Biopolymers are polymer substances produced by living organisms or contain polymer compounds generated through metabolic processes occurring inside of living organisms. They are produced using renewable resources and are biodegradable, making them eco-friendly substitutes for synthetic plastics. Common applications of biopolymers include packaging materials, films, 3D printing materials and plant-based textiles among others.
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 key trends:
Growing environmental concerns regarding the use of non-biodegradable conventional plastics have considerably boosted the demand for biodegradable and sustainable alternatives like biopolymers. Biopolymers are capable of completely degrading within a short span without harming the environment. Moreover, strict government regulations prohibiting the use of single-use plastics and policy support for bio-based products in major economies have further propelled the biopolymers market growth. Various companies are increasingly investing in R&D activities to develop novel biopolymer formulations with superior properties for diverse applications. For instance, companies like BASF SE, NatureWorks LLC and Braskem S.A. have successfully commercialized PLA biopolymer used in film packaging and 3D printing. This is anticipated to boost the biopolymers market size during the forecast period.
SWOT Analysis
Strength: Biopolymers are renewable, sustainable and biodegradable in nature which makes them environment friendly. They reduce dependency on oil-based polymers.
Weakness: High production cost of biopolymers compared to traditional plastics limits their mass adoption. Supply chain constraints and availability of raw materials is also a challenge.
Opportunity: Growing consumer demand for sustainable packaging solutions and green materials drives the demand for biopolymers. Stringent regulations favoring eco-friendly alternatives also open new opportunities.
Threats: Low crude oil prices favor petroleum-based plastics limiting the competitiveness of biopolymers. Technology developments continuously improve traditional plastics challenging biopolymer dominance.
Key Takeaways
The Global Biopolymers Market Size is expected to witness high growth over the forecast period. The market was valued at US$ 17428.96 Mn in 2023 and is projected to reach US$ 51566.92 Mn by 2030, registering a CAGR of 13% during the forecast period.
Regional analysis
North America region currently dominates the global biopolymers market owing to strong government support and initiatives towards sustainability. Europe is the second largest market and is expected to witness fastest growth on account of stringent regulations restricting single-use plastic usage. Asia Pacific is projected to offer lucrative opportunities for biopolymer suppliers led by countries like China, India and Japan.
Key players
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. The market is fragmented in nature with global players expanding their footprints through investments in R&D, strategic collaborations and acquisitions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
