Bio-Based Polymers Market is projected to grow at a CAGR of 8.28%
The bio-based polymers market is expected to grow at a CAGR of 8.28% during the forecasted period (2024-2029).
The bio-based polymers market is driven by the rising awareness of the impact of renewable resources on the environment, increasing demand from consumers for eco-friendly products, supportive government regulations, and growing innovative advancement.
As per the report, the bio-based polymers market is predicted to increase substantially.
Bio-based polymers are a kind of polymer material produced from biomass generated by renewable biological sources such as plant waste, algae, or another microorganism, rather than fossil fuels like petroleum. These polymers are utilized for multiple purposes in various industries such as textiles, automotive parts, packaging, and medical devices because of their reduced carbon emission and biodegradability properties. There are various types of bio-based polymers available for different uses which include polylactic acid (PLA), starch-based plastics, bio-based polyamides (Bio-PAs), and bio-based polyethylene (Bio-PE). They assist in moving towards eco-friendly usage of materials which reduces reliance on non-renewable resources and decreases their impact on the environment.
The market is encountering considerable expansion due to various variables such as growing consciousness of the environmental impact of plastic usage causing plastic pollution and climate change which has led to consumers moving towards sustainable alternatives and preferring more eco-friendly products which are contributing to the adoption of bio-based polymers in diverse businesses. Furthermore, supportive legislations and governments are implementing policies and regulations such as the ban on single-use plastic to support sustainable materials usage and to reduce carbon emissions by providing incentives and tax benefits for the utilization of eco-friendly materials, which will directly boost market expansion. Furthermore, innovative advancements for the development of cost-effective and reliable bio-based plastic with improved properties will result in an easy switch for industries from traditional plastic material, thus, propelling the expansion of the market globally. For example, in July 2024, the world’s first versatile, 100% bio-based, and biodegradable Super Absorbent Polymer (SAP), named BAYSE™ was launched by ZymoChem. Similarly, in November 2023, BASF introduced BVERDE GP 790 L which is a biodegradable, anti-redeposition polymer with a 79% biobased material and offers the execution and work of acrylate chemistry without negotiating on the sustainability, making it a clean and homogenous item and consistent with the standard detergent formulations.
Based on the type, the bio-based polymers market is categorized into starch-based plastics, polylactic acid, polyhydroxyalkanoates, polyesters, and cellulose derivatives. Polylactic acid is predicted to contribute significantly to the market in the coming years due to its wide utilization in various industries like medical and pharmaceutical industries, and packaging industries because of its rich properties like biodegradability and biocompatibility. Moreover, the constant innovative advancement in polylactic acid is working in improving its properties, making it cost-effective, and also addressing its limitations like heat resistance. The rising demand for environment-friendly products is also driving the rise in polylactic acid requirements.
The market of bio-based polymers by application can be divided into agriculture, textile, electronics, packaging, healthcare, and other applications. The packaging industry is anticipated to fuel the market of bio-based polymer substantially due to variables such as consumers becoming increasingly aware of the environmental impact and demanding more biodegradable and sustainable packaging. Further, governments are implementing stringent regulations on non-biodegradable materials leading to an increase in the utilization of bio-based polymers by industries. Further, advances in innovation are making them affordable leading to a surge in their adaptation by manufacturers rather than traditional plastic packaging materials.
The bio-based polymers market has developed substantially in the Asia Pacific region due to various factors. Various Asian Pacific countries such as China, Japan, India, and South Korea are majorly focusing on environmental sustainability promoted with multiple government initiatives and programs. Moreover, the rise in industrialization in the region is leading to an increase in demand for the utilization of eco-friendly materials by diverse industries like automobiles, electronics, packaging, and textiles industries. Further, collaboration by different research institutes, industry players, and governments for developing more convenient and reduced-cost bio-based materials for a wider range of applications will also promote the increase of the market in the region.
The bio-based polymers market is supported by key players such as BASF SE, BIOTECH Biologische Naturverpackungen GmbH & Co. KG., Cardia Bioplastics, Covestro AG, Corbion, Cortec Group Management Services, LLC, DuPont, FKuR, and Innovia Films.
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This analytics report segments the bio-based polymers market on the following basis:
- By Type
- Starch-based Plastics
- Poly Lactic Acid
- Polyhydroxyalkanoates
- Polyesters
- Cellulose Derivatives
- By Application
- Agriculture
- Textile
- Electronics
- Packaging
- Healthcare
- Other Applications
- By Geography
- North America
- USA
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Rest of South America
- Europe
- United Kingdom
- Germany
- France
- Italy
- Spain
- Rest of Europe
- Middle East and Africa
- Saudi Arabia
- UAE
- Rest of the Middle East and Africa
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Taiwan
- Thailand
- Indonesia
- Rest of Asia-Pacific
- North America
