[Latest News] Biopolymer Market to Grow USD 15,552.3 Million by 2028 | Fortune Business Insights™
Pune, India, Feb. 27, 2023 (GLOBE NEWSWIRE) — The global biopolymer market size is expected to experience exponential growth by reaching USD 15,552.3 million by 2028 while exhibiting a CAGR of 10.7% between 2021 and 2028. Fortune Business Insights in its latest report, titled, “Biopolymer Market, 2021-2028.”, mentions that the market stood at USD 7,043.9 million in 2020.
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Biopolymers are large molecules made up of repeating subunits that are found in living organisms. These subunits are often organic molecules, such as sugars, amino acids, and nucleotides, which are linked together through chemical bonds to form long chains.
The biopolymer industry has been experiencing steady growth worldwide over the past few years. The growth of the biopolymer industry can be attributed to several factors, including increasing demand for sustainable materials, government initiatives and regulations to promote the use of biopolymers, and advancements in biotechnology and bioprocessing.
List of the Companies Profiled:
- PTT MCC Biochem Co., Ltd. (Thailand)
- Roquette Frères (France)
- Avantium (Netherlands)
- Toray Industries, Inc. (Japan)
- LyondellBasell Industries Holdings B.V. (Netherlands)
- BASF SE (Germany)
- BioApply (Switzerland)
- Braskem (Brazil)
- Biofase (Mexico)
- Genecis (Canada)
- Trifilon (Sweden)
- Kaneka Takasago (Japan)
- Danimer Scientific (U.S.)
- Taghleef Industries (U.A.E.)
- Advance Bio Material P. Ltd. (India)
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Increasing Demand for Eco-Friendly Plastics to Aid Growth
The increasing adoption of environment-friendly plastics that serve as a rigid and flexible packaging option is expected to boost the product’s adoption worldwide. Therefore, the growing concerns over the disposal of non-degradable plastics will contribute to the global Biopolymer Market growth in the forthcoming years. According to the data by Clean our Ocean, annually plastic is estimated to kill around millions of marine animals across the globe. The growing concern over plastic disposal is propelling the demand for eco-friendly variants of plastics such as biodegradable ones. The biggest recipient of this type of plastic is the packaging industry.
The market report includes:
- All-encompassing report of the biopolymer market
- Critical insights into the market
- Dominant regions in the world
- Market drivers and restraints
- Competitive landscape
- COVID-19 impact
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Based on type, the biopolymer industry is segmented into biodegradable and non-biodegradable. On the basis of application, the market is divided into rigid packaging, flexible packaging, textiles, automotive & transportation, agriculture & horticulture, consumer goods, and others.
Based on application, the automotive & transportation segment held a market share of about 6.0% in 2020 and is expected to experience significant growth in the forthcoming years. This is due to the increasing adoption of bioplastics in the manufacturing of lightweight automotive components worldwide.
Geographic Segment Analysed in the Report:
- North America (USA and Canada)
- Latin America (Brazil, Mexico, and the rest of Latin America)
- Europe (UK, Germany, France and the rest of Europe)
- Asia Pacific (China, Japan, India, and the rest of the Asia Pacific region)
- Middle East and Africa (GCC and rest of the Middle East and Africa)
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Europe – The region is expected to remain dominant and hold the largest global Biopolymer Market share during the forecast period. The dominance is attributable to the increasing demand for bio-based plastics for packaging purposes in the region. Europe stood at USD 3,460.8 million in 2020.
Asia-Pacific – The biopolymer market in the region is expected to experience exponential growth in the forthcoming years. This is ascribable to factors such as the presence of large production capabilities in countries such as China and India that will boost the adoption of bioplastics between 2021 and 2028.
Merger and Acquisition Strategy Adopted by Major Companies to Brighten Their Market Prospects
The global market for bioplastics is experiencing dynamic competition from several companies focusing on establishing their strong presence. These companies are acquiring other small companies to expand their product portfolio and boost sales revenue. Moreover, other key players are striving to gain a major chink of the market share by adopting strategies such as collaboration, partnership, and the introduction of new products that will favor the growth of the market in the forthcoming years.
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Detailed Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Key Developments: Mergers, Acquisition, Partnership, etc.
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Qualitative Insights on Impact of COVID-19 on Global Biopolymer Market
- Supply Chain Analysis & Challenges
- Steps taken by Government / Companies to Overcome this Impact
- Potential Challenges and Opportunities due to COVID-19 Outbreak
- Global Biopolymer Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Size Estimates and Forecast
- By Type (Volume & Value)
- Starch Blends
- Polylactic Acid (PLA)
- Polybutylene Adipate Terephthalate (PBAT)
- Polybutylene Succinate (PBS)
- Polyhydroxyalkanoates (PHA)
- Other Biodegradables
- Bio-Polyetheylene Terephthalate (Bio-PET)
- Bio-Polyamide (Bio-PA)
- Bio-Polyethene (Bio-PE)
- Bio-Polytrimethylene Terephthalate (Bio-PTT)
- Other Non-Biodegradables
- By Application (Volume & Value)
- Rigid Packaging
- Bottles & Jars
- Flexible Packaging
- Shopping / Waste Bags
- Automotive & Transportation
- Agriculture & Horticulture
- Consumer Goods
- Rigid Packaging
- By Region (Volume & Value)
- North America
- Asia Pacific
- Rest of World
- By Type (Volume & Value)
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FREQUENTLY ASKED QUESTIONS?
What is the market size of bioplastics 2022?
Ans: The biopolymer market size is expected to experience exponential growth by reaching USD 15,552.3 million by 2028 while exhibiting a CAGR of 10.7% between 2021 and 2028.
What are biopolymer products?
Ans: Biopolymers are polymers that are produced by or derived from living organisms, such as plants and microbes, rather than from petroleum, the traditional source of polymers.
Which country is the biggest source of bioplastics?
Ans: The market for bioplastics is expected to grow at a rate of over 10% during 2021–30. China is one of the five largest producers of bioplastics, along with the US, Germany, Brazil, and Canada.
What is the most successful bioplastic on the market?
Ans: The most popular bioplastic is polylactic acid or Polylactic Acid (PLA), which is typically made from fermented plant starches
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