NEW YORK, July 11, 2018 (GLOBE NEWSWIRE) -- The global biopolymers market was valued at USD 2,465.4 million in 2017 and is expected to reach USD 7,196.8 million by 2024, witnessing a CAGR of 15.2% over the forecast period. The growth can be primarily attributed to the increasing environmental and sustainability concerns coupled with favorable government regulations promoting the use of biopolymers. Also, there has been a considerable increase in the usage of biopolymers across various end-use industries which is expected to fuel the market demand.
Furthermore, increasing preference towards bio-based packaging among the consumers has fostered significant progression in the advanced packaging technologies over time. High-end research and development has increased the inclination towards bio-based products over petroleum based products. Technological enhancements could lead to the development of more durable biopolymers at low costs, thereby increasing its application scope. Moreover, recent advancements in biotechnology and public awareness have led to the replacement of conventional polymers with biopolymers.
Bio-PET segment to account for the major share of the biopolymers market
Growing demand for bio-PET in packaging and bottle manufacturing has led to considerable growth in the segment. The bio-PET segment held the major share of the global market in 2017 and the trend is likely to continue over the forecast period. Besides being identical to conventional PET in properties, bio-PET offers additional advantages such as biodegradability, excellent biocompatibility, and great mechanical strength, which has expanded its applications across several end-use industries.
Packaging is likely to account for the highest market share due to rising preference for bio-based packaging
Biopolymers can be put to a variety of uses such as water treatment, agriculture, packaging, fibers, automotives, medical and many more. Among all these, packaging emerged as the largest segment due to growing use of biopolymers for food, pharmaceutical, and cosmetic packaging. In addition, conventional packaging techniques are increasingly being replaced by bio-based packaging, which has further propelled market demand.
Biopolymers Market - Regional insight
Europe dominated the global market in 2017 and is projected to maintain its dominance over the next seven years. The growth can be majorly attributed to stringent government policies and regulations to ensure sustainable packaging and reduce the hazardous impact of conventional plastics. Also, governments across the globe have encouraged the use of biopolymers by providing subsidies to manufacturers which is expected to drive the market growth over the forecast period. North America and Asia Pacific are also set to witness healthy growth over the forecast period due to the presence of key market players.
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Key findings from the report:
- The global biopolymers market is likely to reach USD 7,196.8 million by 2024
- Bio-PET segment held the major share of the market in 2017 due to its widespread use across several end use industries
- Packaging segment was the largest application in 2017 and is likely to maintain its dominance over the forecast period
- Food & beverage held a significant share of the market in 2017 owing to wide use of biopolymers in food packaging
- Asia Pacific is projected to emerge as the fastest growing region on account of rapid industrialization in major markets such as China and India
- Some of the key companies operating in the industry include BASF SE; Arkema; Braskem; DowDuPont; Danimer Scientific; NatureWorks LLC; Yield10 Bioscience, Inc.; Rodenburg Biopolymers; Evonik Industries AG; HARBEC, Inc.; BIO-ON S.p.A.; FMC BioPolymer A.S.; Total Corbion PLA; Solanyl Biopolymers Inc.; and Tianjin GreenBio Materials Co., Ltd.; among others
- As of May 2018, Total Corbion PLA launched a novel technology that is capable of creating full stereocomplex PLA for a wide range of industrial applications. This will enable the PLA applications to withstand temperatures close to 200 ° C (HDT-A)
The report segments biopolymers market on the basis of class, type, application, end-use, and region.
By Class
- Polynucleotides
- Polypeptides
- Polysaccharides
By Type
- Bio-PET
- Biodegradable polyesters
- Biodegradable starch blends
- Bio-PE
- PLA
- PHA
- Others
By Application
- Bottles
- Packaging
- Water Treatment
- Fibers
- Agriculture seed coatings
- Others
By End-Use
- Food & beverage
- Textile
- Medical
- Automotive
- Agriculture
- Cosmetics
- Construction
- Others
By Region
- North America
- Europe
- Asia-Pacific
- Central & South America (CSA)
- Middle East & Africa (MEA)
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