Bio Based Polymers Market Segmentation by Type (Polyethylene, Polyamide, Polylactic Acid, Polyethylene Terephthalate (PET), and Others); by Application (Textile, Automotive, Industrial, Agriculture, Packaging, and Others)-Global Demand Analysis & Opportunity Outlook 2031
21 Oct 2022
Impact Analysis on the Growth of Market
Inflation and Looming Recession to Haunt Businesses:
In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022...
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Global Bio-Based Polymers Market Highlights Over 2022 - 2031
The global bio-based polymers market is estimated to garner around USD 10 billion in revenue by 2031 by growing at a CAGR of nearly 5% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to their increasing usage in fruit and vegetable packaging in supermarkets, bread bags and bakery boxes, bottles, envelopes, cartons for display windows, and shopping or carrier bags.
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Additionally, the rising awareness regarding food safety for beverages, snack consumption, and other eatables is also propelling market growth. Further, the increasing adoption of eco-friendly materials for food packaging is also expected to boost market growth. The total global production capacity of bioplastics in 2020 was over 2 million metric tons and is estimated to keep growing year-over-year to nearly 2.5 million metric tons by 2025.
The COVID-19 pandemic had a negative impact on the bio-based polymers market owing to the decline in business on the back of the lockdown imposed by the government. The production and supply chain got disrupted due to the closure of companies which resulted in low demand affecting the profitability of bio-based polymers industry.
However, high prices associated with the manufacture of bio-based polymers, lack of knowledge in underdeveloped nations, and higher price compared to petroleum-based polymers are the major factors restraining the growth of the market.
The market is segmented by application into textile, automotive, industrial, agriculture, packaging, and others, out of which, the packaging segment is anticipated to hold the major share over the forecast period. The growth can be attributed to the polymers presenting excellent clarity and gloss, resistance to food fats/oils, and aroma barrier. Moreover, they also offer stiffness, twist retention, and printability to the packaging. Further, rising adoption of flexible packaging is also expected to propel the growth of the segment. For instance, in 2020, the total global production capacity of flexible packaging was 5,50,000 metric tons.
Global Bio-Based Polymers Market Regional Synopsis
Regionally, the global bio-based polymers market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The market in the Europe region is estimated to witness significant growth over the forecast period on the back of the rising need for small-size packaging, and the growing consumption habits with the changes in lifestyle.
Additionally, increasing public awareness regarding the use of recyclable polymers in carrier bags, food services, such as cutlery, etc. is also a major factor predicted to boost the demand for the bio based polymers in the upcoming years. For instance, Europe is expected to hold nearly 27% of the global bio-plastic production capacity by 2023. Further, Europe region is the second-largest bioplastic producer in the world, with a production capacity share, which is expected to grow over 9% between 2019 and 2024.
Asia-Pacific region is expected to hold the major share over the forecast period on the back of favorable government policies, abundance of raw materials, and increasing demand for bio-based polymers from the consumer goods sector. According to European Bioplastics, the production of bioplastics in Asia was nearly 55% in 2018.
Our in-depth analysis of the global bio-based polymers market includes the following segments:
Polyethylene Terephthalate (PET)
Growth Drivers and Challenges Impacting the Growth of the Global Bio-Based Polymers Market
Increasing usage in fruit and vegetable packaging in the supermarkets
Rising awareness regarding food safety
Increasing adoption of eco-friendly materials for food packaging
High prices associated with the manufacture of bio-based polymers
Lack of knowledge in underdeveloped nations
Higher price compared to petroleum-based polymers
Key Companies Dominating the Global Bio-Based Polymers Market
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global bio-based polymers market that are included in our report are BASF SE, Bioplastech Ltd., Arkema, Corbion, Mitsubishi Chemical Corporation, NatureWorks LLC, Covestro AG, TORAY INDUSTRIES, INC., Novamont S.p.A., KURARAY CO., LTD., and others.
Latest Developments in the Global Bio-Based Polymers Market:
January 2020: KURARAY CO., LTD., presented new liquid rubber grades at the Tire Technology Expo 2020 in Hanover, Germany focusing on Kuraray’s bio-based Liquid Farnesene Rubber, which offers excellent elasticity of rubber compounds even at low temperatures, and also provides the optimal grip of winter tires on snowy and icy roads.
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It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis and challenges that impact market growth.
The report includes detailed company profiles of the major players dominating the market.
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The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:
- North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys & Opportunity Outlook
- Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook
FREQUENTLY ASKED QUESTIONS
Increasing usage in fruit and vegetable packaging in the supermarkets, rising awareness regarding food safety, and increasing adoption of the eco-friendly materials for food packaging are the major factors driving the growth of the market.
The market is anticipated to attain a CAGR of ~5% over the forecast period, i.e., 2022-2031.
High prices associated with the manufacture of bio-based polymers, lack of knowledge in under developed nations, and higher price compared to petroleum-based polymers are estimated to hamper the market growth.
Which region will provide more business opportunities for growth of global bio based polymers market in future?
Asia Pacific region is anticipated to provide more business opportunities over the forecast period for the growth of the market.
The major players in the market are BASF SE, Bioplastech Ltd., Arkema, Corbion, Mitsubishi Chemical Corporation, NatureWorks LLC, Covestro AG, TORAY INDUSTRIES, INC., Novamont S.p.A., KURARAY CO., LTD., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by type, application, and by region.
Which sub-segment captures the largest market size in application segment in the global bio based polymers market?
The packaging segment is anticipated to hold largest market size in value and display significant growth opportunities.
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- BASF SE
- Bioplastech Ltd.
- Mitsubishi Chemical Corporation
- NatureWorks LLC
- Covestro AG
- TORAY INDUSTRIES, INC.
- Novamont S.p.A.
- KURARAY CO., LTD.