Bioplastics and Biopolymers Market

Key Drivers

The major factors fueling the bioplastics and biopolymers market size include strategic government norms to minimize the toxicity levels, growing concern for human health, and increasing inclination towards bio-based packaging. Growing awareness pertaining the sustainable plastic alternatives and favorable initiatives to reduce the adoption of non-biodegradable conventional plastics are forecast to drive the market growth. Furthermore, the growing demand for packaged foods, advancements in bio-plastic packaging, increasing concerns about their health, and disbursement of packaging food owners on food durable products have encouraged the market growth. Other factors including changing lifestyle patterns, expansion across pharmaceutical and food industries, and the ongoing development in bioplastics and biopolymers products are forecast to expand the market growth over the upcoming years. In addition, the bioplastics and biopolymers reduce the need for any fossil fuel for recycling as compared to other traditional plastics, making it suitable for agricultural products, packaging, coating, and consumer goods, which is bolstering the market growth.

Besides this, the augmenting adoption of bioplastics across different industries, owing to their higher tensile strength, minimize carbon discharge and greenhouse gas emissions, is fueling the market growth. Moreover, the government of various countries have undertaken initiatives to encourage the deployment of bioplastics for reducing plastic pollution, which is projected to expand the market growth. Increasing investment by leading market players in research and development (R&D) activities to launch bio-based polyethylene, nylon, and polyethylene terephthalate (PET) plastic bottles for beverage packaging, will strengthen the market growth. However, the high cost of bioplastics as compared to standard polymers is inhibiting the market growth.

Product Type Analysis

The bioplastics & biopolymers market is segmented into Bio-PE, Bio-PET, Regenerated Cellulose, and Poly Hydroxyalkanoates. Bio-PET market is estimated to lead the market during the forecast period due to its increased usage in the packaging industry. These have similar properties to conventional PET. Bio-PET helps in the reduction of a product’s carbon footprint and also helps in recycling. The properties of Bio-PET include durability, flexibility, heat resistance, printability, and lower carbon content. This makes it the best fit for numerous applications in sectors such as packaging, automotive, consumer goods, textiles, and agriculture. Increasing inclination of leading players towards introduction of sustainable products, owing to the emerging need to reduce the reliance on petroleum-based products has augmented the demand from end-users, driving the market growth.

Application Analysis

The market has been segmented into packaging and bottles, agriculture, automotive, and textiles. The packaging and bottles segment is projected to hold the largest share in the bioplastics and biopolymers market during the forecast period owing to its growing application in food, goods, cosmetics, and pharmaceuticals packaging. The growing adoption of bioplastics to produce agriculture foils, bags, toys, textiles, lamination films, overwraps, and disposable housewares, to augment the market growth.

Regional Analysis

The bioplastics and biopolymers market is dominated by the European region followed by Asia-Pacific, North America, and the rest of the world. Europe holds the largest market share in the global bioplastics & biopolymers market during the forecast period. The growth of bioplastics & biopolymers market in the European region is attributed to the stringent government policies and regulations coupled with an increasing focus towards sustainable packaging. Growing concern for human health is another important factor influencing its growth. Rising environmental concerns and the imposition of severe legislation to prohibit the use of petroleum-based plastics, has augmented the market growth.

Increasing demand for environment friendly plastic products, rising consumer expenditure has bolstered the demand for end-use industries in the Asia-Pacific region. Accelerating population and purchasing power has augmented the demand for environment-friendly plastic products will bolster the regional growth.

The report also profiles the major companies active in this field, including BASF SE, Nature Works, Novamont, Corbion, Braskem, CJ Cheildang (Yeild10 biosciences), Futamura, Danimer Scientific, FKUR