The global bio-based polymers market was estimated to be worth of USD 14.2 billion in 2018 and is projected to grow at a CAGR of 10% over the forecast period. Bio-based polymers are obtained through the polymerization of bio-based raw materials through engineered industrial processes. The raw materials of bio-based polymers are either isolated from plants and animals or synthesized from biomass using enzymes or microorganisms. The raw materials used for manufacturing bio-based polymers includes corn fiber, wheat by-products, food processing waste, paper mill sludge, stems, leaves, livestock waste, and others.
Initially bio-based functional polymers were derived from
agricultural feedstock, but a recent breakthrough in technology has shifted
focus to derive from nucleic acids, proteins, polysaccharides, and bacterial
fermentation by synthesizing monomers like fatty acids, cellulose, and starch.
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Increasing dependence on synthetic polymers has led to a rise in
environment risks associated with disposal and recycling. The combustion of
these synthetic polymers releases harmful greenhouse gasses (GHGs) and other
toxic gasses into the atmosphere, thereby degrading the environment and leading
to ozone depletion & global warming. Stringent environmental regulations on
fossil fuel products by regulatory authorities such as the EPA and REACH
coupled with government initiatives to reduce dependency on petrochemicals have
been responsible for the development of bio-based alternatives.
This is further supported by the increasing awareness towards
sustainability and growing demand for bio-based polymers from various end-use
industries such as automotive, electrical & electronics, construction, and
footwear. Bio-based construction polymer market is in its nascent phase and is
estimated to witness significant growth over the next six years on account of
the increasing demand from end-use industries.
The major global raw material manufacturers include companies such
as Victrexplc, Mitsubishi, and Wageningen UR among several others. The
bio-based content in polymer varies depending on the type of feedstock that is
used during manufacturing.
Major bio-based polymer manufacturers include Cargill, Lubrizol,
BASF SE, Bayer Material Science, and Dow Chemical where these companies further
process polymer using numerous industrial techniques. In certain cases, some
companies supply the unfinished biopolymer to other small and medium-scaled
companies. Moreover, several major players operating in the market such as BASF
SE, Cargill, Bayer Material Science, Bio Based Technologies, and BioAmber have
forward integrated their operations, starting from producing raw materials to
production of bio-based polymer.
Major polymer manufacturers are shifting their focus towards
developing sustainable technologies and are collaborating with various
individual bio-based technology manufacturers in order to produce bio-based
polymers. The bio-based polymer industry is consolidated in nature and has
witnessed numerous M&A over the past few years.
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