According to the global bio-based polymer market report by IMARC Group, the market reached a value of US$ 7.6 Billion in 2022 and it is projected to reach a value of US$ 10.9 Billion by 2028, exhibiting a CAGR of 6.4% during 2023-2028.
Bio-based polymers refer to resins acquired from biological resources, such as microorganisms, algae, and plants. Synthetized directly or through monomer synthesis followed by polymerization, the main biomass feedstock used in their manufacturing typically includes biogenic by-products, especially glycerol from biodiesel manufacturing. Bio-based polymers are extensively used as an alternative solution for conventional plastics since they can replace fossil carbon in the production procedure with renewable carbon from biomass. In addition, they offer several advantages, including excellent clarity and gloss, a high aroma barrier, improved resistance to food fats, and exceptional twist retention and printability. As a result, bio-based polymers find widespread applications across various sectors, such as agriculture, textiles, food and beverages (F&B), electronics, packaging, and healthcare.
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Bio-Based Polymer Market Trends and Drivers:
The enhanced focus on sustainable development is among the primary factors driving the bio-based polymer market. In addition, the escalating demand for biodegradable food-grade alternatives for snack and beverage packaging by the organizations, owing to the rising focus on reducing the dependency on conventional plastics, is further augmenting the market growth.
Moreover, the increasing preference for green polyethylene (PE) prepared using the microbial fermentation process and the growing awareness toward the ease of disposing of biodegradable polymers are also catalyzing the global market. Apart from this, the launch of several policies by the government bodies to discourage the utilization of synthetic polymers and enforce additional charges on the usage of conventional plastics in shopping and packaging applications is acting as another significant growth-inducing factor.
Furthermore, the elevating shift toward green chemicals in various end-use industries, including textile, agriculture, and automotive, is anticipated to propel the bio-based polymer market over the forecasted period.
Global Bio-Based Polymer Market 2023-2028 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Bio-Based Polymer Companies:
Arkema S.A., BASF SE, Biome Bioplastics Limited, Corbion N.V., FKuR Kunststoff GmbH, Kuraray Co. Ltd., Mitsubishi Chemical Holdings Corporation, Novamont S.p.A., Rodenburg Productie B.V., thyssenkrupp AG and Toray Industries Inc.
The report has segmented the market on the basis of type and application.
Breakup by Type:
- Polyethylene (PE)
- Polyamide (PA)
- Polylactic Acid (PLA)
- Polyethylene Terephthalate (PET)
Breakup by Application:
Market Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023- 2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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