Limonene Polymers Market size is estimated to reach USD 50 Billion by the end of 2036, growing at a CAGR of 9% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of limonene polymers was USD 30 Billion. The main driver for the market's growth over recent years has been global emphasis on sustainable and eco sensitive practices. Industry is actively looking for alternatives that are compatible with green initiatives, as the detrimental environmental effects of traditional plastics become increasingly apparent.
To that end, limonene polymers are a promising solution particularly with regard to the sustainable packaging sector. Increased awareness of environmental issues and increasing consumer preference for products that demonstrate commitment to environmentally sound practices are driving the surge in demand for sustainability packaging. Limonene, produced from oranges, constitutes a natural source of energy and is one of the main players in efforts to promote sustainable alternatives. The report forecasts that by 2027, the global sustainable packaging industry will grow by 5.7%.
Additionally, limonene polymer’s biodegradable nature, it is likely to be used in the sustainable packaging industry. limonene based polymers are more easily broken down than conventional plastics that contribute to long lasting environmental pollution, which minimizes the ecological footprint associated with waste packaging, thus contributing to the market’s growth.
Growth Drivers
Challenges
|
Base Year |
2023 |
|
Forecast Year |
2024-2036 |
|
CAGR |
~9% |
|
Base Year Market Size (2023) |
~ USD 30 Billion |
|
Forecast Year Market Size (2036) |
~ USD 50 Billion |
|
Regional Scope |
|
Type (Lemon-based polymer, Orange-based polymer, Pineapple-based polymer, Others )
In limonene polymers market, orange-based poymer segment is likely to dominate around 42% share by the end of 2036. The segment growth can be attributed to its application in various end-use industries like construction, automotive, packaging. In the packaging industry, orange-based polymers can be used to produce biodegradable and compostable packaging materials, reducing the environmental impact of plastic waste.
The construction industry can use these polymers as an eco-friendly alternative to traditional petroleum-based polymers in adhesives, coatings, and insulation materials. These polymers may also be used by the automotive industry to produce lightweight, high performance materials for vehicle interiors and exteriors. As the demand of orange-based polymers is anticipated to increase significantly over this period, given that they offer an exceptional advantage in comparison with a number of biodegradable polymers like their abundance and lower cost.
Application (Electronics, Healthcare, Packaging, Textile, Agriculture, Others)
The packaging segment is set to garner a significant share in the year 2036. These polymers are easily broken down by microorganisms into natural products such as water, biomass, and carbon dioxide, owing to such feature, these polymers become an attractive option for packaging materials, replacing non-biodegradable materials, that contribute to environmental pollution.
In addition, there is a growing demand in different sectors such as food and beverage for sustainability and bioplastic packaging solutions. In food contact applications, biodegradable polymers like limonene polymers can be used safely and provide benefits including extended shelf life and better food safety. All these factors culminatively add to the market’s growth.
Our in-depth analysis of the market includes the following segments:
|
Type |
|
|
Application |
|
APAC Market Statistics
By 2036, Asia Pacific region is projected to account for around 39% limonene polymers market share. The market growth in the region is also expected on account of expansion in the pharmaceutical and personal care industries. Rising demand for limonene polymer in end-industries in both developed and developing economies such as china and India is estimated to fuel the demand for limonene polymers and help expand market size. Companies are likely to establish R&D centers in countries such as India due to easy availability of land and labour.
Furthermore, the region has seen a notable increase in environmental awareness, promting governments to implement initiatives aimed at reducing plastic pollution. Eco-friendly substitutes such as limonene polymers are becoming more popular. China's government has implemented a ban on single-use plastics in key cities, resulting in the annual generation of approximately 46 million tons of plastic garbage, demonstrating the region's intent to slow down environmental damage. The production, distribution, consumption and recycling of single use plastics shall be prohibited in China from 2025. Also, as consumers become more environmentally conscious, the demand for products packaged with sustainable materials, such as limonene polymers, in on the rise.
North American Market Analysis
The North American region will also register huge growth for the limonene polymers market over the projected timeframe and will hold the second position owing to environmental awareness and supportive government policies aimed at reducing plastic waste. The region's commitment to reducing the environmental impact of plastic waste is reflected in bans on single use plastics and regulations promoting sustainable materials in states such as California.
Consumers in North America are increasingly aware of environmental issues and are actively seeking eco-friendly alternatives. The demand for products with minimal environmental impact, including those with sustainable packaging made from limonene polymers, has risen significantly.
Additionally, in a survey conducted in 2019, it was found that 73% of North American consumers are willing to change their consumption habits to reduce their environmental impact. This highlights how consumers strongly choose environmentally friendly products, which makes the market for limonene polymers advantageous. Sustainability objectives are becoming a common feature of business plans for many North American organizations. All these factors collectively propel the limonene polymers market’s growth.
Author Credits: Smruti Ranjan, Rajrani Baghel
Copyright © 2024 Research Nester. All Rights Reserved
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?