Bio Polymers Market

• A change in customer preference in favor of biodegradable plastics

The market for bioplastics is expanding along with initiatives to reduce the usage of conventional plastics that are non-biodegradable and raise knowledge of sustainable plastic alternatives. Conventional plastics can spend a long time in landfills since they take decades to disintegrate and are mainly made of petroleum. The rate of breakdown of biodegradable plastics by the actions of microorganisms is substantially faster than that of conventional plastics. Biodegradable plastics break down faster when they are discarded and can be absorbed back into the natural system.

A greater number of individuals are switching to biopolymers as a result of this rising consumer awareness.

IFF's Pharma Solutions division plans to unveil new products and investments during this year's CPHI in Barcelona in 2023. OSP was fortunate enough to catch up with them before the event begins next week.At the event, IFF will showcase its portfolio of low nitrate solutions for the pharmaceutical business and expect to give visitors a first-hand look at its most recent inventions, such as Methanova, a cell-compatible and filterable methylcellulose for the biotechnology industries.

Gulf Biopolymers Industries (GBI) will join Khalifa Economic Zones Abu Dhabi (KEZAD) Group, a leader in economic zone management, in 2024. GBI will open the Middle East's first factory to make biodegradable and recyclable polylactic acid (PLA) polymers.

The Global Bio Polymers Market Industry is experiencing a notable surge in demand for sustainable materials, driven by increasing environmental awareness among consumers and businesses. As industries seek to reduce their carbon footprints, bio-based polymers present a viable alternative to conventional plastics. For instance, the market is projected to reach 17.0 USD Billion in 2024, reflecting a growing preference for eco-friendly products. This shift is further supported by government initiatives promoting the use of renewable resources, which could enhance the adoption of bio polymers across various sectors, including packaging, automotive, and textiles.

By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. Asia Pacific region is currently the largest and fastest-growing market for biopolymers. This can be attributed to various factors, including the growing demand for sustainable materials, increasing environmental concerns, and favorable government policies and regulations supporting the use of bio-based products. Countries such as China, Japan, and India are the major consumers of bio-polymers in the Asia Pacific region, driven by the growing demand for bio-based packaging, textiles, automotive, and construction materials.

The region also has a significant production capacity for bio-polymers, with several leading manufacturers located in countries such as China, Thailand, and Malaysia.

Figure 3: BIO POLYMERS MARKET SHARE BY REGION 2022 (%)Source: Secondary Research, Primary Research, Market Research Future Database, and Analyst Review

Major market players are spending a lot of money on R&D to increase their product lines, which will help the market grow even more. Market participants are also taking various strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Bio Polymers industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the global Bio Polymers industry to benefit customers and expand the market sector. Major market players, including Mitsubishi Chemical Holding Corporation, Biotec, Toray Industries, Novamont, BASF, and others, are attempting to increase market demand by funding R&D initiatives.

Toray Industries, Inc. is a multinational corporation. Toray operates through various business segments, including Fibers & Textiles, Performance Chemicals, Carbon Fiber Composite Materials, Environment & Engineering, and Life Science. The Fibers & Textiles segment is the largest segment of Toray's business, producing synthetic fibers and textiles for use in clothing, industrial materials, and automotive components. The Performance Chemicals segment produces a range of specialty chemicals used in electronics, construction, and other industries. The Carbon Fiber Composite Materials segment produces carbon fiber reinforced plastics (CFRP) used in aerospace, automotive, and sporting goods applications.

The Environment & Engineering segment produces membranes for use in water purification and wastewater treatment, systems, and equipment for producing and supplying energy. The Life Science segment is focused on developing pharmaceuticals and medical devices, including biodegradable polymers and other materials used in medical applications.

Novamont is a global leader in the development and production of bioplastics and biodegradable materials. The company's mission is to promote a sustainable and circular economy by developing products that are fully biodegradable and compostable. Novamont produces a range of bioplastics, including Mater-Bi, a biodegradable biopolymer made from renewable sources such as cornstarch, and Origo-Bi, a biodegradable polyester. These materials are used in various applications, such as packaging, agriculture, and disposable products.