Biopolymers Market Is Estimated to Reach $21.89 Billion by 2023

According to the report “Biopolymers Market: By Type (PLA, Biodegradable Polyester, Biodegradable Starch Blends and others) By Application & Geographic Analysis - Forecast (2018-2023),” published by IndustryARC, the Biopolymers Market is forecast to reach $21.89 billion by 2023, growing at a CAGR of 18.6%. 

Browse 33 Market Tables and 55 Figures spread through 115 Pages, and go through an in-depth TOC on the "Biopolymers Market"

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According to IndustryARC, the high growth of the Biopolymers Market is due to the increasing consumer awareness about eco-friendly products. Governments from different countries are formulating many regulations for the use of eco-friendly products in many end-user industries such as packaging, agriculture, and textile. 

Biopolymers are used in an increasing number of end-user industries such as packaging, consumer electronics, automotive, agriculture/horticulture, toy, and textile. Packaging remains the largest field of application for biopolymers and is estimated to grow at a CAGR of around 21% through 2023. The growth of the segment can be attributed to the functionalities of biopolymers, such as biodegradability/composability, and innovation of materials such as Polylactic acid (PLA), Polyhydroxybutyrate (PHA), and cellulose or starch-based materials. Depending on the material, bioplastics have the same properties as conventional plastics and offer an additional advantage, such as a reduced carbon footprint and additional waste management options, such as industrial composting.

Europe is the largest market for biopolymers and ranks highest in the field of research and development. The expected growth until 2023 will be supported by the recently adopted policies that include transition by replacing fossil resources with renewable resources and by increasing recycling targets and waste management efficiency in several European countries such as Italy and France. In North America, the U.S. is primarily focusing on energy security; due to which, the government is increasingly fostering bio-economy. The Asia-Pacific region is the second largest market for biopolymers.  Asia-Pacific has  added advantages in this market as the governments of various countries in this region promote genetically modified plants at a large scale and new outlets for agriculture are rather easy to build in the region.

Biopolymers manufacturers have launched new technologies and products to augment their entry into related markets and enhance core competencies through additions to product portfolio. They have also acquired companies to gain a foothold in the emerging markets.

The overall market is also presented from the perspective of different geographic regions and the key countries for this industry.  Competitive landscape for each of the product types is highlighted and market players are profiled.