May 17, 2024
Green Polymer Market

The Green Polymer Market Propelled by Growing Adoption of Biodegradable Plastics

The global green polymer market is an innovative sector that creates sustainable alternatives to conventional plastics. Green polymers, also known as bioplastics, are typically derived from renewable plant sources such as sugars, starch, and vegetable fats and oils. These materials can be degraded by microbes under aerobic composting conditions. Examples of widely used green polymers include polylactic acid (PLA), polyhydroxyalkanoates (PHA), and polyesteramide (PEA). PLA is used to produce items like food packaging, 3D printing filament, textiles, and disposable tableware. PHA finds applications in biomedical devices, packaging films, and scaffolding for tissue engineering due to its biocompatibility. PEA has thermoplastic elastomer properties making it suitable for healthcare, consumer goods, and automotive components.

The global green polymer market was valued at US$ 39.46 billion in 2023 and is expected to exhibit a CAGR of 9.6% over the forecast period 2023 – 2030, as highlighted in a new report published by CoherentMI.

Market Dynamics:

The green polymer market is propelled by the growing adoption of biodegradable plastics. Strict regulatory reforms regarding single-use plastic products along with rising environmental awareness are encouraging industries to shift from fossil-fuel based polymers to sustainable green alternatives. According to regulations introduced by the European Union, single-use plastic products will be banned from 2021. This creates favorable conditions for the market to flourish. Green polymers can effectively replace petroleum-derived plastics while delivering comparable performance. Their biodegradable nature helps solve the plastic pollution crisis and drive the transition toward a circular economy.

Segment Analysis

The green polymer market can be segmented based on type, application and region. Based on type, the biodegradable polymers segment dominated the market in 2023 and is estimated to continue its dominance during the forecast period. Biodegradable polymers are environment friendly as they decompose into water, carbon dioxide and other harmless gases when discarded, hence preferred for packaging applications.

Green Polymer Market Segmentation

By Type

Biodegradable

Biobased

Recycled

Bio-based, non-biodegradable

Partially bio-based

By Application

Packaging

Agriculture

Automotive

Electronics

Textiles

Healthcare

Others (construction, consumer goods, etc.)

By Polymer Type

Starch-based

Polylactic acid (PLA)

Polyhydroxyalkanoates (PHA)

Polyethylene terephthalate (PET)

Polybutylene succinate (PBS)

Polytrimethylene terephthalate (PTT)

Others (PUR, PVA, etc.)

By Geography

North America

Europe

Asia Pacific

Latin America

Middle East and Africa

PEST Analysis

Political: Regulations promoting sustainability and banning single use plastic products are driving the adoption of green polymers across industries. Many governments provide subsidies and tax benefits for production and use of biodegradable and recyclable polymers.

Economic
: Volatility in prices of crude oil, a key feedstock for conventional polymers, shifts focus towards alternative and affordable green polymers. Reduced dependence on imported oil also improves trade balance of nations.

Social
: Rising awareness about environmental protection and harmful effects of plastic pollution is increasing demand for eco-friendly and sustainable products made using green polymers.

Technological
: Advancements in fermentation and biomass conversion technologies have improved production efficiencies and yields of biopolymers. Development of new polymerization techniques helps produce tailor-made sustainable polymers.

Key Takeaways

The global Green Polymer Market Size was valued at US$ 39.46 billion in 2023 and is expected to witness high growth over the forecast period.

Regional Analysis: Asia Pacific dominated the global market in 2023 and is estimated to continue dominating during the forecast period. Countries like China, India and Indonesia are the highest producers and consumers of plastics in the world. Hence, governments of these nations are promoting adoption of green polymers to reduce plastic waste and pollution.

Key Players: 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 leads the market with wide product portfolio including biodegradable polyesters, polyamides and biobased polyethylene furanoate resins. Dow Chemical offers various bioplastics and recyclable polyethylene and polypropylene resins.

Reasons to Purchase Green Polymer Market Report:

1. Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation, and industry verticals.

2. Develop/modify business expansion plans by using substantial growth offerings in developed and emerging markets.

3. Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the Green Polymer Market.

FAQ’s

Q.1 What will the market development pace of the Green Polymer Market?

Q.2 What are the sales, revenue, and price analysis of the top players of the Green Polymer Market?

Q.3 What are the market opportunities and threats faced by the vendors in the Green Polymer Market?

*Note:
1.       Source: CoherentMI, Public sources, Desk research
2.       We have leveraged AI tools to mine information and compile it