The biopolymers market is expected to reach at US$ 14,000 million by 2028; registering at a CAGR of 11.5% from 2022 to 2028, according to a new research study conducted by The Insight Partners.
Rising Use of Biopolymers in End Use Industries To Drive Biopolymers Market Growth.
Biopolymers Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: by Type [Bio-Polyethylene (Bio-PE), Polylactic Acid (PLA), Bio-based Polyethylene Terephthalate (PET), Bio-Polyesters, and Others], Application (Packaging, Medical Implants, Automotive, Seed Coating, and Others), and Geography (North America, Europe, Asia Pacific, and South and Central America)
Biopolymers Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis
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Source: The Insight Partners Analysis
The automotive sector is witnessing tremendous growth due to increasing passenger car sales and new vehicle production in emerging economies, which is driving the biopolymers market growth. Automotive companies use biopolymers in auto parts such as dashboards and gearboxes. A lighter car consumes less fuel, leading to minimal exhaust emissions. Therefore, biopolymers are widely used in the manufacturing of automotive components to make them lightweight.
Moreover, the packaging industry has created lucrative opportunities for the biopolymers market. Biopolymers are advancing in various industries, such as food & beverages, cosmetics, and consumer goods. In the food & beverage industry, the consumption of biopolymers is increasing as it is used in the form of plastic for films, containers, and bottles for packaging purposes. With the increasing population, the demand for recycled polymer is also growing. Factors such as increasing awareness about issues with plastic disposal in landfills and formulation regulations are contributing to the biopolymers market growth.
The manufacturing of recycling polymers for food packaging is more challenging than using polyethylene terephthalate, which results in an inadequate supply of food-grade bioplastics. Thus, the inadequate supply of food-grade recycled polymer is encouraging investment in the packaging industry, which is boosting the biopolymer market growth.
The demand for food is increasing due to the rise in population. According to the Food and Agriculture Organization of the United Nations, food production will need to increase by 70-100% by 2050 to sustain the current population growth. Biopolymers are also used in seed coatings in the agriculture industry. The seed coatings are used to reduce seed infection and as a substitute for chemical-based fertilizers and pesticides. The use of fertilizers and pesticides causes negative impacts on the environment. Thus, biopolymer-based nanofiber seed coatings are strengthening its scope in the agriculture industry.
BASF SE, Biopolymer International, Braskem S.A., Corbion NV, and Danimer Scientific are a few of the key players profiled during the study of the biopolymers market. Several other major companies were studied and analyzed during this research study to get a holistic view of the biopolymers market and its ecosystem.
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