ALBANY, New York, January 17, 2019 /PRNewswire/ --
As key players in the market hold maximum share, the global biopolymers market represents a consolidated market structure. Leading players in the market are focusing on expanding their product range to meet the growing demand from various end-use industries. They are also expanding their business in emerging markets to hold a larger share in those regions. Players are also engaged in partnerships, collaborations, innovations, and mergers to get a firm hold in the market. According to the report, some of the prominent players functional in the global biopolymers market are Archer Daniels Midland Company, Galatea BioTech, E.l.du Pont de Nemours and Company, Total Corbion, Novamont S.p.A, Danimer Scientific, NatureWorks LLC, Plantic Technologies Ltd., and FMC Biopolymer A.S.
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According to the report published by Transparency Market Research, the global biopolymers market is projected to reach a valuation of US$ 7.77 bn by the end of 2025. In 2016, the market earned US$ 2.42 bn. During the forecast period between 2017 and 2025, the market is anticipated to rise at a staggering 14.0% CAGR. These numbers are attributed to the increasing use of biopolymers in numerous industries.
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On the basis of type, the biodegradable polyesters segment has created the highest demand for biopolymers. This growth is attributed to remarkable biodegradability, amazing features, and biocompatibility of biopolymers. The bio-PET segment is also expected to grow substantially in the forthcoming years. On regional front, Europe held maximum share in 2016 and can attain high revenue by the end of forecast period. Increasing awareness towards the eco-friendly environment and sustainable practice has led the growth of this region. Asia Pacific is likely to offer lucrative growth opportunity due to rapid urbanization and escalating industrial activities.
Wide Application in Numerous End-Use Industries to Benefit Market Growth
Rising awareness about the adverse impact of plastics has led the growth of biopolymers largely. Strict regulation of carbon emission and changing ecological conditions restricted the use of plastics. In addition, changing crude oil prices, Partial accessibility of petroleum resources, and growing mindfulness towards ecological issues that have adversely affected the plants and animals boosted the demand in the biopolymers market.
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Furthermore, the use of biopolymers helps in reducing the production of carbon dioxide and it is considered a suitable substitute in waste management. Biopolymers are also largely employed in various end-use industries including agriculture, packaging, textiles, construction, consumer goods, electronics, and others. The above-mentioned factor implies high growth prospects of this market.
The Absence of Production Technologies to Impede Growth of Biopolymers
Even though there is high growth of biopolymers, there are still few factors obstructing further expansion of this market. The dearth of production technologies and expensive production cost of biopolymers are the main reasons that might deter the growth in this market. Moreover, biopolymers are expensive than conventional plastics making the growth in this market a little more difficult. However, increasing demand nature-friendly polymers and rising preference of it over synthetic polymers in several biocompatible applications might help in curbing the restraint and drive the market's growth.
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The information presented in this review is based on a TMR report, titled "Biopolymers Market (Type - Bio-PET, Bio-PE, Biodegradable Polyester, Biodegradable Starch Blends, PLA, PTT, and PHA; Application - Packaging, Textiles, Consumer Goods, Agriculture, Automotive, Electronics, and Construction) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025."
The Global Biopolymers Market has been segmented as presented below:
Global Biopolymers Market: By Type
- Biodegradable Polyesters
- Biodegradable Starch Blends
Global Biopolymers Market: By Application
- Consumer Goods
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