Bio Based Polymers Market Growth Opportunities, Emerging Trends with Latest Technologies, Market Size and Share Estimation, Product Outlook 2022-2031

In Q4 2021, U.S. current-account deficit widened stood at $224.8 billion. However, in Q1 22, CAD rose by 29.6%, reached to $291.4 billion, adding $66.6 billion to the gap. Export of good and services increased by $25.7 billion to reach $1.03 trillion in the first quarter of 2022. However, country’s goods and services deficit was $79.6 billion in June, down $5.3 billion from $84.9 billion in May, revised- reflecting some sight of relief. On the other hand, annual inflation rate in the country hit 8.5%. Energy CPI surged by 32.9% in July 2022, inflating the cost of logistic and signs to disrupt supply chain whilst electricity cost upsurged by 15.2%, highest since Feb 2006. Apart from that, In July 2022, existing US home sales declined 5.9% to 4.81 million (seasonally adjusted annual rate), the lowest since May of 2020 and below market expectations of 4.89 million. As mortgage rate touches highest at 6%, sales for houses declined for a sixth consecutive month. Global energy crises to remain at focal point impacting the economic activity in the U.S, pushing consumers to spend less on the products and services and save more.

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On the other hand, the worst is expected to be seen in the European countries, especially during 2022 winters. The energy and gas crises has already started grappling the region, wherein many Western European countries including Germany is looking for coal fired solutions to tackle the gas supply shortage created by Russian-Ukraine conflict.

Amidst global concerns, market players have started looking for safe investments by holding on to the new technology and product launches. Factors like currency translation, disruption in global supply chain, Anti-China sentiments brewing across the globe, slowdown in Chinese economy, inflated products prices, USD getting stronger every week, decreasing purchasing power and strict measures taken by central banks/institutions across the world to ensure less spending and more saving, could hit the demand for the product and service badly in near future.

The global bio-based polymers market is estimated to garner around USD 10 billion in revenue by 2031 by growing at a CAGR of nearly 5% over the forecast period, i.e., 2022 –  2031. The growth of the market can be attributed to their increasing usage in fruit and vegetable packaging in the supermarkets, for bread bags and bakery boxes, bottles, envelopes and cartons for display windows, and shopping or carrier bags.

Additionally, the rising awareness regarding food safety for beverages, snack consumption, and other eatables is also propelling the market growth. Further, the increasing adoption of eco-friendly materials for food packaging is also expected to boost the market growth. The total global production capacity of bioplastics in 2020 was over 2 million metric tons, and is estimated to keep growing year-over-year to nearly 2.5 million metric tons by 2025.

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The COVID-19 pandemic had a negative impact on the bio based polymers market owing to the decline in business on the back of lockdown imposed by the government. The production and supply chain got disrupted due to the closure of companies which resulted in low demand affecting the profitability of bio based polymers industry.

However, high prices associated with the manufacture of bio-based polymers, lack of knowledge in underdeveloped nations, and higher price compared to petroleum-based polymers are the major factors restraining the growth of the market.

The market is segmented by application into textile, automotive, industrial, agriculture, packaging, and others, out of which, the packaging segment is anticipated to hold the major share over the forecast period. The growth can be attributed to the polymers presenting excellent clarity and gloss, resistance to food fats/oils, and aroma barrier. Moreover, they also offer stiffness, twist retention, and printability to the packaging. Further, rising adoption of flexible packaging is also expected to propel the growth of the segment. For instance, in 2020, the total global production capacity of flexible packaging was 5,50,000 metric tons.

Global Bio Based Polymers Market Regional Synopsis

Regionally, the global bio based polymers market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Europe region is estimated to witness significant growth over the forecast period on the back of rising need for small size packaging, and the growing consumption habits with the changes in lifestyle.

Additionally, increasing public awareness regarding the use of recyclable polymers in carrier bags, food services, such as cutlery, etc. is also a major factor predicted to boost the demand for the bio based polymers in the upcoming years. For instance, Europe is expected to hold nearly 27% of the global bio-plastic production capacity by 2023.  Further, Europe region is the second-largest bioplastic producer in the world, with a production capacity share, which is expected to grow over 9% between 2019 and 2024.

Asia-Pacific region is expected to hold the major share over the forecast period on the back of favorable government policies, abundance of raw material, and increasing demand for bio-based polymers from consumer goods sector. According to the European Bioplastics, the production of bioplastics in Asia was nearly 55% in 2018.   

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Market Segmentation

Our in-depth analysis of the global bio based polymers market includes the following segments:

By Type

  • Polyethylene
  • Polyamide
  • Polylactic Acid
  • Polyethylene Terephthalate (PET)
  • Others

By Application

  • Textile
  • Automotive
  • Industrial
  • Agriculture
  • Packaging
  • Others

Growth Drivers and Challenges Impacting the Growth of the Global Bio Based Polymers Market

Growth Drivers

  • Increasing usage in fruit and vegetable packaging in the supermarkets
  • Rising awareness regarding food safety
  • Increasing adoption of the eco-friendly materials for food packaging

Challenges

  • High prices associated with the manufacture of bio-based polymers
  • Lack of knowledge in underdeveloped nations
  • Higher price compared to petroleum-based polymers

Key Companies Dominating the Global Bio Based Polymers Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global bio based polymers market that are included in our report are BASF SE, Bioplastech Ltd., Arkema, Corbion, Mitsubishi Chemical Corporation, NatureWorks LLC, Covestro AG, TORAY INDUSTRIES, INC., Novamont S.p.A., KURARAY CO., LTD., and others.

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