Green Polymer Market is Poised to Witness Strong Growth Due to Increasing Adoption of Bioplastics

Green Polymer Market is Poised to Witness Strong Growth Due to Increasing Adoption of Bioplastics

Green polymers are derived from renewable feedstock such as vegetable oils and cellulosic materials rather than petroleum sources. They are nature-friendly, biodegradable and compostable. Key advantages of green polymers include sustainability, recyclability and superior properties such as renewability, biodegradability, and biocompatibility. The growing awareness regarding environmental protection and rising concerns over climate change have increased the demand for sustainable and eco-friendly polymers which is driving the adoption of green polymers across various end-use industries like packaging, textiles, transportation and agriculture.

The Global Green Polymer Market Size is estimated to be valued at US$ 39.46 billion in 2024 and is expected to exhibit a CAGR of 9.6% over the forecast period of 2024-2031.

Key Takeaways

Key players operating in the green polymer market are BASF, Dow Chemical, Braskem, NatureWorks, Novamont, Indorama Ventures, Danimer Scientific, Teijin, Mitsubishi Chemicals, and BioAmber. BASF is one of the leading players manufacturing bioplastics and renewably sourced polymers for packaging, textiles and automotive industries. Dow Chemical provides biopolymers to serve diverse needs across multiple industries including packaging and agriculture.

The key opportunities in the green polymer market include rising adoption of bioplastics and development of technologies to produce biopolymers from non-edible feedstock. According to estimates, the global bioplastics market is anticipated to reach 2.05 million metric tons by 2024. Countries like USA, Germany, Italy, Spain and UK are pioneering in the commercialization of bioplastics.

Globally, companies are focusing on expanding their production facilities for green polymers across regions to cater to the growing demand. For example, BASF is expanding its biopolymers production plant in Shanhai, China. Indorama Ventures aims to double its capacity of renewable-based polyethylene terephthalate (rPET) in Europe by 2024. Additionally, various venture funding and government initiatives are promoting research and developments related to green polymers.

Market Drivers

Stringent regulations banning conventional plastics along with policies promoting bioplastic usage are the major drivers of green polymer market growth. For instance, the European Union has imposed a ban on single use conventional plastics from 2021.Growing consumer preference for sustainable and eco-friendly products due to rising awareness about negative impacts of petroleum-based plastics on the environment.

Market Restrains

High production cost of bio-based polymers compared to traditional polymers is a major challenge for the green polymer market.

Absence of international standards regarding biodegradability and compostability of bioplastics affects their wide applications.

Issues regarding commercial scale production of bioplastics using non-edible feedstock also hampers market growth.

Segment Analysis

The biodegradable sub segment dominates the market currently accounting for more than 50% share. This is because biodegradable polymers can be used across various end use industries like packaging, agriculture, consumer goods etc without causing harm to the environment. The demand for these biodegradable and compostable materials have increased significantly over the past few years. The packaging sub segment holds the major share in the overall green polymer market owing to stringent regulations prohibiting the use of single use plastic across many countries.

Global Analysis

The Asia Pacific region accounts for the largest share in the global green polymer market currently. This is attributed to rising environmental concerns and implementation of strict environmental regulations across countries like China, India etc. Additionally, the presence of a strong manufacturing base of end use industries like packaging, automotive, consumer goods etc propels the demand for green polymers. North America is also expected to witness significant growth during the forecast period due to growing consumer preference for sustainable products and solutions. Whereas Europe being a regulatory driven market, adoption of green materials is expected to surge further to meet regulations restricting use of petroleum based plastics.

What Are The Key Data Covered In This Green Polymer Market Report?

:- Market CAGR throughout the predicted period

:- Comprehensive information on the aspects that will drive the Green Polymer's growth between 2024 and 2031.

:- Accurate calculation of the size of the Green Polymer and its contribution to the market, with emphasis on the parent market

:- Realistic forecasts of future trends and changes in consumer behaviour

:- Green Polymer Industry Growth in North America, APAC, Europe, South America, the Middle East, and Africa

:- A complete examination of the market's competitive landscape, as well as extensive information on vendors

:- Detailed examination of the factors that will impede the expansion of Green Polymer vendors

FAQ’s

Q.1 What are the main factors influencing the Green Polymer?

Q.2 Which companies are the major sources in this industry?

Q.3 What are the market’s opportunities, risks, and general structure?

Q.4 Which of the top Green Polymer companies compare in terms of sales, revenue, and prices?

Q.5 Which businesses serve as the Green Polymer’s distributors, traders, and dealers?

Q.6 How are market types and applications and deals, revenue, and value explored?

Q.7 What does a business area’s assessment of agreements, income, and value implicate?

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