Green Polymer Market Is Estimated To Witness High Growth Owing To Rising Environmental Concerns

Green polymers are environmentally sustainable polymers that are biodegradable or recyclable in nature. They include polymers derived from renewable feedstock such as bio-plastics and biopolymers. Green polymers find widespread application in packaging films and containers, textiles, 3D printing filaments, compost bags and more. The global green polymer market is driven by the strict regulations imposed by governments worldwide to reduce the consumption of single-use plastics. The manufacturing industry is witnessing a gradual shift towards sustainable alternatives in response to growing environmental awareness among consumers.


The global green polymer market was valued at US$ 39.46 billion in 2023 and is expected to exhibit a CAGR of 9.6% over the forecast period 2023 - 2030, as highlighted in a new report published by CoherentMI.

Market Dynamics:

One of the key drivers for the growth of the green polymer market is the rising environmental concerns across the world pertaining to the excessive use of plastics. Plastics have become an integral part of our daily lives but a majority of plastics are not properly recycled and end up polluting the land and water bodies. There is a growing strain on limited landfill space due to plastic waste. This has compelled governing bodies and manufacturers to find viable alternatives to conventional plastics and promote sustainable materials. Green polymers help address these environmental issues associated with plastics as they are renewable, recyclable and biodegradable. Moreover, shifting consumer preference especially among the young population for eco-friendly products is augmenting the demand for green polymers over fossil-fuel based plastics.

Green Polymer Market Segmentation

By Type

Biodegradable

Biobased

Recycled

Bio-based, non-biodegradable

Partially bio-based


By Application

Packaging

Agriculture

Automotive

Electronics

Textiles

Healthcare

Others (construction, consumer goods, etc.)

By Polymer Type

Starch-based

Polylactic acid (PLA)

Polyhydroxyalkanoates (PHA)

Polyethylene terephthalate (PET)

Polybutylene succinate (PBS)

Polytrimethylene terephthalate (PTT)

Others (PUR, PVA, etc.)

By Geography

North America

Europe

Asia Pacific

Latin America

Middle East and Africa

SWOT Analysis

Strength: Green polymers have significant environmental benefits which is their main strength. They are biodegradable and reduce waste, and help in conserving natural resources. Their production also has lower carbon footprint compared to conventional plastics.

Weakness: The production cost of green polymers is significantly higher than traditional fossil fuel-based plastics. This high production cost is a major challenge for widespread adoption. There is also a limited availability of raw materials for some green polymers which constraints their mass production.

Opportunity: Growing environmental concerns and regulations against single use plastics provide a huge market opportunity for green polymers. Many countries and organizations are promoting sustainable alternatives to curb plastic pollution. The market demand is expected to rapidly grow in packaging, textiles and consumer goods industries.

Threats: Established petrochemical industry is a major threat as they have financial power and influence policies. Any breakthrough in lower-cost recycling of conventional plastics can reduce the competitiveness of green polymers. Lack of standards and certification also poses threats as it brings uncertainty in large scale production and global trade.

Key Takeaways

The global Green Polymer Market Size is expected to witness high growth over the forecast period of 2023-2030. At a CAGR of 9.6%, the market size is projected to increase from US$ 39.46 billion in 2023 to US$ 71.12 billion by 2030.

Regional Analysis: Asia Pacific region currently dominates the global green polymer market with over 35% market share in 2023. China, India, Indonesia, and Thailand provide huge growth opportunities owing to rising population, industrialization and growing environmental concerns. North America and Europe are also major markets driven by stringent regulations against single use plastics and promotional policies for sustainable alternatives.

Key Players: 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 companies are investing heavily in R&D to develop innovative and cost-effective green polymers for various applications. Many new startups are also emerging to commercialize biodegradable materials derived from agricultural waste.

Reasons to Purchase Green Polymer Market Report:

1. Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation, and industry verticals.

2. Develop/modify business expansion plans by using substantial growth offerings in developed and emerging markets.

3. Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the Green Polymer Market.

FAQ’s

Q.1 What will the market development pace of the Green Polymer Market?

Q.2 What are the sales, revenue, and price analysis of the top players of the Green Polymer Market?

Q.3 What are the market opportunities and threats faced by the vendors in the Green Polymer Market?

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