ALBANY, New York, October 30, 2017 /PRNewswire/ --
Regulations to Curb Carbon Emissions Favors Growth
First and foremost, increasing awareness to protect the environment and severe regulations against plastic usage are propelling the global biopolymers market. Further, stringent regulations in place in several parts of the world against carbon emissions and plastic usage are leading to the increasing use of biopolymer based products in several end-use industries such as automotive and electronics.
As per estimates of the TMR report, the global biopolymers market stood at a valuation of US$2,422.1 mn in 2016. Rising at a healthy 14.0% CAGR for the forecast period between 2017 and 2025, the market will reach a valuation of US$7,774.7 mn by 2025 end.
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In addition, changing lifestyle and increasing awareness to use environmentally-sustainable products is stoking the demand for bio-based packaging. To serve this demand, topnotch players are pouring in money for research and development in order to introduce newer biopolymers. These factors are anticipated to further growth of the biopolymers market.
Easy Availability of Feedstock a Boon for Market
"The availability of raw materials required for the production of biopolymers is another key factor driving the global biopolymers market," says a TMR analyst. Biopolymers are either available naturally or are obtained from living organisms, which make them biodegradable. Starch, sugar, natural fibers, and other organic compounds are combined in varying composition to obtain biopolymers that serve as substitutes for conventional polymers. Biopolymers have features that overcome disposal issues associated with conventional polymers. The carbon neutrality and sustainability that make biopolymers renewable is their another distinguishable feature.
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On the downside, high cost of biopolymer production and lack of infrastructure in emerging economies for the production of biopolymers is challenging the market's growth.
Among the various segments based on type, bio-PET, bio-PE, and biodegradable polyesters hold the leading share in the biopolymers market on account of their excellent biodegradability and biocompatibility features. Application-wise, packaging, textiles, consumer goods, agriculture, electronics, construction, and others are the segments of the global biopolymers market. Among them, packaging occupies the leading market share mainly because of sustainability and biodegradability attributes of biopolymers combined with their versatile physical properties.
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Geographically, Europe has emerged as the most market for biopolymers. This is mainly because of green procurement practices adopted by the European Union.
A fresh market intelligence by Transparency Market Research (TMR), reveals that a handful of companies hold key market share in global biopolymers market, thereby rendering a consolidated vendor landscape. In order to up their market shares further, key players are vying to invest in key end-use industries such as packaging, agriculture, and consumer goods. Keen players are also seeking entry into emerging markets that are increasingly heading towards green industrial practices and are expected to present ample growth opportunities in the upcoming years. A noticeable trend among these players is development of newer applications that will help them steal a march on their competitors.
Some prominent participants in the global biopolymers market are BASF SE, E.l.du Pont de Nemours and Company, FMC Biopolymer A.S., Plantic Technologies Ltd., Archer Daniels Midland Company, NatureWorks LLC, Novamont SpA, Danimer Scientific, Total Corbion, and Galatea Bio Tech.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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SOURCE Transparency Market Research