PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1454123
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1454123
Biopolymers In Electrical & Electronics Market size was valued at USD 71.58 Million in 2023, expanding at a CAGR of 23.5% from 2024 to 2032.
Biopolymers have become increasingly popular in the electrical and electronics industry due to their distinct characteristics, eco-friendliness, and ability to degrade naturally. In recent times, there has been a significant rise in the use of flexible and wearable electronic devices, which have shown immense potential in various fields such as Internet of Things (IoT), sensor technology, energy systems, biomedical applications, artificial intelligence (AI), and smart robotics. Researchers are currently exploring the use of flexible and stretchable biopolymers for electronic applications, including wearable devices, flexible displays, and sensors. Biodegradable polymers like poly(3-hydroxybutyrate-co-3-hydroxyvalerate) (PHBV) and poly (lactic acid) (PLA) are being extensively studied for their suitability in flexible electronics.
Biopolymers In Electrical & Electronics Market- Market Dynamics
Advancements in Biopolymer Technology And the adoption of green procurement policies by electrical & electronics manufacturers are the factors that propelling the market growth
Ongoing research and development endeavors have resulted in significant advancements in biopolymer technology, leading to enhanced performance characteristics such as mechanical strength, thermal stability, and electrical properties. The implementation of green procurement policies prioritizes the selection of materials and suppliers based on their environmental credentials, thereby driving the demand for biopolymers in various industries. A recent study reveals that 48% of global companies are experiencing pressure to adopt greener procurement processes by 2023. Moreover, it is projected that by 2025, 90% of procurement industry professionals will require their suppliers to demonstrate carbon neutrality. Notably, sustainable procurement programs have the potential to boost brand reputation by up to 30%, as indicated by 50% of organizations surveyed. Additionally, the continuous research and development efforts aimed at improving the properties and performance of biopolymers present promising growth opportunities for the market. However, challenges such as high production costs, limited economies of scale, and the availability of raw materials may impede the market's growth.
Biopolymers In Electrical & Electronics Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 23.5% over the forecast period (2024-2032)
Based on Type segmentation, Non-biodegradable was predicted to show maximum market share in the year 2023
Based on application segmentation, Wires & Cables was the leading type in 2023
On the basis of region, Asia pacific was the leading revenue generator in 2023
The Global Biopolymers In Electrical & Electronics Market is segmented on the basis of Type, Application, and Region.
The market is segmented into two groups according to Type: Biodegradable and Non-biodegradable. Non-biodegradable holds the majority share in the market. Non-biodegradable biopolymers generally provide better durability and longer lifespan in comparison to biodegradable alternatives. This becomes particularly crucial in scenarios where materials must endure severe environmental conditions, mechanical strains, and extended periods of heat or moisture, which is frequently encountered in electrical and electronic components.
The market is segmented into five main categories according to their application: Rechargeable Batteries, Wires & Cables, Electrical Insulator, Panel Displays, Electronic Device Casings, and Others. Wires & Cables hold the largest market share. The growing focus on regulations concerning hazardous materials and environmental sustainability has led to the adoption of biopolymers in wires and cables, enabling manufacturers to adhere to compliance standards and support eco-friendly initiatives.
Biopolymers In Electrical & Electronics Market- Geographical Insights
Geographically, this market spans across North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further segmented by countries contributing to business activities. The Asia Pacific region is anticipated to be the main driver of market growth, attributed to the expansion of composting infrastructure and increasing governmental initiatives to minimize landfilling. Numerous countries in the Asia-Pacific region are encountering issues related to landfilling, such as land scarcity, pollution, and environmental deterioration. Consequently, governments are enforcing strict regulations and policies to reduce landfilling and encourage sustainable waste management practices. In 2018, in response to China's Green Sword Policy that restricted most plastic waste imports, the government initiated significant reforms to modernize the management of municipal solid waste. Europe is the second largest region for the market, primarily due to advancements in Biopolymer Technology.
The competition between biopolymers and traditional polymers in the electrical and electronics market is complex, encompassing various factors including cost, performance, regulations, consumer preferences, technological innovation, and supply chain dynamics. The increasing awareness among consumers regarding environmental concerns and their inclination towards sustainable products can significantly impact their purchasing choices. Moreover, companies may have corporate sustainability objectives that prioritize the utilization of renewable materials, thereby boosting the demand for biopolymers despite potential trade-offs in terms of cost and performance.
In September 2023, Danimer Scientific Inc., a producer of biopolymers, is increasing its partnership with Chevron Phillips Chemical (CPChem) to investigate the advancement and commercialization of cast extrusion films, blown extrusion films, injection molded parts, and rotational molded parts. These products will be made using Rinnovo polymers, which are produced through a loop slurry reactor process.
GLOBAL BIOPOLYMERS IN ELECTRICAL & ELECTRONICS MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
SABIC
BASF SE
Trinseo
Braskem
TEIJIN LIMITED
Toyota Tsusho Corporation
NatureWorks LLC
Total Carbion PLA
Solvay
Futerro
Others