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Press Release: Biopolymers Market to Surpass US$ 28,101.7 Million by 2027
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Global Biopolymers Market – Insights
Biopolymers are polymeric materials produced from feedstock such as crops including corn and sugar cane or standing timber and residual wood. Biopolymers are biodegradable in nature, unlike conventional polymers or plastics that lead to various environmental issues such as pollution and global warming. This is turn is increasing awareness regarding use of bio-based polymers and is expected to boost growth of the global biopolymers market over the forecast period.
Among product type, the bio-based polyethylene terephthalate (PET) segment accounted for the largest market share in 2018. This is owing to properties of bio-based PET such as recyclability and biodegradability. The composition of this biopolymer is derived from 30% of plant-based ethylene glycol and 70% of terephthalic acid (TPA, derived from fossil). Bio-based PET is used in production of bottles, bags, cosmetic containers, carpets, sanitary products, foils, and others.
Among application, the packaging segment accounted for significant market share in the global biopolymers market in 2018, owing to growing food-packaging industry. For instance, according to the report published by World Packaging Organization in 2017, the global packaging market was valued at US$ 820 billion in 2016, out of which food and beverage segments contributed 51% and 18%, respectively.
Europe accounted for significant market share in the global biopolymers market in 2018, owing to increasing governmental initiatives to restrict use of conventional plastic. For instance, under the Plastic Bags Directive in European Union (EU), consumers cannot use over 90 bags (conventional plastic bags) per year by 2019, which is lower than the EU average of 200 bags a year. Moreover, in France, The Energy Transition for Green Growth Act, which was effective from January 2017, banned use of conventional plastic bags for fruits and vegetables packaging. Therefore, restrictions imposed on the use of conventional plastic bags is expected to propel growth of the biopolymers market in Europe.
However, high production cost that leads to even higher cost of biopolymers is expected to restrain the market growth. Biopolymers are 2.5 to 7.5 times more expensive than conventional major petroleum-based plastics. For instance, bio-based ethylene is more costly than a petroleum-based ethylene. Therefore, high cost of biopolymers is expected to limit growth of the biopolymers market over the forecast period.
The global biopolymers market was valued at US$ 9131.9 Million in 2018, and is expected to register a CAGR of 13.8% in terms of revenue over the forecast period (2019 – 2027), to reach US$ 28,101.7 Million by 2027.
Figure 1. Global Biopolymers Market Share, By Region, 2018
Source: Coherent Market Insights, 2018-19
Asia Pacific accounted for significant market share in the global biopolymers market in 2018, and expected to witness significant growth over the forecast period. This is owing to growing packaging industry in the region. Significant growth in the packaging industry is expected to increase demand for plastics, which in turn is expected to boost the market growth. For instance, according to India Brand Equity Foundation report on Engineering and Capital Goods, published in September 2017, demand for plastics used in packaging in India is expected to reach 9 million tons by 2020.
Furthermore, key players in the market are focused on adopting strategies such as technology development to strengthen their footprint in the global biopolymers market. For instance, in 2016, Natur-Tec and NatureWorks introduced a jointly developed technology that lowers the cost of compostable serviceware, while increasing its performance. The platform is based on low carbon footprint Ingeo biopolymer that produces heat resistant serviceware with rigidity and higher toughness than either polypropylene (PP) or polystyrene (PS).
Figure 2. Global Biopolymers Market Share, By Product Type, 2018
Source: Coherent Market Insights, 2018-19
Moreover, in 2018, BioLogiQ, Inc., a bioplastic resin manufacturing company specializing in environmentally friendly plastic products, announced to launch three new grades of plant-based plastic named as ‘NuPlastiQ BioPolymers’ for different end-use applications.
Major players operating in the global biopolymers market include, BASF SE, NatureWorks LLC, Braskem S.A., Novamont S.p.A., E.I. Du Pont De Nemours and Company, Plantic Technologies Ltd, Archer Daniels Midland Company, Danimer Scientific, Bio-on S.p.A., and Rodenburg Biopolymers B.V.
Conventional petroleum-based polymers are non-biodegradable and are difficult to recycle. Moreover, production of conventional plastics is associated with concerns such as greenhouse gas emission. Therefore, the demand for sustainable polymeric material is increasing as a substitute for conventionally used polymers. Bio-based polymer is an eco-friendly solution as the polymer can easily degrade.
Market Dynamics
Among end-use industry, the packaging segment is expected to witness significant market share in the global biopolymers market. Biopolymers are mainly used in packaging applications. The packaging sector is witnessing increasing demand for plastics. For instance, according to Plastics and Composites Sector Report (2015) of Academy of Sciences Malaysia, worldwide plastic demand is expected to reach 600 million tons by 2050. Biopolymers are sustainable alternative to convention plastics and are increasingly used in packaging industry, which in turn is expected to fuel growth of the market over the forecast period.
Among regions, Europe accounted for a significant market share in 2018, owing to increasing presence of key players in the region. For instance, in 2017, Novamont acquired remaining 22% of the packing company, JV Mater Biopolymer. This acquisition helped Novamont to access JV Mater Biopolymer’s packing facility in Patrica, Italy. The plant manufactures ‘Origo-Bi’ bio polyester, which is used in Novamont’s biodegradable and compostable bioplastics.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section.
Table of Contents
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