Biopolymers Market Growth Accelerated by Increased Demand from Packaging Industry
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| Biopolymers Market |
Biopolymers are polymers produced
from renewable biomass sources rather than fossil fuel or mineral resources.
They include polysaccharides such as starch, cellulose and polylactic acid and
proteins such as gelatin, casein and soy. Starch-based biopolymers are used in
food packaging, disposable tableware and compost bags, due to their
biodegradability. Cellulose-based biopolymers are widely used by the textile
industry. Polylactic acid biopolymers are increasingly used in place of
traditional plastics in 3D printing filaments, medical implants and packaging
of food and beverages. The global biopolymers market is estimated to be valued
at US$ 24.8 Bn in 2023 and is expected
to exhibit a CAGR of 21% over the
forecast period 2024.
Market Dynamics:
The global biopolymers market is
expected to witness high growth owing to increasing demand from packaging
industry. In line with increasing consumer awareness about environmental
sustainability, packaging manufacturers are rapidly adopting biopolymers as an
alternative to fossil fuel-based plastics. Biopolymers such as polylactic acid,
starch and cellulose are commonly used to manufacture compostable and
biodegradable food packaging, which is further driving market growth. Another
major driver for biopolymers market is rising penetration of bioplastics in
various industries including textiles, consumer goods and automotive.
Bioplastics have superior characteristics compared to traditional plastics such
as renewability, biodegradability and recyclability. Increasing R&D
investments by major players to expand the application scope of biopolymers
across industries will also favor market growth over the forecast period.
SWOT Analysis
Strength: Biopolymers are
eco-friendly and sustainable as they are made from renewable sources like
plants and microorganisms instead of petroleum. They also have similar physical
and chemical properties as traditional plastics. Some biopolymers can be
composted at home or broken down easily in industrial composting facilities
making them more environment friendly.
Weakness: Biopolymers currently
have higher production costs than traditional plastics due to limited
production capacities and feedstock availability issues. The technologies
required to produce them at scale are still developing. Some biopolymers do not
fully degrade and require specific composting conditions to break down
completely.
Opportunity: Rising environmental
concerns over plastic waste and single use plastic items provide opportunities
for biopolymers to replace traditional plastics in various packaging, textile
and consumer goods applications. Government regulations banning specific single
use plastic items will further drive demand. Increased R&D investment can
help improve production technologies and reduce costs over time.
Threats: Fossil fuel based
plastics are significantly cheaper to produce due to economies of scale. This
price advantage threatens widespread adoption of biopolymers. Public perception
of biodegradability claims need to be built through effective marketing as many
bioplastics may not degrade in common environments.
Key Takeaways
The Global
Biopolymers Market Share is expected to witness high growth over the
forecast period driven by stringent regulations against single use plastics and
increasing awareness about environmentally sustainable alternatives.
Regional analysis: Asia Pacific region currently dominates the
global biopolymers market owing to high growth economies like China, India,
Indonesia and Thailand driving massive demand for plastics in packaging and
consumer goods industries. These countries are also focusing on developing
domestic biopolymer production capacities to replace imports as environmental
regulations become stricter. The European region is another major market for
biopolymers due to stringent plastic waste management laws.
Key players: Key players operating in the biopolymers market are
BASF SE, NatureWorks, Braskem SA, Novamont S.p.A., Indorama Ventures Public
Company Limited, Bio-On S.p.A., Danimer Scientific, Total Corbion PLA,
DowDuPont Inc. and Archer Daniels Midland Company. These companies have
significant R&D investments, manufacturing assets and distribution networks
in place to cater to the growing demand for biopolymer alternatives.
Get More Insights Here
https://www.newswirestats.com/biopolymers-market-size-share-growth-outlook-2023/
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