Bio-based Polymers Market - Forecasts from 2024 to 2029

Bio-based Polymers Market - Forecasts from 2024 to 2029

The bio-based polymers market is expected to grow at a CAGR of 8.28% during the forecast period (2024-2029).

The market for bio-based polymers is predicted to augment at a fast pace for the reason that the packaging industry is growing rapidly. These bio-based polymers are known as a group of sustainable materials that are mostly derived from renewable resources, including animals, plants, and microorganisms. These polymers are beneficial and efficient as they imperatively offer eco-friendly alternatives relating to traditional petroleum-based plastics, thus addressing the growing concerns about the environmental impacts and the depletion of resources overall. There are certain factors that drive market growth.
One of the imperative key drivers of the bio-based polymer market is the growing preference for eco-friendly materials that are imperative and necessary in preserving the environment. Governments, as well as consumers, are becoming aware of the need for sustainable solutions, which is resulting in a rise in demand for compostable and biodegradable plastics. Not only this, but many countries have implemented regulations that limit the use of non-degradable polymers, further fueling market growth.

The growing consumer awareness in developing and developed nations is another factor that is driving the market growth. As people develop a heightened awareness of the negative effects that plastic wastes have on the environment, it becomes critical for them to look for other options in order to minimize any negative impacts on the planet. This is the reason for shifting consumer habits while spearheading the demand for manufacturers to invest in bio-based polymer technologies as well as incorporating them into products.

BIO-BASED POLYMERS MARKET DRIVERS:

Starch-based plastics is likely to be the fastest-growing type during the forecast period

In the coming years, the starch-based plastics market is expected to witness significant growth owing to technological advancements along with the rising demand for eco-friendly materials. Starch-based plastics are regarded as a combination of intricate mixtures of compostable or biodegradable plastics and starch. These combinations can be used in various applications such as packaging, agriculture, and consumer goods through the incorporation of multiple petroleum-based polymers or even biopolymers, which can be efficiently used in the creation of unique composite materials.

Bioplastics are a type of plastic produced from renewable sources, including corn starch, potato starch, and tapioca. These bioplastics are well known to provide fairly many benefits over regular plastics, such as biodegradability, compostability, and low carbon emission. On this account, the packaging industry has been going for starch-based plastics as a result of the so desired environmentally friendly products along with the surging need for astute packaging materials. Food packaging, consumer goods packaging, and packaging materials based on starch are starch-based plastics utilized.

Bio-based polymers are obtained from biomaterials that are renewable by drawing from natural resources like algae or agricultural waste. Thus, they are sustainable resources compared to traditional plastics. For these reasons, the packaging sector is opting for bio-based polymers because of their non-toxic characteristics, biodegradability, and low carbon footprint. Bio-polymers comprise packaging applications such as food packaging, beverage packaging, and packaging of consumer goods, etc.
The growing application of starch-based plastics in the packaging industry

Nonetheless, the packaging industry has been among the key beneficiaries of this growth due to the continually growing concerns regarding the environment and regulatory authorities, which have led to the development of and growing demand for biodegradable packaging materials. The food packaging industry is one of the major industries that contribute around 50% of the biodegradable plastics market globally, thus allowing growth to the starch-based plastics market and the bio-based polymers market. In conclusion, the market for starch-based plastics has bright prospects for future growth primarily due to public awareness and regulatory bodies' concern for sustainability and the protection of the environment.

BIO-BASED POLYMERS MARKET GEOGRAPHICAL Outlook

The Asia-Pacific region dominates the bio-based polymers market during the forecast period.

The major economies like China, Japan, India, and South Korea dominate the Asia-Pacific region. Some of the fastest-growing emerging economies are from this region, such as ASEAN countries. India and China have about 35.5% of the world's population. This region is expected to dominate the bio-based polymer market during the forecast period owing to the region being the home of several countries, as mentioned above, constituting significant production capacities that drive the demand for eco-friendly materials.

For example, China is considered the biggest market and the consumer of bio-based polymers in the APAC area due to the population growth that propels the use of the society-friendly material. Currently, the Chinese government has significantly invested in bioplastics and biopolymers by implementing various strategies like the ‘Made in China 2025’, which focuses on the use of renewable energy and reduction in carbon emissions. Furthermore, the presence of a robust growing manufacturing industry is another aspect that cannot be overlooked, while the interest in investment in research and development is also on an upward trend, which are core fundamentals in inspiring market growth.

APAC contributes largely to the global bioplastics market, and countries like China and India are also equally participating. The factors that have been seen to influence the use of biocomposite products include an increased population in the country and people's awareness of the effects of environmental degradation. India’s government has also put measures in place to encourage the use of bioplastics. This is through its “Swachh Bharat Abhiyan” (Clean India Mission), which seeks to lessen polythene usage, pick up the hemispheres, and enforce the use of bioplastics. It is also important to note that major companies like Tata Chemical LTD and Plantic Technologies Limited, who are considered to be among the principal competitors in the global market for bio-based polymers, are situated in India – this is further propelling India’s growth in the APAC region for the bio-based polymers market.

The bio-based polymers market is segmented and analyzed as follows:

By Type
Starch-based Plastics
Poly Lactic Acid
Polyhydroxyalkanoates
Polyesters
Cellulose Derivatives
By Application
Agriculture
Textile
Electronics
Packaging
Healthcare
Other Applications
By Geography
North America
USA
Canada
Mexico
South America
Brazil
Argentina
Rest of South America
Europe
United Kingdom
Germany
France
Italy
Spain
Rest of Europe
Middle East and Africa
Saudi Arabia
UAE
Rest of the Middle East and Africa
Asia-Pacific
China
India
Japan
South Korea
Taiwan
Thailand
Indonesia
Rest of Asia-Pacific