Leeds, UK -- (SBWIRE) -- 07/16/2019 -- Global bio-based polymer market is forecasted to value over USD 9 billion by 2026 end and register CAGR of over 5% during the forecast period 2019 to 2026.
Bio-based polymers are derived from farming livestock like corn, sugarcane, soybeans, vegetable oil etc. They are also known as cutting edge polymers. They are utilized to reduce the usage of non-renewable energy resources. Bio-based polymers are also used as an alternative for petroleum-based polymers. Polymers have excellent resistance to food, clarity, gloss, stiffness, printability and twist retention. The polymers have superior chemical resistance and because of this more and more end-user industries prefer it. Bio-based polymer is further divided into polyamide, polyethene terephthalate (PET), polyethene, polylactic acid and others. On the basis of application, it is divided into automotive, textile, agriculture, industrial, packaging and others.
The extensive use of inexhaustible items has led to more growth in the market. Restaurants and food chains industries are adapting biodegradable materials for food packaging and this has fuelled the growth of bio-based polymer market. Consumer awareness in developing nations like India and China is also playing a role in the growth of the market. Also, the government stringent regulations on the usage of bio-based polymers have fueled the growth of the market. Many government activities have led to the growth of the market. For example in the UK, Lead Market Initiative is insisting enactments for the usage of bio-based polymers. The increasing intervention of FDA in food safety has fueled the growth of the market. The European Union's decision to abandon the use of synthetic polymer and use biodegradable polymer has also led to more growth of the market. Expanding interest in R&D for improvement of items in speciality applications is also driving the growth of the market The gradual increase in demand for green chemicals is also driving the growth of the market. Polymers have excellent resistance to food, clarity, gloss, stiffness, printability and twist retention. Features like twist retention and stiffness have led to packaging industry demanding more bio-based polymer and fueling the growth of the bio-based polymer market. The rising demand for engineered polymers has boosted the market growth. These are widely used in packaging of fruits, bakery products and vegetables.
However high creation cost and high cost of polymers is predicted to hinder the growth of the market.
North America currently holds a vast market share. Asia and the Pacific are expected to drive the market in the coming time. Growing awareness of food safety and increasing package standards has led to developing nations like India and China to dominate the market in the coming years.
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Some of the prominent players of the market are Dow Chemicals, Trellis Earth, Braskem, Covestro AG and NatureWorks LLC.
Bio-Based Polymer Market Restraints:
? High cost of the polymers
? High cost of creation
Bio-Based Polymer Market Segmentation:
By Type:
? Polyethylene
? Polyamide
? Polylactic acid
? Polyethylene terephthalate (PET)
? Others
By Application:
? Textile
? Automotive,
? Industrial
? Agriculture
? Packaging
? Others
By Region:
? Europe
? North America
? Asia-Pacific
? Latin America
? Rest of World
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Competitive Landscape:
? Tier 1 players- established companies in the market with major market share
? Tier 2 players
? Emerging players which are growing rapidly
? New Entrants
FutureWise Key Takeaways
? Growth prospects
? SWOT analysis
? Key trends
? Key data points affecting market growth
Objectives of the Study:
? To provide an exhaustive analysis on bio based polymer market on the basis of type, application and by region
? To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
? To evaluate and forecast micro-markets and overall market
? To predict market size, in key regions (along with countries)—North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa
? To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions
? Profiling of companies to evaluate their market shares, strategies, financials and core competencies
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