can use biopolymers to make various products
Key Players Operating in the Biopolymers Market
The following are the Top Biopolymers Companies
- BASF SE
- NatureWorks LLC
- Braskem SA
- Total SE
- Arkema SA
- Corbion NV
- Novamont S.p.A.
- Mitsubishi Chemical Corporation
- DuPont de Nemours, Inc.
- Eastman Chemical Company
- Biome Bioplastics Limited
- Plantic Technologies Limited
Key Questions Answered in the Biopolymers Market Report
- Which region held the largest share of the biopolymers market?
- Who are the prominent players of the market?
- What are the latest trends influencing growth of the market?
- What are the major drivers of the biopolymers market?
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This report provides the following insights:
- Analysis of key drivers (Increasing environmental awareness, consumer preference of biodegradable plastics, and sustainable packaging initiatives), restraints (High expense of making biopolymers plastics and low market acceptance), opportunities (Government initiation on sustainable packaging, increasing use in medical devices, and growth of circular economy), and challenges (High expense of biopolymer products and shortage of skilled workforce) influencing the growth of biopolymers market
- Market Penetration: Comprehensive information on the product offered by the top players in the biopolymers market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the biopolymers market
- Market Development: Comprehensive information on emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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