Biopolymers including bioplastics are biologically-sourced polymers that are compostable or biodegradable. Bioplastics find wide application in packaging, textiles, and agriculture due to properties like durability, flexibility, and sustainability. Growing environmental concerns regarding conventional plastics have increased the need for alternatives made from renewable sources. The global Biopolymers Market is estimated to be valued at US$ 9.3 billion in 2023 and is expected to exhibit a CAGR of 21% over the forecast period 2024, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The opportunity for sustainable alternatives to conventional plastics is expected to drive significant growth of the biopolymers market. Growing awareness about environmental hazards of fossil fuel-based plastics has increased demand for biodegradable and compostable substitutes. Bioplastics help reduce plastic waste and promote sustainability. Supportive regulations in major economies banning single-use plastics and incentives for bioplastics production offer new growth avenues. Furthermore, expanding application scope across industries will boost market expansion during the forecast period.
Porter's Analysis
Threat of new entrants: The threat of new entrants is moderate as the biopolymers market requires high R&D investments and capital requirements to develop new technology and gain economies of scale. Bargaining power of buyers: The bargaining power of buyers is low in the biopolymers market as there are many suppliers and differentiated products for buyers to choose from. Bargaining power of suppliers: The bargaining power of suppliers is moderate due to the fragmented nature of raw material suppliers in this market. Threat of new substitutes: The threat of new substitutes is low as biopolymers offer unique properties with high sustainability that are difficult to substitute. Competitive rivalry: The competitive rivalry is high due to the presence of many global players offering differentiated products.
SWOT Analysis
Strengths: Biopolymers are renewable, biodegradable and provide sustainability benefits. There is growing demand for eco-friendly products from end-use industries. Weaknesses: High production costs and limited raw material sources increases dependency on fossil fuels. Standards and regulations still evolving which impacts large-scale adoption. Opportunities: Increasing R&D on new technologies and raw material sources to develop advanced biopolymers. Growth in application areas like packaging, textiles, automotive due to stringent government regulations. Threats: Instability in raw material prices impacts the cost-competitiveness of biopolymers. Conventional plastics are economical substitutes in price-sensitive applications.
Key Takeaways
The Global Biopolymers Market Share is expected to witness high growth over the forecast period. The market growth is driven by growing environmental concerns and stringent government regulations regarding petroleum-based plastics.
Regionally, North America currently dominates the biopolymers market due to high sustainability awareness and presence of leading biopolymer manufacturers in the region. Europe and Asia Pacific are also promising markets driven by rapid industrialization and improving regulatory environment.
Key players operating in the biopolymers market are BASF SE, Braskem, NatureWorks LLC, Novamont S.p.A., Plantic, DuPont de Nemours, Inc., Corbion NV, Archer Daniels Midland Company, Danimer Scientific, and Toray Industries Inc. The key players are investing heavily in R&D to develop advanced biomaterials using innovative production technologies and raw material sources like agricultural residues and municipal solid waste.
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