The global biopolymers market is estimated to be valued at US$ 13,458.2 million in 2021, according to the 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 User (Automotive, Agriculture, Packaging, Construction, and Others), and by Region (North America, Latin America, Asia Pacific, Europe, and Middle East & Africa), published by Coherent Market Insights.

The global biopolymers market is projected to reach US$ 33,264.7 million by 2028, exhibiting a CAGR of 13.8% during the forecast period (2021-2028). The production of conventional plastics is associated with high carbon dioxide (CO2) emissions. Moreover, conventional plastic is hard to degrade. Several government bodies are supporting the 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 the production and use of sustainable plastics and set the goal to make all plastic packaging recyclable by 2030 in Europe. However, biopolymers are derived from the microbial system by fermentation or extracted from plants or animals, which increases the production cost. The fermentation process carried out during production needs to be controlled and continuously monitored to avoid any microbial contamination which increases the production cost. This is expected to restrain the growth of the biopolymers market.

To know the latest trends and insights prevalent in this market, click the link below:

https://www.coherentmarketinsights.com/market-insight/biopolymers-market-2508

Browse 50 market data tables* and 40 figures* on "Biopolymers Market” - Global Forecast to 2028.

Key Trends and Analysis of the Global Biopolymers Market:

  • Biopolymers offer various advantages over conventional polymers, which in turn, has resulted in the increasing adoption of biopolymers. Key market players are focused on developing new biopolymer products in order to enhance their market share. For instance, in May 2019, Berry Global is a global manufacturer and marketer of plastic packaging products introduce the Bio PET bottles designed for the beauty and personal care markets. Bottle is 100% recyclable and made from plant based materials.

Key Takeaways of the Global Biopolymers Market:

  • Among product types, the bio polyethylene (bio-PE) segment is expected to witness a significant 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 the growing packaging industry. Among applications, the packaging segment is expected to witness a major market share over the forecast period. For instance, according to the World Packaging Organization, the global packaging industry was valued at US$ 979.1 billion in 2019 and is expected to surpass US$ 1.5 trillion by 2024
  • Europe is expected to hold a dominant position in the market over the forecast period, owing to the growing plastics industry in the region. 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 to close the loop of the circular economy. Biopolymers are recyclable and have the potential to substitute conventional non-recyclable plastics. These factors are expected to boost the demand for biopolymers in Europe, thereby propelling the market growth.
  • Major players operating in the global biopolymers market include 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.
  • Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the global biopolymers market. For instance, in June 2021, NatureWorks, a manufacturer of Ingeo brand polylactic acid (PLA) and lactides planned to design and build a new biopolymer production plant in Thailand. The Thailand Board of Investment approved the project.

Global Biopolymers Market - Impact of Coronavirus (COVID-19) Pandemic

  • Biopolymers are used in the automotive industry for automotive interior. The automotive industry suffered largely due to the Covid-19 impact in 2020. Demand and investment in the automotive industry are declining. It's also dealing with an abrupt and broad halt in economic activity, with workers being forced to stay at home, supply networks grinding to a standstill, and industries shuttering. 

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