The global biopolymer coatings market size was valued at USD 1,040.2 million in 2020 and projected to hit around US$ 1,785 million by 2030, expected to grow at a compound annual growth rate (CAGR) of 5.4% from 2021 to 2030.
Increasing government support for the use of bio-degradable plastics in various fields including packaging and coatings is a major factor that drives the growth of global biopolymer coatings market. For instance, in May 2021, Danimer Scientific, a leading manufacturer and developer of biodegradable materials announced that it has received a research grant for continuing its research on pennycress oil that is a potential feedstock material used for the production of polyhydroxyalkanoate (PHA), an eco-friendly alternative for traditional plastics. Further, impending government regulation in against the manufacturing of single-use plastics in China has compelled plastic manufacturers to ramp-up their biodegradable plastic production.
In addition, increasing global awareness for environment pollution and use of biodegradable products also propel the demand for biopolymer coatings market. With the rising level of concern regarding environment degradation, the use for biodegradable products and biopolymer coatings are estimated to flourish at a significant pace during the forecast timeframe. This also triggers the rate of research & development in the field of biopolymer coatings and bioplastics. For instance, in November 2020, Eagle Beverage and Danimer Scientific announced a partnership agreement for manufacturing a biodegradable drinking straw. Similarly, in March 2017, DuPont announced its agreement with FMC Corporation to deprive its crop protection business in order to acquire Health & Nutrition business of FMC Corp. that helped the company to grow its coatings market and related business.
Apart from notable developments in the bioplastics and biopolymer coatings, the market is still at its emerging phase and has a promising future growth opportunity. In order to curb the environment pollution load, governments and plastic manufacturing companies are collaborating or partnering to move the future towards more renewable and greener environment. Henceforth, the aforementioned factors are likely to support the market growth of biopolymer coatings market remarkably in the upcoming years.
|Market Size||USD 1,785 million by 2030|
|Growth Rate||CAGR of 5.4% from 2021 to 2030|
|Segments Covered||Product, Region|
|Companies Mentioned||Cargill, AkzoNobel, Roquette Group, Corbion, EcoSynthetix, BASF, Novamont, NatureWorks LLC, ADM, Danimer Scientific, Safepack Industries, DuPont, WestRock Company, Mitsubishi Chemical Corporation, Solanyl Biopolymers, FMC Corporation, Covestro AG, Evonik Industries, Arkema, DSM
In 2020, BioPU coatings captured major market revenue share in the global biopolymer coatings market. This is mainly attributed to its wide application in automotive, architectural, furniture, and textile industries. In addition, the significant growth of the product is also supported by its low environmental impact, biodegradability, easy availability, and low cost. On the other hand, protein-based biopolymer coatings such as soy and corn zein experience substantial growth of near to 4% over the forecast period due to its major application in food & beverage and pharmaceutical.
However, PLA based biopolymer coatings exhibit the fastest growth in the global biopolymer coatings market during the forthcoming years owing to its multiple usage in food & beverage and general industries. The market revenue of PLA based biopolymer coating is higher from food & beverage industry compared to general industry because of its extended applications in vegetable, fruit, alcohol, nut, and water packaging.
By geography, the global biopolymer coatings market has been studied for North America, Europe, Asia Pacific, and Middle East & Africa. North America emerged as one of the most lucrative market in the global biopolymer coatings market owing to prominent growth of food & packaging industry in the region. Among North America, U.S. dominated the region with maximum revenue share. This is mainly attributed to the increasing demand for green technology and government support for renewable sources in the country.
On the contrary, the Asia Pacific witnesses the fastest growth during the forecast period owing to rapid industrialization in the developing countries such as India and China. China and India are the fastest growing countries in terms of food & packaging, medical, automotive, and various other industries. Other than India & China, Australia, Japan, Singapore, Malaysia, and other Asian countries are also flourishing well in the industrial growth that propels the market growth of biopolymer coatings.
Key Companies & Market Share Insights
The global market for biopolymer coatings is highly fragmented in nature because of the presence of large number of industry players in the market and the degree of fragmentation expected to rise in the coming years. Market players are largely focused towards product differentiation on the basis of quality and price. In addition, regional expansion is the other main strategy adopted by these industry participants to gain prominent hold on the global scale. For instance, in June 2021, NatureWorks, a leading manufacturer of low-carbon PLA biopolymers made from renewable resources announced to expand its manufacturing facility by opening a new Ingeo PLA production plant in Thailand by the year 2024.
Some of the prominent players in the Biopolymer Coatings Market are Cargill, AkzoNobel, Roquette Group, Corbion, EcoSynthetix, BASF, Novamont, NatureWorks LLC, ADM, Danimer Scientific, Safepack Industries, DuPont, WestRock Company, Mitsubishi Chemical Corporation, Solanyl Biopolymers, FMC Corporation, Covestro AG, Evonik Industries, Arkema, DSM and others.
Segments Covered in the Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For the purpose of this study, Precedence Research has segmented the global biopolymer coatings Market report on the basis of product, and region:
By Product Outlook
By Regional Outlook
Rest of the World
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