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January 2024
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The 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.
Biopolymers are natural polymers that are bio-based and biodegradable. They are derived from renewable feedstock such as vegetable fats and oils. Biopolymers are used in packaging films, disposable tableware, agriculture mulch films and compost bags owing to their sustainability and environmental-friendly nature. Biopolymers act as an alternative to conventional plastics that are derived from petroleum and has adverse environmental impact. Market Overview: Biopolymers include polylactic acid (PLA), polyhydroxyalkanoates (PHA), starch blends, cellulose and lignin. They are widely used in food packaging films, disposable tableware and food service ware. The increasing regulations on single-use plastics and bans on plastic bags and straws has driven the demand for biodegradable and compostable biopolymer alternatives. Market key trends: The biopolymers market is witnessing high growth owing to the rising trend of plant-based polylactic acid (PLA). PLA is the most adopted biopolymer and accounts for over 80% of the bioplastics market. It is valued for its biodegradability, renewability and competitive pricing. Manufacturers are extensively researching and developing advanced PLA materials with tailored properties for different applications. PLA is gaining widespread adoption in packaging films for food and consumer goods owing to its barrier properties and printability. The increased R&D in PLA is expected to drive its demand over the forecast period. Porter’s Analysis Threat of new entrants: New players will face high barriers to enter the market due to high capital requirement and existing players hold major market share. Bargaining power of buyers: Buyers have moderate bargaining power as biopolymers have few substitutes and switching cost is high for buyers. Bargaining power of suppliers: Suppliers have moderate bargaining power due to availability of substitutes and dependence of existing players on few raw material suppliers. Threat of new substitutes: Threat of substitutes is moderate as biopolymers provide sustainability benefits over conventional plastics. Competitive rivalry: Industry faces high competitive rivalry due to limited profit margins and few major players controlling majority share. SWOT Analysis Strength: Biopolymers are renewable, biodegradable and provide sustainability over plastics. Growing environment concerns are driving demand. Weakness: High production cost of biopolymers compared to plastics is a challenge. Limited availability of feedstock increases dependency on few suppliers. Opportunity: Regulatory push for use of sustainable materials across industries like packaging and textiles present growth opportunities. Emerging applications in 3D printing and tissue engineering. Threats: Potential fluctuation in raw material prices can increase production costs. Substitutes like recyclable plastics reduce the demand for biopolymers. Key Takeaways The Global Biopolymers Market Demand is expected to witness high growth, exhibiting CAGR of 13% over the forecast period, due to increasing environment regulations banning use of conventional plastics. Governments across regions are promoting use of biodegradable and sustainable materials to reduce plastic waste. Regional analysis Asia Pacific dominates the global biopolymers market and is expected to grow at fastest pace during the forecast period. Countries like China, India, Japan and South Korea are major producers and consumers of biopolymers. Favorable government policies and growing end use industries drives the market in the region. Key players operating in the biopolymers market are BASF SE, NatureWorks LLC, Braskem S.A., Novamont S.p.A., DuPont, Plantic Technologies Ltd, Archer Daniels Midland Company, Danimer Scientific, Bio-on S.p.A., and Rodenburg Biopolymers B.V. Major players are investing in R&D to develop innovative biopolymer formulations and applications. Strategic partnerships are helping key players to strengthen market position. Read More: https://www.newsanalyticspro.com/biopolymers-market-analysis-forecast-and-trends/
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