SEATTLE, April 19, 2019 (GLOBE NEWSWIRE) -- The global biopolymers market was valued at US$ 9,131.9 million in 2018, and is projected to exhibit a CAGR of 13.8% over the forecast period (2019–2027).
Key Trends and Analysis of the Biopolymers Market:
Conventional plastic poses harm to the environment through pollution and greenhouse gas emission, which in turn has resulted in increasing demand for biopolymers. Conventional plastic is not degradable and therefore, cannot be easily disposed of. For instance, a report, ‘Bioplastics: Sustainable materials for building a strong and circular European bioeconomy’ published by European Commission in 2017, stated that the world’s oceans are estimated to contain more plastic than fish (by weight) by 2050 and that plastic production will account for a high share of global oil use and greenhouse gas emissions.
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Therefore, several government bodies are promoting production and use of sustainable plastics. For instance, in 2015, the European Commission proposed that at least 55% of all plastics packaging in the EU should be recycled by 2025. Biopolymers are recyclable and therefore, increasing government initiatives for adoption of bio-based polymers is expected to propel growth of the biopolymers market.
Key players in the market are focused on adopting various business strategies such as partnerships and collaborations in order to enhance their product portfolio. For instance, in February 2019, Bio-on S.P.A. (producer of biodegradable polyesters) entered into an agreement with Innova Imagen (textile manufacturer in Mexico and the U.S.) to start a production plant of bioplastics in Mexico.
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Key Market Takeaways:
- The global biopolymers market is expected to exhibit a CAGR of 13.8% during the forecast period (2019–2027)
- Among regions, Asia Pacific is expected to witness major market share over the forecast period, owing to growing packaging industry in countries such as India, China, and Japan. For instance, according to report ‘Plastic Packaging –the sustainable and smarter choice’, published in 2015, by Federation of Indian Chambers of Commerce & Industry (FICCI), around 83% of packaged food items were sold with plastic packaging in India, 69% in China, and 62% in the U.S. in 2014. Moreover, according to the fact book released by Interpack Alliance, the revenue of Indian packaging industry was US$ 32.0 billion in 2015, and is expected to reach US$ 73.0 billion by 2020. Biopolymers majorly find application in packaging industry, which is expected to boost biopolymers demand in the region.
- Some of the major players operating in the global biopolymers market include, BASF SE, NatureWorks LLC, Braskem S.A., Novamont S.p.A., E.I. Du Pont De Nemours and Company, Plantic Technologies Ltd, Archer Daniels Midland Company, Danimer Scientific, Bio-on S.p.A., and Rodenburg Biopolymers B.V.
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