April 24, 2024
Green Polymer Market

Green Polymer Market Gains Strength Through Increased Bio-Based And Recyclable Materials Adoption

The green polymer market comprises polymers that are produced from renewable, bio-based feedstocks or through eco-friendly processes that reduce carbon footprint and generate minimum waste. These polymers are also readily biodegradable and recyclable at the end of their useful lifespan. Key advantages of green polymers are sustainability, renewability and lowered greenhouse gas emissions. The growing concerns around plastic pollution and need for eco-friendly alternatives to conventional plastic materials have been driving increased adoption of green polymers in various end-use industries like packaging, agriculture, textiles, consumer goods and automotive.

The Global Green Polymer Market Size Is Estimated To Be Valued At US$ 39.46 Bn In 2024 And Is Expected To Exhibit A CAGR Of 9.6% Over The Forecast Period 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. These players are focusing on expanding their production capacities and product portfolios through investments in R&D. Growing environmental awareness and stringent regulations around single-use plastics have been fueling rising demand for green polymers across various applications. Major players are also strategically expanding their geographical footprint to capitalize on the growing markets in Asia Pacific and Latin America.

The growing demand in the packaging industry has significantly contributed to the increased adoption of green polymers. Packaging manufacturers are increasingly opting for bioplastics and biodegradable materials to meet regulatory compliance and sustainability goals. Rapid industrialization and infrastructure development in emerging economies have also generated substantial demand for green polymers in construction applications like pipes, insulation, and binders.

The bio-based trend has emerged as a key trend in the green polymer market. Major players are investing heavily in developing innovative green polymers from renewable feedstock like vegetable oils, sugarcane, and agricultural waste through advancement in fermentation and polymer synthesis technologies. Adoption of readily biodegradable polymers is also gaining momentum to address global plastic pollution issues. Recyclable polymers allowing mechanical or chemical recycling are gaining market traction to support circular economy goals.

Porter’s Analysis

Threat Of New Entrants: Green polymer production requires large capital investments and long lead times for new production facilities which deters new companies from easily entering the market.
Bargaining Power Of Buyers: Due to the presence of a large number of green polymer manufacturers and substitutes, buyers have high bargaining power in the market.
Bargaining Power Of Suppliers: Few raw material suppliers and strong backward integration of key manufacturers results in lower bargaining power of suppliers in the green polymer market.
Threat Of New Substitutes: Development of new bio-based and recycled materials act as substitutes however polymer products still have better performance which restricts switching to alternatives.
Competitive Rivalry: The green polymer market has major global players competing on product quality, pricing and innovation which intensifies competition in the industry.

Geographical Regions

North America currently accounts for the largest share in the global green polymer market owing to high demand from end-use industries like packaging, automotive and construction. Stringent government regulations to promote sustainable materials further boost the market in the region.

Asia Pacific is expected to witness the fastest growth during the forecast period on account of expanding end-use industries, increasing plastic waste recycling initiatives and supportive government policies especially in countries like China, India and Japan. Rapid urbanization and growing consumerism drives the green polymer consumption.

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 Market’s growth between 2024 and 2031.

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

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

:- Green Polymer Market 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 Market vendors

FAQ’s

Q.1 What are the main factors influencing the Green Polymer market?
Q.2 Which companies are the major sources in this industry?
Q.3 What are the market’s opportunities, risks, and general structure?

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