BIOPOLYMERS AND BIOPLASTICS MARKET TO REACH USD 14.5 BILLION BY 2024 | CAGR 15.7% – FORENCIS RESEARCH

Biopolymers and Bioplastics Market Size, Share, Trends, Growth, Analysis, Research

Global Biopolymers and Bioplastics Market: Key Highlights

  • According to the new market research report Biopolymers and Bioplastics Market by Type (Biobased and Biodegradable, Fossil-Based and Biodegradable, and Bio-Based And Non- Biodegradable), by Raw Material (Sugarcane, Sugarbeet, Corn, Potato, Wheat, Castor Oil, Others), by Application (Electronics, Building and Construction, Coatings and Adhesives, Automotive, Consumer Goods, Packaging, Others), by Region (Asia Pacific, Europe, Middle East & Africa, South America, North America) – Global Forecast (2020 to 2027)”, the global Biopolymers and Bioplastics market is estimated to reach USD 14.5 Billion by 2024 at a CAGR of around 15.7% during the review period.
  • Biopolymers are polymers produced from natural sources while bioplastics are produced from vegetable fats and oils, corn starch, pea starch or macrobiotic, and other renewable sources
  • Increasing demand for substantial packaging has expected to demand of biopolymer and bioplastics from packaging industry  
  • Some of the major are opting for use of biopolymers in their vehicle interior. For instance, the Ford Motors is using biopolymer for manufacturing of interior application

Biopolymers and Bioplastics Market

Global Biopolymers and Bioplastics Market: Key Market Dynamics

  • Rising focus on to minimize carbon footprint coupled with government regulations to minimize the carbon emission has expected to boost the demand for product market
  • Innovations in the field of bioplastics and biopolymers has expected to drive the growth of market during the forecasted period
  • Higher cost associated with bioplastic and biopolymers has expected to hinder the growth of product market

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Global Biopolymers and Bioplastics Market: Regional Overview

  • Asia Pacific

The biopolymers and bioplastics market in the Asia-Pacific region is projected to witness high demand owing to the demand from end use industries such as consumer goods, food and beverages, and agriculture & horticulture. The impending government regulations regarding single-use plastic packaging in China is causing the companies to ramp up the production of biodegradable plastics. For instance, the founder and chairman of Saton Daily Necessities would be spending USD 15 million to produce biodegradable straws made from polylactide acid (PLA - a type of bioplastic or biopolymer) by doubling the size of the factory.

  • Europe

Europe is anticipated to have steady demand for bioplastics and biopolymer owing to the laws and regulation imposed by the governments in order to reduce the carbon footprints. According to European Union, in April 2019 the passenger cars were responsible for around 12% of CO2 emission. Additionally, on April 2019 European Parliament and the Council adopted Regulation (EU) 2019/631 setting CO2 emission performance standards for new passenger cars.

Global Biopolymers and Bioplastics Market: Key Players Overview

  • BASF SE:

BASF SE operates through various business segments namely chemicals, materials, industrial solution, surface technologies, nutrition & care, and agriculture solutions. In 2019, the BASF generated sales of USD 66.67 billion. In August 2019, BASF SE launched the marketing strategy to promote the bioplastic material.   

  • Braskem:

Braskem is one of the leading biopolymer producer and operates through polyethylene (PE), polypropylene (PP) and polyvinyl chloride (PVC) resins. The company has production units in Brazil, the US, Mexico, and Germany with clients in more than 70 countries across the globe. In August 2018, Only Natural Pet, America's leading brand of natural pet supplies along with Braskem announced a new sustainable pet food packaging initiative utilizing Braskem's sugarcane based I'm green biopolymer.

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Rep Id : CM 023

Published : 2020-01-14

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