Global Bio-based Polymers Market Size, Share & Trends Analysis Report By End-user, By Region, and Segment Forecasts, 2023 - 2030

Global Bio-based Polymers Market Size, Share & Trends Analysis Report By End-user, By Region, and Segment Forecasts, 2023 - 2030

Global Bio-based Polymers Market Size, Share & Trends Analysis Report By End-user, By Region, and Segment Forecasts, 2023 – 2030

The global bio-based polymer market was valued at around US $8.12 billion in 2022 and is expected to reach US $XX by 2030 with a CAGR of ~5.3% during the forecast period.

Polymers made from renewable raw materials, such corn or sugarcane, are known as bio-based polymers. The remaining portion of the polymer can come from carbon derived from fossil fuels. Bio-based polymers are strongly associated with sustainability and generally have a lower carbon footprint. Concerns about the depletion of fossil fuels and their role in climate change in relation to petrochemical-based polymers continue to drive research into the creation of new bio-based polymers.

The market for bio-based polymers is anticipated to expand rapidly in the future as a result of the rising demand for green chemicals worldwide. The development of bio-based polymers has primarily been driven by compostability and biodegradability, which is significant given the public's concern about waste. Significant advancements in the refinement of biomass raw materials to create bio-based building materials and goods are the primary cause of this surge. Bio-based polymers can accomplish the needed qualities and functionalities because of their chemical structure, which also increases their versatility and adaptability. The fields of biotechnology, medicine, and commerce that include fully generated, naturally existing biomolecules are most suited for these polymers.

In addition to their positive environmental effects, the bio-based polymer market offers economic opportunities. Develop and produce bio-based polymers, support local economies, and promote entrepreneurship to create jobs in the manufacturing, biotechnology, and agricultural sectors. Furthermore, as governments and regulatory agencies around the world enact incentives and mandates to encourage sustainable materials, businesses investing in bio-based polymers can acquire a competitive edge and open up new markets. Research and development activities in this field are making bio-based polymers more and more competitive as alternatives to traditional plastics.

The cost competitiveness of bio-based polymers is one of the many obstacles and hurdles that the bio-based polymer market must overcome. Because it can be difficult to find and process renewable feedstocks, the production costs of bio-based polymers are frequently greater than those of their petrochemical counterparts. In price-sensitive areas, their widespread adoption may be constrained by this cost discrepancy. Concerns about resource allocation and food security can also result from problems with feedstock supply and rivalry with food production for resources like maize and sugarcane.

“Packaging segment, by application, to be dominating market from 2023 to 2030.”

By Application, the global Bio-based Polymers market is categorized into packaging, textile, automotive, industrial, and agriculture. In terms of application, the global market share of the packaging application sector was greatest in 2022. Bio-based polymers are revolutionising the packaging industry by offering sustainable alternatives to traditional plastics made from petroleum. These innovative polymers provide biodegradable and significantly lower carbon footprint packaging choices. They are derived from plant starches and other renewable resources. As customer expectations for environmentally friendly products and concerns about the environment grow, bio-based polymers are becoming more and more popular. They are used in a variety of packaging applications, including food containers, bags, films, and bottles. Because they reduce plastic waste and meet the demand for more environmentally conscious packaging choices, bio-based polymers contribute to the development of a more sustainable and eco-friendly packaging ecosystem. The packaging industry's commitment to reducing its environmental impact and implementing eco-friendly practices is demonstrated by their continuous implementation.

“Polyethylene Terephthalate (PET) segment, by type, to be fastest growing market from 2023 to 2030.”

The market is divided into Polyethylene (PE), Polyamide (PA), Polylactic Acid (PLA), Polyethylene Terephthalate (PET) and others based on the type. The polyethylene segment had the biggest revenue share in 2022 because to its large production capacity and robust demand from end-use industries. Due to rising oil prices, the technique of generating microbial polyethylene (PE), also called green polyethylene (PE), has changed. Ethanol produced by microbial fermentation is now dried. As a result, the industry is witnessing a more rapid expansion of bio-based polyethylene. Applications for bio-based polyethylene, or Bio-PE, are growing in a number of industries. It is being utilised more and more in the production of consumer goods in response to the growing demand for sustainable and biodegradable products, including as eco-friendly toys, cosmetics packaging, and home items. The construction industry is another area where Bio-PE's adaptability is evident. The company produces pipes, sheets, and profiles that provide a strong and moisture-resistant option for a range of building needs. Furthermore, because of its biocompatibility and the lower environmental impact it provides to these vital applications, Bio-PE is used extensively in the medical industry to manufacture medical equipment and healthcare products.

“Europe to be largest region in Pharmacy Automation Market.”

The majority of the worldwide market for bio-based polymers is dominated by Europe. Biodegradable polymers have been encouraged to be used in carrying bags, food services, organic waste caddy liners, and food packaging through local government initiatives and public awareness campaigns. The countries in the area have been focussing on producing packaging that is more ecologically friendly. The packaging sector now need more polylactic acid as a result. The UK is among the top countries in Europe where demand for packaging made of bio-based polymers has increased. Thanks to recent government measures and growing consumer awareness of the sustainability aspects of packaging materials, a favourable market climate is being created to expand the studied market throughout the country.

Pharmacy Automation Competitive Landscape

The competitive landscape of the Pharmacy Automation Market involves assessing the competitive landscape to understand the strengths, weaknesses, opportunities, and threats of the industry. Key industry players have recognized that the adoption of Pharmacy Automation technology holds the potential for further growth. The growing desire among producers to optimize their production costs has spurred collaborative efforts among companies to scale up their production capacity. This strategic collaboration not only aims to increase revenue but also seeks to establish dominance in the market.

The Pharmacy Automation Market is highly competitive, with numerous companies vying for market share. Prominent companies in the Pharmacy Automation Market include:

Major Players:

BASF SE

Arkema Group

PTT Global Chemical Public Company Limited

DowDuPont

Mitsubishi Chemical Holdings Corporation

Corbion

Teijin Limited

Toray Industries, Inc.

Kuraray Co., Ltd.

Bio-On

Novamont SpA

Finasucre SA

Recent Developments:

Polycare Heat Therapy, a novel, useful active ingredient from Solvay, was unveiled in March 2023 with the goal of protecting hair from heat damage caused by regular use of high-temperature hair styling tools. Heat is a useful tool for shaping hair, but it can also cause serious damage, such as dehydration, lipid loss, increased porosity, reduced smoothness, and decreased softness. By acting as a thermal shield to reduce heat stress and stop more damage, polycarp heat therapy helps to preserve the structural integrity and sensory qualities of hair.

As of June 2023, the European Union-funded FOREST project is a cutting-edge research effort that AIMPLAS, the Plastics Technology Centre, will be leading the coordination of. The principal goal of the project is to investigate the potential of innovative lightweight materials, particularly those originating from recycled or bio-based materials, with the ultimate goal of advancing the transportation sector's decarbonisation. Eight different countries are represented by the 14 partners in this complex endeavour. Together, these partners are committed to creating innovative materials such as recovered carbon fibres, additives, and bio-based polymers that will support safe and sustainable transportation applications.