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Biopolymers Market to Grow by 620.37 Thousand Tons During 2020-2024, Despite COVID-19 Impact

Strategic Insights

— 1 min read

The biopolymers market is expected to experience a neutral impact during the forecast period due to the widespread growth of the COVID-19 pandemic, but market growth is likely to increase in 2020 as compared to 2019. The market is driven by volatility in crude oil prices, strict environmental regulations, and increased demand for environment-friendly and sustainable packaging solutions. The market is expected to grow at a CAGR of over 3% during the forecast period.

Key Takeaways:

  • The biopolymers market is expected to grow by 620.37 thousand tons during 2020-2024, according to Technavio's market research report.
  • The market will witness a neutral impact during the forecast period due to the widespread growth of the COVID-19 pandemic.
  • Market growth is likely to increase in 2020 as compared to 2019, driven by factors such as volatility in crude oil prices, strict environmental regulations, and increased demand for environment-friendly and sustainable packaging solutions.
  • The market is expected to grow at a CAGR of over 3% during the forecast period.
  • Archer Daniels Midland Co., Arkema SA, and BASF SE are expected to emerge as major biopolymers market participants during 2020-2024.
  • The biopolymers market is driven by factors such as the use of biopolymers in packaging and food services, agriculture and horticulture, consumer goods, and automotive sectors.
  • The market is segmented by type, including bio-PET, PLA, PHA, and bio-PE, and by geography, including Europe, North America, APAC, MEA, and South America.

Statistics:

  • The biopolymers market is expected to grow by 620.37 thousand tons during 2020-2024 (Technavio report).
  • The market is expected to grow at a CAGR of over 3% during the forecast period (Technavio report).
  • In 2019, the market witnessed maximum demand from the packaging and food services sector (Technavio report).
  • APAC dominated the market with a 33% share in 2019 and is expected to continue to offer several growth opportunities for market players over the forecast period (Technavio report).

Sources:

  • Technavio, "Global Biopolymers Market 2020-2024"
  • Businesswire, "Biopolymers Market to Grow by 620.37 Thousand Tons During 2020-2024, Despite COVID-19 Impact" (December 28, 2020)
  • Technavio, "Biopolymers Market Report" (2020)

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