Global bio-based polymers market, which was evaluated to be worth US $14.2 billion in the year 2018, is anticipated to expand at a CAGR of 10 percent during the predicted period, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2026.
Bio-based polymers are derived by means of polymerization of the bio-based raw materials, with the help of engineered industrial processes. The functional bio-based polymers were initially obtained from agricultural feedstock, but owing to a recent technological breakthrough, these can now be derived from proteins, nucleic acids, polysaccharides as well as bacterial fermentation, by synthesizing monomers such as cellulose, starch and fatty acids.
As claimed by industry analysts, growing reliance on synthetic polymers increases environmental risks linked with disposal and recycling. These polymers emit GHGs and toxic gases upon combustion, thereby prompting global warming and ozone layer depletion. The report cites that stringent environmental norms by regulatory authorities (such as REACH and EPA) on fossil fuel products, together with several government initiatives aimed at lowering the dependency on petrochemicals, have accounted for the development of the bio-based alternatives.
As per the study, the factors propelling product demand include surging awareness about sustainability and augmented demand for bio-based polymers from a multitude of end-use industries including electrical & electronics, footwear, construction, and automotive. The bio-based polymers market is currently in its budding phase and is projected to grow significantly in the coming six years, owing to the escalating demand from end-use industries.
Reportedly, a slew of market players are investing heavily in the development of 100% bio-based polymers, to limit the use of fossil fuel or petrochemical by-products in manufacturing.
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Speaking of the product range, the global bio-based polymers market can be bifurcated into PET, PEF, PE, PA, PHA, PUR, PBS, PTT, Epoxies, and others. These products are extensively used across an array of end-use industries including electronics, industrial, textile, automotive, films & coatings, and others.
The leading global bio-based raw material manufacturers profiled in the report are Wageningen UR, Victrexplc, and Mitsubishi among others. The bio-based content in polymers differs based on the type of feedstock which is used in the manufacturing process.
The broad competitive outlook of the worldwide bio-based polymers market includes leading manufacturers such as Lubrizol, Dow Chemical, BASF SE, Cargill, BioAmber, Bio Based Technologies, and Bayer Material Science. These companies have integrated their operations, starting from producing raw materials to manufacturing bio-based polymers. The report also cites that major polymer manufacturers are currently focusing on developing sustainable technologies, besides partnering with bio-based technology companies to produce the bio-based polymers.
The latest study provides an exhaustive analysis of the drivers, dynamics, limitations, and opportunities of the global bio-based polymers market, in conjunction with the current market scenario and future prospects. The research report also delivers a profound analysis of various industry trends, Porter's five forces, competitive ranking analysis, and competitive vistas.