Market Size of Bio-based Polymers Industry
| Study Period | 2019-2029 |
| Market Volume (2024) | 1.5 Million tons |
| Market Volume (2029) | 4.46 Million tons |
| CAGR (2024 - 2029) | 24.30 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Europe |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Bio-based Polymers Market Analysis
The Bio-based Polymers Market size is estimated at 1.5 Million tons in 2024, and is expected to reach 4.46 Million tons by 2029, growing at a CAGR of 24.30% during the forecast period (2024-2029).
The Bio-based Polymers Market size is expected to grow from 1.21 million tons in 2023 to 3.59 million tons by 2028, at a CAGR of 24.30% during the forecast period (2023-2028).
COVID-19 impacted the bio-based polymer market's growth. However, the increased demand for packaged food and online food deliveries during the pandemic and post-pandemic propelled the consumption of packaging coatings, which resulted in the consumption of bio-based polymers.
- Over the short term, increasing demand for sustainable plastics is one of the major factors driving market demand.
- On the flip side, the performance issue with bioplastics and the high prices associated with bio-based polymers compared to petroleum-based polymers are expected to hinder the growth of the market studied.
- The increasing applications of biodegradable plastics are likely to present an opportunity in the future.
- Moreover, the packaging industry dominates the market and is expected to grow during the forecast period.
