Kenneth Research published a report titled “Bio Based Polymers Market: Global Demand Analysis & Opportunity Outlook 2031” which delivers detailed overview of the bio based polymers in terms of market segmentation by type, application, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
Access full description: https://www.kennethresearch.com/report-details/bio-based-polymers-market/10352387
Rising packaging waste globally is increasing the adoption of eco-friendly materials for food packaging by restaurant chains, which is driving the demand for bio based polymers. For instance, in the United States, out of the millions of tons of solid waste produced, over 60% is derived from packaging materials. This is a key factor propelling the growth of the global bio based polymers market, which is estimated to garner approximately USD 10 billion in revenue by 2031 by growing at a CAGR of nearly 5% over the forecast period, i.e., 2022 – 2031.
The global market is segmented by application into textile, automotive, industrial, agriculture, packaging, and others. Among these segments, the packaging segment is anticipated to hold the major share over the forecast period owing to the polymers presenting excellent clarity and gloss, resistance to food fats/oils, and aroma barrier.
Geographically, the market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Among these regions, the market in Europe region is estimated to witness significant growth over the forecast period. The factors driving the market growth in the region are increasing production of bioplastics, rising need for small size packaging, and the growing consumption habits with the changes in lifestyle. For instance, Europe is expected to hold nearly 27% of the global bio-plastic production capacity by 2023.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Increasing Usage in Fruit and Vegetable Packaging in the Supermarkets, and Rising Awareness Regarding Food Safety to Boost the Market Growth
The increasing usage of bio-plastics in fruit and vegetable packaging in the supermarkets, for bread bags and bakery boxes, bottles, envelopes and cartons for display windows are raising the demand for bio based polymers. This is among the key factors that is anticipated to drive the growth of the market during the forecast period. Additionally, the rising awareness regarding food safety for beverages, snack consumption, and other eatables is further expected to boost the market growth in upcoming years.
However, high prices associated with the manufacture of bio-based polymers, and lack of knowledge in underdeveloped nations is hampering the market growth. Further, higher price of bio based polymers compared to petroleum-based polymers is also expected to operate as a key restraint for the growth of the global bio based polymers market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global bio based polymers market which includes company profiling of BASF SE, Bioplastech Ltd., Arkema, Corbion, Mitsubishi Chemical Corporation, NatureWorks LLC, Covestro AG, TORAY INDUSTRIES, INC., Novamont S.p.A., KURARAY CO., LTD., and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global bio based polymers market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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