Bio-Based Polymer Market Size, Trends, Opportunities, Innovations & Forecast till 2025
According to a new report published by KD
market Insights, titled,"Bio-Based Polymer Market by Type and
Application: Global Opportunity Analysis and Industry Forecast, 2018 -
2025,"the global bio-based polymer market was valued at $6,395.5 million
in 2017, and is projected to reach $9,905.9 million by 2025, growing at a CAGR
of 5.3% from 2018 to 2025. The packaging application segment dominated
the global market, accounting for a share of over 27% in 2017.
The term bio-based implies that the material
or product is partly or wholly derived from biomass (plants). Feedstocks used
for bio-based polymers are derived from corn, sugarcane, vegetable oil, soy
beans or cellulose, and others. Bio-based content is defined by the amount of
renewable carbon that ranges approximately from 20% to 100%. The bio-based
polymer market accounted for revenue of $6,395.5 million in 2017 and is
anticipated to generate revenue of $9,905.9 million by 2025. This market is
poised to grow at a CAGR of 5.3% from 2018 to 2025.
Stringent government regulations in the
developed regions, such as North America and Europe, for conservation of the
environment and favorable government initiatives to promote bio-based products
are expected to drive the growth of the global bio-based polymer market during the
projected period. In addition, bio-based polymers are used as an alternative
for petroleum-derived polymers, which is expected to act as an additional
driver to this market. For instance, bio-based polyethylene was commercialized
in 2010 and has been successfully displacing its oil-based counterparts.
However, high cost to end user is the significant factor anticipated to hamper
the growth of the bio-based polymer market during the forecast period.
Conversely, consistent advancements in R&D to decrease the dependency on
petroleum resource is providing lucrative growth opportunities for the global
market.
The bio-based polymer market is segmented
based on type, application, and region. Based on type, it is categorized into
polyethylene (PE), polyamide (PA), polylactic acid (PLA), polyethylene
terephthalate (PET), and others that include starch blends,
polyhydroxyalkanoates, poly (butylene adipate-co-terephthalate), polybutylene
succinate, and others. By application, the market is divided into textile, automotive,
industrial, agriculture, packaging, and others that include paper &
paperboard, agriculture, consumer goods. By region, the market is analyzed
across North America, Europe, Asia-Pacific, and LAMEA.
Based on type, polyamide had the largest share
of over 17.8% in 2017. Rise in demand for polyamide in weight reduction among
automobiles is expected to significantly fuel the growth in product demand,
which in turn is estimated to boost the global bio-based polymer market during
the projected period.
Based on application, the industrial
application segment is predicted to dominate the global bio-based polymer
market during the forecast period. The demand for engineered polymers is
increasing in the industrial end uses, which is expected to replace traditional
polymers. Due to the high chemical resistance offered by polyamides, they are
widely preferred in the industrial end uses. This segment accounted for 17.9%
share in 2017 and is further projected to reach $1,728.9 million by the end of
2025, with a CAGR of 5.0% from 2018 to 2025.
Key Findings of the Bio-Based Polymer
Market:
- The Asia-Pacific bio-based polymer market is
projected to grow at a CAGR of nearly 5.0%, in terms of revenue during the
forecast period.
- The Europe bio-based polymer market is anticipated to witness the highest growth rate, with a CAGR of 6.5% in terms of revenue during the forecast period.
- The polyethylene segment dominated the bio-based polymer market with a volume share of over 25.8% in 2017.
- The Europe bio-based polymer market is anticipated to witness the highest growth rate, with a CAGR of 6.5% in terms of revenue during the forecast period.
- The polyethylene segment dominated the bio-based polymer market with a volume share of over 25.8% in 2017.
Based on region, the global bio-based polymer
market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The
Europe bio-based polymer market is projected to reach $1,483.5 million by the
end of 2025 due to high product consumption from the automotive manufacturing
companies. Increase in need for light-weight materials in this region will
significantly enhance the need for bio-based polymers, which in turn enhances
the regional market share over the projected period.
The global bio-based polypropylene market is
at a nascent stage. The companies operating in this market are highly
concentrating on the procurement of raw materials to reduce production costs.
Some key companies operating in the global bio-based polypropylene market
include Biobent Polymers, Dow Chemicals, Global Bioenergies, Braskem, and
Trellis Earth.
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