Rising demand for biodegradable plastics in packaging industry bolsters the demand for biopolymers across the globe.
Global biopolymers market is projected to driven by the rising demand of biopolymers in packaging industry. Growing awareness among the population about the harmful effects of plastics used in packaging of food products is bolstering the demand for biopolymers in food and beverages industry. Moreover, shrinking petroleum sources also alarmed the polymer manufacturers to adopt the new technologies to meet the future demand.
The global biopolymers market is segmented into applications such as Packaging, fibers, agriculture seed coatings, automotive interior parts and others (medical implants). Among these segments, packaging and bottles comprises more than 65% of global biopolymers market. Packaging segment is expected to witness significant growth over the forecast period on the back low toxicity and changing consumer demands on basis of health and environmental awareness.
Global biopolymer market is expected to experience a significant growth in developing countries such as China, India, Russia, France and others. Government authorities in the respective countries are focusing towards bio-degradable products to reduce the landfills. These factors are expected to bolster the demand for bio-based polymers in various end-use industries, especially in packaging industries. The biopolymer industry has grown exceptionally in the past 2-3 years and accounted for USD 3.2 billion in 2015.Further, the market is expected to reach USD 9.8 billion by the end of forecast period, by registering a CAGR of 11.2% during the forecast period i.e. 2016-2024.
Geographically Europe is the major consumer of biopolymer products in the global market. Effective laws and regulation to reduce carbon footprint and environmental regulations in Western Europe, contributes in dominance of Europe in global market throughout the forecast period. On the other hand, Asia-pacific region anticipated to witness robust growth due to rapid industrialization and growing global pressure on developing countries to curb the pollution.
Rising Demand for Eco-friendly Packaging Materials: Major Breakthrough
Dependency of polymers on petroleum products and their harmful effects on environment has led the government to frame various regulations on the use of plastic and other polymers. Additionally, manufacturers of personal care products and food & beverages started to shift towards bio-polymers for packaging material. Introduction of favorable policies in developed countries such as Japan, U.S., Germany, Australia and others for sustainable production systems will further propel the growth of global biopolymers market. However, high cost of biopolymers as compared to conventional polymers and plastic hinders the growth of biopolymers. Additionally, limited commercial management, development expertise are the key restraints for the growth of global biopolymers market.
“Global Biopolymers Market Outlook 2024” contains detailed overview of the global biopolymers market in terms of market segmentation by Product type, by Applications and by End-user. Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis. This market report also includes provides competitive outlook of some of the major players of the global biopolymers market which includes profiling of companies of Nature Works, Novamont, Plantic, Arkema, BASF, Biopolymer International, DuPont, Ecospan, Durect Corp., FMC Biopolymer, Biotec Gmbh, Braskem, etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments. Overall, the report represents comprehensive synopsis on the global biopolymers market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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