Bio-Sourced Polymers Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2028
In recent decades, progress in chemical processing and biotechnology has enabled the production of novel bio-sourced polymers, including polyhydroxyalkanoate and polylactic acid that have gained much traction from several industrial players. With a potential to replace petroleum-sourced polymers, novel bio-sourced polymers can help solve some of the acutest problems caused by the overuse of petroleum-sourced polymers, such as soil and water pollution, potential health impact, and overreliance on petroleum. In comparison to oil-sourced polymers, bio-sourced polymers are in their infancy and are currently used in niche instead of mass packaging markets.
Bio-sourced polymers are paving way for a promising near horizon for a viable source of novel materials in a leaner low carbon society, thereby are likely to witness hefty traction in the forthcoming years. The demand for bio-sourced polymers is expected to grow on the back of favorable regulatory outlook. Rising environmental concerns and rigorous regulations that propel adoption of green and sustainable materials in tandem with growing consumer preference for environment-friendly products, are fueling the growth of bio-sourced polymers market. Further, the global interest in bio-sourced polymers has accelerated in recent years owing to the desire and need to identify non-fossil fuel-sourced polymers.
Bio-Sourced Polymers Market- Notable Developments
Some of the most prominent competitors operating in the competitive landscape of global bio-sourced polymers market include –
Bio-Sourced Polymers Market Dynamics
Impeccable Substitute to Petroleum-Sourced Polymers
Petroleum-sourced polymers are highly resilient to natural decomposition and harm the ecosystem considerably. The surge in environmental concerns, shortfall of oil, and lack of biodegradability have propelled the R&D of bio-sourced polymers as a substitute to petroleum-sourced polymers. As bio-sourced polymers are eco-friendly, they are finding immense applications in diverse industries, including textile, transportation, automotive, packaging, and others. Bio-sourced polymers’ ability to be used in place of petroleum-sourced polymers is set to bring traction to bio-sourced polymers market in the forthcoming years.
Packaging Industry Continues to be the Key Consumer
A large slice of globally produced bio-sourced polymers go to the packaging industry, packaging being the largest end-user application for bio-sourced polymers. Bio-sourced polymers continue to get lucrative applications in packaging industry as they improve water resistance and enhance processing as well as mechanical properties. Extensive adoption of bio-sourced polymers primarily for rigid as well as flexible packaging, continue to trigger sales of bio-sourced polymers. Bio-sourced polymers are highly adopted in packaging industry, since packaging is meant for short time use and is needed in hefty quantities.
Asia-Pacific Emerges Highly Lucrative Region with Persistent Demand
Asia-Pacific continues to be a lucrative region for bio-sourced polymers owing to the extensive adoption of bio-based ethanol for chemical building blocks in the region. This expanding utilization has led to the formation of significant production facilities for bio-sourced MEG in Taiwan and India, and for bio-ethylene precursor for PE, MEG, in Brazil. With many SMEs converters which can’t afford vital substitutes for the processing equipment in place, the share for Asia-Pacific region is likely to grow in bio-sourced polymers market in forthcoming years.
Unique Growth Strategies Remain Paramount
To capitalize on the growing trend for bio-based and green materials, players in bio-sourced polymers market are increasingly indulging into forming joint ventures, alliances, and are acquiring local players to expand their customer outreach. Moreover, several bio-sourced polymers market players have been taking initiatives to educate consumers regarding the benefits of adopting bio-sourced materials, which is further bringing traction to bio-sourced polymers market.
Bio-Sourced Polymers Market –Segmentation
By Product Type:
The bio-sourced polymers study presents reliable qualitative and quantitative insights into:
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