The biopolymers market was estimated to be worth US $ 17.5 billion in 2023 and is projected to increase at a compound annual growth rate (CAGR) of 11.7 per cent from 2024 to 2032, reaching US $ 47.4 billion, according to an SNS Insider report.
The growing need for ecologically friendly and sustainable materials across a range of industries is propelling the market for biopolymers. Growing worries about the environment have prompted manufacturers to invest in biopolymer technology as a result of the trend towards biodegradable and compostable materials.
Global bioplastics production capacity is predicted to reach 2.87 million tonnes by 2025, indicating a notable rise over prior years, according to a report from the European Bioplastics Association.
Favourable laws like the European Union’s Green Deal, which attempts to encourage sustainable methods of material production, boost this expansion. Companies like BASF are introducing new biopolymer goods designed for packaging applications, and the industry is constantly improving its product lines.
These products are expected to expand by more than 14 per cent a year until 2025. Given the growing use of biopolymers in sectors including packaging, textiles, and automobiles due to their advantages, this dynamic landscape suggests a favourable climate for these materials.
