Biopolymers are polymeric materials made from plant matter such as corn and sugar cane, as well as standing and residual wood. Biopolymers are biodegradable in nature, as opposed to conventional polymers or plastics, which contribute to pollution and global warming. This, in turn, is raising awareness about the use of bio-based polymers, boosting the global biopolymers market's growth over the forecast period.
In 2018, the bio-based polyethylene terephthalate (PET) segment had the biggest market share across product types. This is because bio-based PET has qualities like recyclability and biodegradability. Biopolymers Market is made up of 30% ethylene glycol produced from plants and 70% terephthalic acid (TPA, derived from fossil). Bottles, bags, cosmetic containers, carpets, sanitary goods, foils, and other items are made from bio-based PET.
Due to the rising food-packaging industry, the packaging category accounted for a large market share in the worldwide biopolymers market in 2018. According to research published by the World Packaging Organization in 2017, the global packaging market was worth US$ 820 billion in 2016, with the food and beverage industries accounting for 51% and 18%, respectively.
Due to increased governmental attempts to restrict the use of conventional plastic, Europe accounted for a substantial market share in the worldwide biopolymers market in 2018. Consumers in the European Union (EU) cannot use more than 90 bags (traditional plastic bags) each year by 2019, according to the Plastic Bags Directive, which is lower than the EU average of 200 bags per year. Furthermore, France's Energy Transition for Green Growth Act, which took effect in January 2017, prohibited the use of standard plastic bags for the packing of fruits and vegetables.
High production costs, which lead to even higher biopolymer costs, are projected to limit market expansion. Biopolymers cost 2.5 to 7.5 times as much as traditional petroleum-based plastics. Bio-based ethylene, for example, is more expensive than petroleum-based ethylene. As a result, the high cost of biopolymers is likely to impede market growth over the projection period.
In 2018, Asia Pacific held a major proportion of the global biopolymers market and is predicted to increase significantly over the forecast period. This is due to the region's burgeoning packaging sector. Significant growth in the packaging industry is predicted to drive up demand for plastics, which would drive up market growth. According to a report issued in September 2017 by the India Brand Equity Foundation on Engineering and Capital Goods, demand for plastics used in packaging in India is predicted to exceed 9 million tonnes by 2020.
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. are some of the major competitors in the global biopolymers market.
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