by The green polymer market has been gaining significant traction in recent years owing to the growing environmental concerns. Green polymers, also known as biopolymers, are polymers derived from renewable biomass sources such as vegetable oils and cellulose. They are increasingly being used as an alternative to petroleum-based plastics as they help reduce dependence on fossil fuels and lower carbon emissions. Some of the key applications of green polymers include packaging films, compost bags, agricultural films, 3D printing filament, and textiles. They provide properties similar to conventional plastics including durability and versatility in processing, along with being biodegradable and compostable at the end-of-life.
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 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 capacity expansion and new product development to strengthen their market position.
The growing consumer demand for sustainable packaging solutions represents a major opportunity for green polymer manufacturers. Strict regulations banning single-use plastics are also driving the demand for biodegradable alternatives.
Rising environmental awareness and favorable government policies supporting green materials in countries like Germany, France, UK, and China are fueling the global expansion of the green polymer market.
Market Drivers
One key driver spurring the growth of the green polymer market is the wide scale adoption of bioplastics by the food and beverage industry for packaging products. Bioplastics help food & beverage manufacturers enhance their sustainability credentials and meet consumer demand for eco-friendly packaging. According to a research, bioplastics in the packaging could reduce carbon emissions by up to 80% compared to conventional plastics. This makes bioplastics highly advantageous for companies targeting emission reductions.
PEST Analysis
Political: Stricter environmental regulations in North America and Europe regarding the use of plastics derived from fossil fuels are expected to drive the demand for green polymers. Governments provide subsidies and tax exemptions to promote the production and use of sustainable and eco-friendly alternatives.
Economic: Fluctuations in crude oil prices directly impact the prices of traditional plastics. The high and volatile oil prices encourage manufacturers to shift towards green polymers produced from renewable sources like sugarcane, corn, etc. which offer long-term price stability.
Social: Rising environmental awareness among consumers is steering the demand towards sustainable products. ‘Greenwashing’ by marketing bioplastics as completely biodegradable is challenging consumer acceptance.
Technological: Advances in fermentation and genetic engineering allow producing green polymers from agricultural waste more economically. Collaborations accelerate development and commercialization of new generation bioplastics with improved properties.
Geographical Concentration
The North America region currently dominates the global green polymer market in terms of value, accounting for over 35% share. Robust demand emerges from packaging, consumer goods, automotive, medical industries catering to health-conscious consumers.
Fastest Growing Region
The Asia Pacific region is poised to register the highest growth during the forecast period driven by China, India, and other Southeast Asian countries. Availability of sugarcane and starchy crops, expanding consumer base, and government initiatives to reduce plastic waste promote green polymer production centers in the region.
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?
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
