Biopolymers, also known as polymeric biomolecules, are manufactured by processing the living organisms. Biopolymers are biodegradable chemical compounds and are considered as the most organic compound in the ecosphere. Biopolymers are produced either from living organisms such as proteins and carbohydrates, or renewable resources but require polymerization. It is used for various purposes such as cellulose-based biopolymers- cellophane are used as packaging material.
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Growing packaging industry is one of the major factors for growth of the global biopolymer market. Biopolymer based packaging material, which is originated from naturally renewable resources such as polysaccharides, proteins and lipids, have potential to replace synthetic plastics. Growing food-packaging industry is expected to boost demand for the global biopolymer market. According to a study of University of Sibiu, Romania in 2016, bio-plastic covers about 5-10% of the current plastic market. For instance, according to the report published by World Packaging Organization in 2017, the global packaging market was valued at US$ 820 billion in 2016, out of which food and beverage segments contributed 51% and 18%, respectively.
Bio-polymer has wide range application in the construction industry, such as humic acid, lignite are applied for the water retention or dispersant and waxes, Bitumen, asphalt are used for coating or act as lubricant. For instance, according to report published by global construction perspectives and oxford economics in 2015, the global construction market is set to grow by US$ 8 trillion by 2030, and growing by an average annual rate of 3.9% by 2030
High prices of bio-plastic may be restrain for the growth of biopolymer market in the upcoming years.
Asia Pacific is expected to gain major traction in the biopolymer market during the forecast period, owning to rising demand for biopolymers in the packaging for food & beverages, drug industries. The biopolymer packaging is predominantly used in the food & beverage packaging. For instance, Ministry of Food Processing Industries and Government of India, the total consumption of the food and beverage segment was valued at US$ 369 billion and it is expected to reach to US$ 1.142 trillion by 2025.
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Key players operating in the global biopolymers market include, BASF SE, NatureWorks LLC, Danimer Scientific, Novamont SpA, Galatea Bio Tech, Total Corbion, and Plantic Technologies Ltd and others.