July 18, 2024

Bioplastics Segment Is The Largest Segment Driving The Growth Of Biopolymers Market

Market Overview:

Biopolymers are polymers produced from renewable biomass sources such as vegetable oil, corn starch, wheat bran or microorganisms. They are considered as environmental-friendly substitutes to polymers derived from petroleum resources. Their biodegradability reduces dependency on landfills.

Market key trends:

One of the major trends in the biopolymers market is the increasing focus on developing advanced biodegradable plastics. Conventional plastics are non-biodegradable that contribute significantly to plastic waste. Advanced bioplastics help address environmental issues associated with plastic waste. Many companies are investing in R&D to develop newer types of bioplastics that can degrade completely and cause less harm to the environment. For instance, researchers are exploring the potential of marine algae as a sustainable feedstock for developing biodegradable polymers.
SWOT Analysis

Strength: Biopolymers are eco-friendly and sustainable alternatives to conventional plastics as they are made from renewable sources like corn, sugar cane, starch etc. They are also biodegradable.
Weakness: Biopolymers have high production costs as compared to conventional plastics. They also have limited functionality and performance.
Opportunity: Growing consumer demand for sustainable and eco-friendly products is driving the adoption of biopolymers across various industries like packaging, textiles, automotive etc. Supportive government policies and regulations regarding single use plastics is another growth opportunity.
Threats: Established petrochemical industry poses competition in terms of pricing and performance. Commercial scale production of bioplastics also faces technological challenges.

Key Takeaways

The Global Biopolymers Market Demand  is expected to witness high growth, exhibiting CAGR of 13% over the forecast period, due to increasing consumer preference for sustainable alternatives to conventional plastics. Supportive regulations banning single use plastics across regions is further fueling the demand.

Asia Pacific dominates the global biopolymers market and is expected to grow at fastest pace, primarily driven by countries like China, India and Japan. This is attributed to increasing plastic waste crisis in the region and supportive government policies promoting bioplastics. Europe is another major market for biopolymers owing to stringent regulations against single use plastics and presence of 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. Majority of these players are focusing on capacity expansions and new product launches to strengthen their market position.

Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it