According to BlueWeave Consulting, the Bio-Based Polymers market has reached USD Million in 2019 and is further projected to reach USD billion by 2027, growing at a CAGR of % during the forecast period. As per the analysis and studies, the global production for bioplastics was valued at over 1 million tons in 2011. Out of which 60% of the production was BIO-BASED NON-BIODEGRADABLE plastics, as they have a wide spectrum of applications. From soft drinks bottling to durable items and in automotive applications. The innovations and sustainable developments made in the relevant field will grow even more of a production of bioplastics, eventually promoting the market growth by 2020.
Awareness for the Biodegradable polymers
As the plastics or polymers got introduced in the industries, it has truly the core and has reached every nook, corner around the world. It is all because polymers are some of the best-engineered materials ever produced. Now, the increased use of plastics and polymers are getting outnumbered by their disposability. Therefore, they’re being produced even more than ever because of their popularity and their hassle-free manufacturing. But since the idea of biopolymers and bio-based has been coined, the market for its development, research, and technological trials. All of this could be credited for that the consumers have grown more socially aware, environmentally friendly, etc. The first biopolymers were extracted from plants such as corn, sugarcane, soybeans mash, cellulose, and vegetable oil.
Bio-Based Polymers solve, the problem of disposal of plastics
As mentioned earlier, it is evident that the presence of synthetic polymers has created an issue and whole new related problems. Also, the increased dependence on synthetic polymers led to a heightened rise in environmental risks related to its recycling and disposal. Because these aren’t decomposed, they are either landfilled or combusted, now on combustion, they release toxic and harmful greenhouse gases. Into the atmosphere making the ozone deplete. But in recent years, strict environmental laws and regulations are made to follow on regulated applications of fossil fuel and related products. Governments are coming together globally, taking summit meetings, and bringing various initiatives to encourage the development of biopolymers, making their market grow as expected.
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Europe to triumph the market for Biobased polymers
Europe registered the market in 2019, with a share of 44.9%. The factors which helped it to sail through well are the presence of stringent government laws, awareness around single-use plastics, R&Ds turning into real-time investments, and most importantly environmental concerns. Not only this, but the big shots of this region are also particularly helping and aiding the populations by providing their products, in the harsh times of COVID 19.
The competitive landscape for the market is shared by significant market players such as Antron, Potatopak Limited, Biobag Canada, Beijing Ltd., Toray Industries, Toyota Tsusho, Tianan Biologic Material Co., M&G Chemicals, PTT Global Chemical Public Company Ltd., Showa Denko K.K among Others.