The global biopolymers market was valued at US$ 9,131.9 Million in 2018, according to Biopolymers Market Report, by Product Type (Bio-PE, Polylactic Acid (PLA), Bio-based PET, Bio-polyesters, and Others), by Application (Packaging, Medical Implants, Automotive Interior, Seed Coating, and Others), by End-use Industry (Automotive, Agriculture, Packaging, Construction, and Others), and by Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa) .
The global biopolymers market is projected to reach US$ 28,101.7 Million by 2027, exhibiting a CAGR of 13.8% during the forecast period (2019-2027). Production of conventional plastics is associated with high carbon dioxide (CO2) emissions. Moreover, conventional plastic is hard to degrade. Several government bodies are supporting production and use of biopolymers in order to limit the use of fossil-fuel based plastics. For instance, in 2017, the European Commission focused on sustainable plastics production and use and set the goal to make all plastic packaging recyclable by 2030 in Europe. However, biopolymers are derived from microbial system by fermentation or extracted from plants or animal, which increases the production cost. Fermentation process carried out during production needs to be controlled and needs to be continuously monitored so as to avoid any microbial contamination which increases the production cost which is expected to restrain growth of the biopolymers market.
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https://www.coherentmarketinsights.com/market-insight/biopolymers-market-2508 Browse 50 market data tables* and 40 figures* on "Biopolymers Market” - Global forecast to 2027. Key Trends and Analysis of the Biopolymers Market:
- Biopolymers offer various advantages over conventional polymers, which in turn has resulted in increasing adoption of biopolymers. Key players in the market are focused on developing new biopolymer products in order to enhance their market share. For instance, in 2017, Raepak launched two new 100% recyclable biopolymer bottles as the replacement for standard HDPE and PET fossil-fuel-based plastic bottles. The biopolymer bottles offer benefits such as low greenhouse gas emissions, reduced carbon footprint, and no generation of atmospheric carbon dioxide.
Key Takeaways of the Market:
- Among product type, the bio polyethylene (bio-PE) segment is expected to witness major market share over the forecast period, owing to a wide range of applications of bio-PE in various end-use industries. Major applications of bio-PE include, packaging films, storage bags, automotive fuel tanks, tubes, and others.
- Moreover, plastic demand is increasing worldwide due to growing packaging industry. Among applications, the packaging segment is expected to witness major market share over the forecast period. For instance, according to World Packaging Organization, the global packaging industry was valued at US$ 600 billion in 2012, and is expected to surpass US$ 1 trillion by 2020.
- Europe is expected to hold dominant position in the market over the forecast period, owing to growing plastics industry in the region. For instance, according to the report, ‘Plastics – the Facts 2017’ published by Plastics Europe in 2017, the European plastics industry witnessed a turnover of US$ 395.94 billion in 2016. Europe also introduced the ‘Circular Economy Action Plan’ in 2015, which focuses on promoting the use of sustainable plastic materials. The objective of the action plan is to review the whole life cycle of plastic. Plastic waste should not be discarded and rather should be considered as a new starting material so as to close the loop of circular economy. Biopolymers are recyclable and have the potential to substitute conventional non-recyclable plastics. These factors are expected to boost demand for biopolymers in Europe, thereby propelling growth of the market.
- Furthermore, in 2018, AzuraGel 100, a product of Ecovia Renewables Inc., earned the U.S. Department of Agriculture (USDA) Certified Bio-based Product Label at 100% bio-based content. As an Ecovia Biopolymer, AzuraGel is based on a water-swellable and water-dispersible cross-linked biopolymer.
- 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.