June 25, 2024

Biopolymers Market Estimated to Witness High Growth Owing to Rising Demand for Sustainable Packaging Materials

The biopolymers market comprises biodegradable plastics that are manufactured from renewable feedstocks such as agricultural crops, plant extracts, and plant oils rather than petroleum resources. Key biopolymers include polylactic acid (PLA), polyhydroxyalkanoates (PHA), starch blends, and cellulose derivatives that decompose naturally after disposal. They offer good mechanical properties and versatility to produce plastic goods including bags, food packaging films, cutlery, and containers. The growing preference for sustainable alternatives to petroleum-derived plastics along with stringent environmental regulations on single-use plastics are driving demand for biopolymers.

The Global biopolymers market is estimated to be valued at US$ 20078.17 Bn in 2024 and is expected to exhibit a CAGR of 21% over the forecast period from 2024 to 2031.

Key Takeaways

Key players operating in the Biopolymers Market Size  are Vuno Inc., CHC Healthcare Group, Aidoc, Imbio, Alivecor Inc., Digital Diagnostics, Retina AI, Canon Medical Systems USA, Healthy Io, Milliman Inc., GE Healthcare, Arterys, Alivecor Inc., Riverain, Lucid Health, Qure.AI, and Cardiologs, among others.

The biopolymers market provides key opportunities such as increasing investments in R&D of novel biopolymers, growing demand for biodegradable nonwoven materials, and support from regulatory bodies for adoption of sustainable packaging. The expansion of existing manufacturing facilities especially in Asia Pacific by leading players is further propelling the market growth.

The global demand for biopolymers is increasing mainly driven by rising environmental awareness. Stringent government regulations regarding the use of single-use plastics along with banning of specific plastic products are supporting the growth of biopolymers globally.

Market drivers

The rising demand for sustainable packaging materials from industries such as food and beverages, consumer goods, pharmaceutical is a key driver for biopolymers market. Biopolymers help reduce the carbon footprint of packaging and provide recyclable solutions. Furthermore, the ability of biopolymers to partially or fully degrade after disposal makes them favorable among consumers.

PEST Analysis
Political: Government policies and regulations toward plastic ban and promotion of sustainable alternatives will influence the biopolymers market.

Economic: Rising crude oil prices and depleting petroleum reserves are compelling industries to look for renewable and sustainable alternatives, driving demand for biopolymers.

Social: Growing environmental consciousness among public and push for sustainability is increasing preference for biodegradable and renewable materials like biopolymers over plastics.

Technological: Advancements in biomass processing and fermentation technologies are enabling cost-effective production of biopolymers at commercial scale from various renewable feedstock. Continuous research is also expanding range of biopolymers and their end-use applications.

In terms of value, North America and Europe account for the major share of the global biopolymers market currently due to stringent regulations against single-use plastics and supportive government policies promoting bioeconomy in the region.Asia Pacific is considered the fastest growing market for biopolymers owing to rising environmental awareness, expanding bio-based industry, and growing packaging sector in developing economies like China and India.

South America is also emerging as an attractive market for biopolymers particularly in Brazil due to abundance of renewable biomass, sugarcane bagasse, and government incentives for replacing fossil-based materials with sustainable alternatives. Lastly, in the coming years, Middle East and Africa are expected to witness faster adoption of biopolymers led by initiatives toward circular economy and upgrading waste management infrastructure across major countries.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it