April 24, 2024
Green Polymer Market

Green Polymer Market IS Estimated TO Witness High Growth Owing TO Rising Government Support FOR Sustainable Materials

The green polymer market comprises polymers that are derived from renewable feedstock or materials through a sustainable production process. Polylactic acid (PLA) and bio-polyethylene terephthalate (PET) are some of the commonly used green polymers since they are produced from corn and sugarcane respectively. The increasing adoption of bioplastics for packaging applications is augmenting the demand for green polymers globally. These bioplastics offer comparable material properties to traditional plastics while being biodegradable and compostable. This reduces environmental pollution caused by plastic waste. Government bodies across different countries are actively supporting sustainable material adoption through subsidies and regulatory pushes which is fueling the green polymer market growth.

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 investing heavily in capacity expansion plans and product portfolio diversification to leverage opportunities arising from rising sustainability demands.

The growing environmental concerns and stringent regulations have prompted key packaging and foodservice companies to switch to green polymers for applications such as cups, food containers, bottles, and clamshells. This transition to sustainable replacements of fossil fuel-based plastics is generating lucrative opportunities for green polymer manufacturers.

Major polymer producers have been entering partnerships with green polymer manufacturers to gain access to novel bioplastics and renewably sourced polymers. They are also collaborating with agriculture universities and farmers for developing advanced biopolymer feedstocks. These strategic collaborations are helping expand global bioplastics supply chain to territories like Asia Pacific and Latin America.

Market Drivers

The stringent norms enforced by governments globally to curb single-use plastic usage is a key driver as it is encouraging industries and customers to shift from traditional plastics to green polymers for packaging applications. Major economies like Canada, Europe, and China have either banned or levied heavy taxes on single-use plastic items.

The rising awareness about negative environmental impacts of plastics and customer inclination towards sustainable products is also propelling the green polymer demand. International brands are actively promoting their green credentials by switching to bio-based and biodegradable materials in response to eco-conscious customers.

Pest Analysis

Political: Regulations encouraging the use of renewable and bio-based raw materials in packaging industry are driving the adoption of green polymers. Regulations limiting the use of conventional plastics are also influencing manufacturers to opt for sustainable alternatives.

Economic: Availability of funding and investment in R&D of green polymers due to rising economic viability of bioplastics compared to conventional plastics. Economic incentives by governments for green chemicals production are supporting market growth.

Social: Rising awareness among consumers regarding negative impact of plastics on environment leading to preference for eco-friendly and sustainable polymers. Demand for green materials from end-use industries to meet sustainability goals.

Technological: Advancements in biotechnology and chemistry for commercial production of green polymers from renewable feedstock. Development of novel production techniques to enhance properties of biopolymers for diverse applications.

Geographical Regions Where Market In Terms Of Value Is Concentrated:

North America and Europe currently have a significant share of the global green polymer market due to strict regulatory policies and presence of leading manufacturers. These regions have implemented regulations restricting use of single-use plastics which has propelled adoption of biodegradable and sustainable alternatives like green polymers.

The Fastest Growing Region For This Market:
Asia Pacific region is poised to be the fastest growing market during the forecast period due to supportive government policies, advancing biopolymer production capabilities and growing end-use industries in the region generating high demand for green materials. countries like China, India and Indonesia are expected to spearhead growth in Asia Pacific green polymer market.

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?
Q.4 Which of the top Green Polymer Market companies compare in terms of sales, revenue, and prices?
Q.5 Which businesses serve as the Green Polymer market’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: CoherentMI, Public sources, Desk research
2.       We have leveraged AI tools to mine information and compile it