Bioplastics Is Fastest Growing Segment Fueling The Growth Of Biopolymers Market Due To Increasing Demand In Packaging
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| Biopolymers Market |
The global Biopolymers Market is estimated to be valued at US$ 17428.96 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 natural polymers which are synthesized from renewable biomass
sources rather than petroleum. They are eco-friendly, biocompatible and
biodegradable as they decompose into water, carbon dioxide and biomass due to microbial
action. Some common types of biopolymers include polylactic acid,
polyhydroxyalkanoates, starch blends and bio-polyesters. They are mainly used
in packaging, textiles, consumer goods and transport industries owing to their
sustainability and degradability properties.
Market key trends:
One of the key trends in the biopolymers market is the increasing adoption of
bioplastics for packaging applications. There is growing demand for
biodegradable and compostable packaging solutions from food and beverages
industry due to stringent regulations on usage of conventional plastics. Major
food brands are switching to bioplastics for packaging in order to gain
competitive advantage by marketing themselves as sustainable and eco-friendly.
Another major trend is the development of novel biopolymers through advanced
research. Companies are investing heavily in R&D to discover new
biopolymers with improved properties like high heat resistance and moisture
barrier for expanding their application scope into new end use industries.
Segment Analysis
The global biopolymers market is segmented into type and application. Based on
type, the market is segmented into PLA, starch blends, polyhydroxyalkanoates,
Polyester, and others. Among these, PLA currently dominates the market and
accounts for the largest market share. PLA segment provides excellent
biodegradability properties and acts as an alternative to conventional
petroleum-based plastics. In terms of applications, biopolymers find wide usage
in packaging and bags, consumer durable goods, textiles, automotive and
transportation, agriculture and horticulture among others. Packaging and bags
emerged as the largest application segment owing to the increased use of
biopolymers for manufacturing various packaging solutions.
Key Takeaways
The
Global Biopolymers Market Demand is
expected to witness high growth, exhibiting CAGR of 13% over the forecast period, due to increasing environmental
concerns regarding sustainability and government regulations banning the usage
of non-biodegradable plastics.
Regionally, Europe dominated the global biopolymers market in 2023, accounting
for around 32.6% of the overall market share. High plastic recycling rates
along with favorable government regulations drive the market growth in the
region. Asia Pacific is expected to witness the fastest growth over the
forecast period. China and India exhibit lucrative opportunities for
biopolymers market owing to rapid industrialization and growing environmental
awareness in these countries.
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. Major players are involved in enhancing their production
capacities, new product innovations and providing cost-effective and
sustainable solutions to strengthen market presence.
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