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Bioplastics Is Fastest Growing Segment Fueling The Growth Of Biopolymers Market Due To Increasing Demand In Packaging

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ashwinicmi
Bioplastics Is Fastest Growing Segment Fueling The Growth Of Biopolymers Market Due To Increasing Demand In Packaging

The global Biopolymers Market is estimated to be valued at US$ 17428.96 Mn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Biopolymers are natural polymers which are synthesized from renewable biomass sources rather than petroleum. They are eco-friendly, biocompatible and biodegradable as they decompose into water, carbon dioxide and biomass due to microbial action. Some common types of biopolymers include polylactic acid, polyhydroxyalkanoates, starch blends and bio-polyesters. They are mainly used in packaging, textiles, consumer goods and transport industries owing to their sustainability and degradability properties.

Market key trends:

One of the key trends in the biopolymers market is the increasing adoption of bioplastics for packaging applications. There is growing demand for biodegradable and compostable packaging solutions from food and beverages industry due to stringent regulations on usage of conventional plastics. Major food brands are switching to bioplastics for packaging in order to gain competitive advantage by marketing themselves as sustainable and eco-friendly. Another major trend is the development of novel biopolymers through advanced research. Companies are investing heavily in R&D to discover new biopolymers with improved properties like high heat resistance and moisture barrier for expanding their application scope into new end use industries.

Segment Analysis

The global biopolymers market is segmented into type and application. Based on type, the market is segmented into PLA, starch blends, polyhydroxyalkanoates, Polyester, and others. Among these, PLA currently dominates the market and accounts for the largest market share. PLA segment provides excellent biodegradability properties and acts as an alternative to conventional petroleum-based plastics. In terms of applications, biopolymers find wide usage in packaging and bags, consumer durable goods, textiles, automotive and transportation, agriculture and horticulture among others. Packaging and bags emerged as the largest application segment owing to the increased use of biopolymers for manufacturing various packaging solutions.

Key Takeaways

The Global Biopolymers Market Demand  is expected to witness high growth, exhibiting CAGR of 13% over the forecast period, due to increasing environmental concerns regarding sustainability and government regulations banning the usage of non-biodegradable plastics.

Regionally, Europe dominated the global biopolymers market in 2023, accounting for around 32.6% of the overall market share. High plastic recycling rates along with favorable government regulations drive the market growth in the region. Asia Pacific is expected to witness the fastest growth over the forecast period. China and India exhibit lucrative opportunities for biopolymers market owing to rapid industrialization and growing environmental awareness in these countries.

Key players operating in the biopolymers market are BASF SE, NatureWorks LLC, Braskem S.A., Novamont S.p.A., Du Pont, Plantic Technologies Ltd, Archer Daniels Midland Company, Danimer Scientific, Bio-on S.p.A., and Rodenburg Biopolymers B.V. Major players are involved in enhancing their production capacities, new product innovations and providing cost-effective and sustainable solutions to strengthen market presence.

Read More:

https://www.marketwebjournal.com/biopolymers-market-demand-size-and-forecast/

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