Biopolymers Market Size, Share, Growth, and Industry Growth, By Type (Bio-PET, Bio-PE, Starch Blends, PLA, PHA, and Others), By Application (Packing Industry, Automotive Industry, and Bottles Manufacturing, and Others), Regional Forecast By 2031

Updated On: 01 April 2024

Biopolymers Market Report Overview

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The global biopolymers market size is expected to be USD 4.27 billion in 2022.  As per our research, the market is projected to touch USD 9.397 billion in 2031, exhibiting a CAGR of 9.2% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with biopolymers experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels.The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

Biopolymers are synthetic materials made from plant-based sources such as sugar cane, corn, and other agricultural products, as well as residual wood and standing lumber. Contrary to conventional polymers or plastics, which contribute to a number of environmental problems like pollution and global warming, these chemicals are naturally biodegradable. Over the course of the forecast period, rising consumer awareness regarding the use of bio-based polymers is anticipated to fuel market expansion.

Waste starch, biomass, and other sustainable feedstocks are used to make biopolymers. The hardware and automotive industries use a few readily available and affordable polymers, such as polylactic corrosive, bio-Nano composites, poly-hydroxy-alkanoate, and others. To reduce carbon footprint, legislators are allowing the use of biodegradable polymers instead of conventional polymers. A few prominent auto companies are currently using biopolymers in their cars; the Ford Motor Company, for instance, uses them for interior purposes.

COVID-19 Impact: Decreased Demand for Chemicals from End-Use Industries Hampered Market Growth

The COVID-19 pandemic epidemic has had an impact on the market for bioplastics and biopolymers through disrupted supply chains and distribution networks, limited manufacturing operations, and operational difficulties. Worldwide lockdown restrictions hampered the flow of goods and the purchase of raw resources. Workforce shortage and limited transportation services further hampered the biopolymers market growth. Reduced demand for the industry was observed from the automotive, agriculture, and textile industries. However, there was a significant rise in e-commerce during the pandemic on account of the closure of retail stores and the restricted movement of people, which led to increasing demand for bioplastics & biopolymers-based packaging solutions. There was increased demand from the healthcare sector to address the rising cases of COVID-19.

LATEST TRENDS

"Rapid Shifting of Consumers towards Eco-Friendly Products to Cater to Growth in the Market"

The commercial development of bioplastics is being aided by consumer knowledge of sustainable plastic options and inescapable efforts to eliminate the use of conventional, non-biodegradable plastics. Conventional plastics, which are primarily made of oil, take a very long time to separate or degrade and spend a considerable amount of time in landfills. When discarded, biodegradable plastics dissociate more quickly and are reincorporated into the environment's regular structure. Additionally, biodegradable polymers degrade far more quickly than conventional plastics do through the actions of microbes. These factors are anticipated to propel the biopolymers market growth.

Biopolymers Market Segmentation

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• By Type Analysis

By type, the market is segmented into bio-PET, Bio-PE, starch blends, PLA, PHA, and others.

• By Application Analysis

Based on application, the market is classified into the packing industry, automotive industry, bottle manufacturing, and others. 

DRIVING FACTORS

"Use of Chemicals in Various Industries to Propel Product Demand in the Market"

Biopolymers are biocompatible and biodegradable. The healthcare industry uses them to create fake tissue. Bone and dental implants, food packaging, orthopedic devices, and other uses in agriculture, the automotive industry, and technological gadgets are a few further uses for biopolymers. They are used more frequently now for product packaging. It has been noted that numerous organizations have taken steps to incorporate sustainable packaging options. Recycling and biodegradation are becoming increasingly important to lessen plastic's influence on the environment. Packaging made from bioplastics and biopolymers enables sustainability while supplying the necessary strength and durability. These factors are anticipated to augment biopolymers market growth.

"Growing Disposable Income of the Population to Aid Market Growth"

Biopolymers market growth is forecasted to be accelerated further by rising disposable income in developing nations and technological developments in industrialized nations. It's anticipated that employing biodegradable materials in new ways would inhibit market expansion.

During the projection period, increasing investments in cutting-edge technologies and the untapped market of developing economies are anticipated to offer prospective business prospects. 

RESTRAINING FACTORS

"High Manufacturing and Installation Cost to Hamper Market Growth"

It is anticipated that high manufacturing costs will impede market expansion by driving up the price of biopolymers. The biggest traditional petroleum-based plastics are 2.5 to 7.5 times more expensive than biopolymers. For example, ethylene made from biomaterials is more expensive than ethylene made from petroleum. As a result, during the course of the forecast period, the market for biopolymers is anticipated to grow slowly due to their high cost.

Biopolymers Market Regional Insights

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"Asia Pacific to Dominate the Market Due to the Rising Adoption of Eco-Friendly Products"

Asia Pacific is expected to be the leading region owing to the rising consumer preference towards environment-friendly products coupled with the constantly rising regional population. Additionally, the rising consumer purchasing power is surging product demand in the global market.

Europe is most likely to hold a significant part of the biopolymers market share, accredited to the rising government initiatives for restricting the use of harmful plastics. 

KEY INDUSTRY PLAYERS

"Key Players Focusing on Innovative Technology Development to Grow in Market"

Businesses are working on developing new technology to offer more easy ways to increase product portfolio. Companies also use innovative practices and techniques to create new technologies. Companies are focused on acquisitions and investments to increase sales. The marketplace is competitive as a result of the existence of numerous huge firms. An extensive worldwide consumer base and the execution of operations through specialized distribution networks are other characteristics. The key companies strive to gain a higher market share by launching new products. 

List of Market Players Profiled

• Braskem (Brazil)
• NatureWorks (U.S.)
• Novamont (Italy)
• BASF (Germany)
• Corbion (Netherlands)
• PSM (U.S.)
• DowDuPont (U.S.)
• Arkema (France)
• Kingfa (India)
• FKuR (U.S.)
• Biomer (U.S.)
• Zhejiang Hisun Biomaterials (China)
• PolyOne (U.S.)
• Grabio (Thailand)
• Danimer Scientific (U.S.)
• Myriant (U.S.)
• Mitsubishi (Japan)
• Biome Bioplastics (U.K.)

REPORT COVERAGE

An overview of the product is provided along with the product description. Numerous industry elements are included in the research. The market insights are prepared by utilizing large sample sizes for data-gathering modules. The study provides in-depth market insights. The stage includes gathering market data or related data using a variety of sources and tactics. It involves going over and organizing all the information gathered during the previous advance. It also covers the investigation of information discrepancies found across various information sources. Market statistical and coherent models are used to assess and estimate market data.