The new study by MRFR (Market Research Future) reveals that the bio polymers market was worth around USD 3.85 billion in the year 2022 and can continue to soar at a stunning rate of 16.2% from 2022 to 2030.
Over the years, the demand and use of biopolymers as consumer goods has risen incredibly, proving to be quite favorable for the global industry. Meanwhile, the large-scale spending on the agricultural industry by major companies worldwide has raised the demand for biopolymers as well.
The fast-emerging concepts of smart buildings, connected cities, and smart cities, especially in developing countries, have contributed immensely to the growth of the biopolymers market. Due to these concepts, bio polymers have been witnessing increased demand in waste and water treatment as well as renewable energy management. Mounting awareness about environmental issues and the surge in strict laws across the world have also added to the market value.
Price instability associated with petroleum has worked in favor of the bio polymers market. Since these are environment friendly, recyclable, and display properties quite similar to that of petroleum-based PET, without compromising environment health, their demand has escalated in the packaging sector. Extensive and robust yet smooth distribution networks belonging to the leading firms in the biopolymers market fosters growth as well.
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Segment Analysis
Bio polymers market has been considered for type, application, and end-use industry.
The various types of bio polymers in the global market are bio-polyethylene terephthalate (bio-PET), biodegradable polyesters, bio-polyethylene (bio-PE), polyhydroxyalkanoate (PHA), polylactic acid (PLA), and others. Bio-PET segment took the lead in 2018, due to its low cost and large-scale production.
With respect to application, the bio polymer market caters to bottles, films, seed coating, fibers, medical implants, vehicle components, and more. Bio polymers find widespread use in the manufacturing of bio-based bottles and films.
Some of the major end-use industries covered in the MRFR report are automotive, agriculture, packaging, construction, pharmaceutical, and others. Packaging industry forms the biggest segment in the global market for bio polymer on account of the improving standard of living among consumers as well as their rising concerns with regard to hygiene and health.
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Regional Outlook
The bio polymers industry has been geographically categorized into Europe, Asia Pacific or APAC, North America, Latin America and MEA or Middle East and Africa.
Europe secured the leading spot in 2018 and has remained the top consumer of bio polymers ever since. Presence of strict regulations banning the use of non-biodegradable polymers, in view of the depleting fossil fuel derivatives have resulted in higher use of bio polymers in the manufacturing of bottles, films, etc. Also, since Europe is home to the biggest packaging industry, biopolymers can continue to witness steady demand throughout the assessment period. Soaring concerns related to the green environment as well as environmental safety are compelling the government to implement safety measures, which can mean rampant product demand in the next few years.
Asia Pacific is a promising market and can gain the fastest growth rate between 2020 and 2027. The strong demand for bio polymers is the result of fast-paced industrialization and improving living standards across China, Japan, and India. The steady economic growth in the region is widening the application scope of biopolymers in agriculture, automotive and pharmaceutical industries.
Europe secured the leading spot in 2018 and has remained the top consumer of bio polymers ever since. Presence of strict regulations banning the use of non-biodegradable polymers, in view of the depleting fossil fuel derivatives have resulted in higher use of bio polymers in the manufacturing of bottles, films, etc. Also, since Europe is home to the biggest packaging industry, biopolymers can continue to witness steady demand throughout the assessment period. Soaring concerns related to the green environment as well as environmental safety are compelling the government to implement safety measures, which can mean rampant product demand in the next few years.
Asia Pacific is a promising market and can gain the fastest growth rate between 2020 and 2027. The strong demand for bio polymers is the result of fast-paced industrialization and improving living standards across China, Japan, and India. The steady economic growth in the region is widening the application scope of biopolymers in agriculture, automotive and pharmaceutical industries.
The bio polymers market in North America benefits largely from the soaring demand by the renowned bioplastic manufactures for use in manufacturing recyclable bottles, bio plastic films, and more. There is an urgent need to bring down CO2 emission, which is compelling vendors to opt for recyclable products that can curb the pollution level. Surge in technological innovation with respect to biopolymer products should favor the North American market as well.
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