The Bio-based Polymers Market size is expected to grow from 1.21 million tons in 2023 to 3.59 million tons by 2028, at a CAGR of 24.30% during the forecast period (2023-2028).
COVID-19 impacted the bio-based polymer market's growth. However, the increased demand for packaged food and online food deliveries during the pandemic and post-pandemic propelled the consumption of packaging coatings, which resulted in the consumption of bio-based polymers.
Over the short term, increasing demand for sustainable plastics is one of the major factors driving market demand.
On the flip side, the performance issue with bioplastics and the high prices associated with bio-based polymers compared to petroleum-based polymers are expected to hinder the growth of the market studied.
The increasing applications of biodegradable plastics are likely to present an opportunity in the future.
Moreover, the packaging industry dominates the market and is expected to grow during the forecast period.
Europe dominated the market across the world, with the largest consumption coming from countries such as France and the United Kingdom.
The bio-based polymer market is partially consolidated by nature. Some of the major players in the market (not in any particular order) include BASF SE, Covestro AG, BIOTEC Biologische Naturverpackungen GmbH & Co. KG., thyssenkrupp AG, and NatureWorks LLC, among others.
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