The biopolymer market has grown rapidly, expected to expand from $15.47 billion in 2023 to $17.57 billion in 2024 at a CAGR of 13.6%. Key growth factors include environmental concerns, advancements in biopolymer technology, eco-friendly packaging demand, awareness of biodegradable alternatives, and a shift toward sustainable products.
The biopolymer market is expected to experience rapid growth, reaching $29.45 billion by 2028, with a CAGR of 13.8%. Growth is attributed to innovations in bio-based raw materials, biopolymer R&D investments, applications in automotive and construction, adoption of circular economy practices, demand for biocompatible medical materials, and 3D printing advancements. Trends include high-performance bioplastics, 3D printing applications, hybrid biopolymers, biopolymer use in automotive components, and recycling technology advancements.
Major Driver In The Biopolymers Market
Rising awareness of plastic pollution is expected to drive growth in the biopolymer market. Plastic pollution negatively impacts ecosystems, wildlife, and human health. Public awareness is increasing due to environmental campaigns, media coverage, scientific research, and government regulations. Biopolymers offer eco-friendly alternatives, helping to reduce plastic waste. In June 2024, the European Parliament adopted new rules to tackle plastic marine litter, including a target of 25% recycled content in plastic bottles by 2025 and 30% by 2030. As a result, growing awareness of plastic pollution is propelling the biopolymer market.
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Biopolymers Market Competitive Landscape
BASF SE, Mitsubishi Chemical Corporation, Braskem S.A, Arkema S.A., Solvay S.A., Avient Corporation, Danimer Scientific Inc., NatureWorks LLC, Avantium N.V., AMSilk GmbH, SECOS Group Limited, BioLogiQ Inc., Total Corbion PLA, CuanTec Ltd., FKuR Kunststoff GmbH, Futerro SA, Mango Materials Inc., Greendot Biopak Pvt. Ltd., Rodenburg Biopolymers BV, CO2BioClean GmbH
Key Biopolymers Market Trend
Companies in the biopolymer market are focusing on semi-crystalline PHA biopolymers for better performance and biodegradability. In May 2024, CJ Biomaterials launched PHACT S1000P, a semi-crystalline PHA biopolymer offering enhanced heat stability and rigidity compared to amorphous variants. This eco-friendly material, certified for composting and biodegradability in various environments, is designed for sustainable packaging applications.
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Global Biopolymers Market Segmentation
The biopolymers market covered in this report is segmented –
1) By Product: Bio-Polyethylene Terephthalate, Bio-Polyethylene, Biodegradable Polyesters, Biodegradable Starch Blends, Polylactic Acid, Polytrimethylene Terephthalate, Polyhydroxyalkanoates, Other Products
2) By Application: Films, Bottle, Fibers, Seed Coating, Vehicle Components, Medical Implants, Other Applications
3) By End-Use: Packaging, Consumer Goods, Automotive, Textiles, Agriculture, Other End-Uses
By Geography:The regions covered in the biopolymers market report areAustralia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the biopolymer market in 2023, and is expected to be the fastest-growing region in the forecast period.
The Biopolymers Global Market Report 2024 furnishes information about the global biopolymers market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
