Global Bio Based Polymers Market - Segmented by Product Type, End-User Industry and Geography - Growth, Trends and Forecasts (2018 - 2023)
The bio-based polymers market is estimated to register a CAGR of 11.03% during the forecast period, 2018-2023. Asia Pacific is anticipated to lead the market, accounting for more than half of the global production capacity during the forecast period. Packaging industry (majorly rigid packaging) is expected to lead the bio-based polymers market.
Alternative for Petroleum-based Polymers
Petroleum-based polymers are extremely resistant to natural decomposition and they tend to damage the ecosystem. The lack of biodegradability, growing environmental concerns and the depletion of oil, have promoted research to develop the bio-based polymers as an alternative to the petroleum-based polymers. The bio-based polymers are environment-friendly and find applications in various industries, such as automotive, packaging, textile, transportation, etc., where packaging is the largest end-user application for bio-based polymers. The ability of these materials to replace petroleum-based polymers is to drive the market through the forecast period.
Packaging Industry to Dominate in Terms of Consumption
Major part of the bio-based polymers produced are consumed by the packaging industry. Within packaging, rigid packaging (bottles and others) is a major consumer followed by flexible packaging (films and others). Bio-based polymers are considered for packaging since packaging is only needed for short time use and in big quantities. However, apart from packaging industry, considerable part of bio-based polymers is also used in durable applications, including construction or high performance automotive applications.
Asia Pacific to Lead among Other Regions
Asia-Pacific is a key region for bio-based polymers and its precursors. The expanding utilization of bio-ethanol for chemical building blocks has resulted in the establishment of large-scale production facilities for bio-based MEG in India and Taiwan, and for bio-ethylene precursor for PE, MEG, in Brazil. The share for Asia-Pacific region (where many converters are SMEs and cannot afford important alterations to their existing processing equipment) is expected to increase, contrary to European region during the forecast period.
Notable Developments in the Market
February 2018: Arkema announced 25% expansion in its global polyamide 12 polymers production capacities to meet growing demand in Asia
February 2017: BASF launched new bio-based Copolyamide for vacuum skin packaging
Major Players: BASF SE, Bio Amber, Evonik Industries, Mitsubishi Chemicals, Blue Sugars, amongst others.
Reasons to Purchase this Report
To understand the impact of increasing stringent regulations on the market.
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
To understand the dominating end-user industry in the market
Countries expected to witness the fastest growth during the forecast period
Identifying the latest developments, market shares, and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet in excel
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