IMARC Group, a leading market research company, has recently releases report titled “Bio-Based Polymer Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global bio-based polymer market share, size and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How Big is the Bio-Based Polymer Market?
The global bio-based polymer market size reached US$ 7.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 10.9 Billion by 2028, exhibiting a growth rate (CAGR) of 6.4% during 2023-2028.
What is Bio-Based Polymer?
Bio-based polymer, also known as bio-based resin, refers to a sustainable polymer that is manufactured from various renewable resources, such as algae, bacteria, microorganisms, corn, sugarcane, vegetable oil, and cellulose. It can be synthesized directly or by the monomers synthesis through the process of polymerization. It is widely available as polylactic acid (PLA), poly L lactide, polyhydroxybuturate, polyhydroxyalkalonates (PHAs), polyamide (PA), and polypropylene (PP). It is recyclable, compostable, enhances printability, and improves resistance to food fats. It is also a suitable alternative to traditional plastic as it requires less energy for its production. It is generally degraded under anaerobic and aerobic conditions and the residue can be utilized for enhancing plant growth. It assists in reducing carbon dioxide (CO2) footprint, increasing biodegradability, and minimizing dependency on fossil fuels as compared to the conventional polymer. Besides this, it aids in increasing resource efficiency, reducing greenhouse gas (GHG) emissions, and decreasing toxic wastes. As a result, a bio-based polymer is employed in the electronics, healthcare, food and beverage (F&B), textile, automotive, and agriculture industries around the world.
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What are the growth prospects and trends in the bio-based Polymer industry?
At present, the rising demand for bio-based polymers in the packaging industry to add stiffness, gloss and clarity, and twist retention in the packaging of food products represents one of the key factors strengthening the growth of the market. Moreover, the growing adoption of bio-based plastics in various restaurant chains and food processing industries for food packaging to enhance food safety is positively influencing the market.
Additionally, the increasing demand for green chemicals across the globe is propelling the growth of the market. Apart from this, the rising preference for green polyethylene (PE) that is prepared using the process of microbial fermentation is offering lucrative growth opportunities to industry investors. In addition, governing agencies of several countries are encouraging the adoption of bio-based polymers by implementing stringent rules and restrictions on the consumption of synthetic polymers, which is contributing to the growth of the market.
This, coupled with the rising awareness among consumers about adopting environment friendly products to reduce the carbon footprint in the environment around the world, is impelling the growth of the market. Besides this, the growing demand for sustainable plastic solutions to eliminate the usage of non-biodegradable conventional plastic worldwide is offering a positive market outlook. Furthermore, the rising utilization of biodegradable polymers, as they are easily disposed of in the environment, is supporting the growth of the market.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Type:
- Polyethylene (PE)
- Polyamide (PA)
- Polylactic Acid (PLA)
- Polyethylene Terephthalate (PET)
- Others
Breakup by Application:
- Packaging
- Textile
- Automotive
- Industrial
- Agriculture
- Others
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
Who are the key players operating in the industry?
The report covers the major market players including:
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.
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