According to a report by Reports and Data, the global bioplastics market size was USD 7.6 Billion in 2022, and it is expected to grow at a revenue CAGR of 7.8% over the forecast period. The increasing public awareness of plastic waste's harmful environmental effects, coupled with strict government regulations, is driving the demand for bioplastics across various industries. This growth is also influenced by factors such as rapid urbanization, population growth, and changing lifestyles, leading to a surge in demand for single-use plastic products.
The packaging industry is expected to drive the global demand for bioplastics, as it requires eco-friendlier packaging options. Bioplastics are becoming more popular for the production of vehicle components such as interior and exterior parts because of their light weight, high strength, and low carbon footprint. The healthcare industry is also expected to see significant growth in the bioplastics market, as there is an increasing need for medical equipment and implants that are biodegradable and compatible with the human body.
The revenue growth in the bioplastics market is propelled by various factors, including research and development endeavors to produce bioplastics that have superior qualities such as enhanced durability, strength, and biodegradability. The demand for high-performance bioplastics has risen in several sectors such as electronics, construction, and aerospace, leading to the need for the creation of novel bioplastics.
Europe is expected to generate the largest revenue share in the bioplastics market due to increased consumer awareness of the environmental benefits of using bioplastics in everyday items. Some of the prominent players in the global bioplastics market include BASF SE, Biome Technologies PLC, Braskem, Danimer Scientific, Evonik Industries AG, Mitsubishi Chemical Holdings Corporation, NatureWorks LLC, Plantic Technologies Ltd., Tate & Lyle PLC, and Total Corbion PLA. The bioplastics market is segmented based on product outlook, application outlook, and regional outlook.
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Bioplastics Market: Drive factors
The global bioplastics market is being driven by various factors, including:
1. Increased public awareness of the harmful environmental effects of plastic waste, which is driving demand for eco-friendly alternatives.
2. Stricter government regulations and policies aimed at reducing plastic waste and promoting sustainability.
3. Rapid urbanization, population growth, and changing lifestyles leading to a surge in demand for single-use plastic products.
4. The focus on reducing carbon emissions and protecting natural resources leading to increased usage of bioplastics in industries such as packaging, automotive, consumer goods, and agriculture.
5. Growing demand from the packaging industry for eco-friendly packaging options due to the need to reduce plastic waste, increased public awareness of the harmful effects of traditional plastics on the environment, and demand for environmentally friendly packaging solutions across different sectors.
6. Increasing demand for bioplastics in the healthcare industry, particularly for medical equipment and implants that are biodegradable and compatible with the human body.
7. Focus on research and development endeavors to produce bioplastics that have superior qualities such as enhanced durability, strength, and biodegradability.
Overall, the demand for bioplastics is being driven by a combination of environmental concerns, changing consumer preferences, and government policies promoting sustainability.
Bioplastics Market: Product development
The bioplastics market has seen significant product development efforts in recent years. Many companies have been focusing on research and development endeavors to create bioplastics that have superior qualities such as enhanced durability, strength, and biodegradability. For example, Braskem, one of the prominent players in the market, developed a type of polypropylene resin that is biodegradable and made from renewable materials in 2020. This new resin has a wide range of potential uses, including in food packaging, textiles, and toys.
There has also been a growing demand for high-performance bioplastics in several sectors such as electronics, construction, and aerospace. This has led to the need for the creation of novel bioplastics with specific characteristics and properties that meet the requirements of these industries. For instance, Mitsubishi Chemical Holdings Corporation, another key player in the market, has developed a bioplastic material called DURABIO that is highly resistant to impact and heat, making it suitable for use in automotive and electrical applications.
In addition to these developments, there has been a focus on improving the production efficiency of bioplastics. Companies are working to reduce the cost of production and increase the scale of production, making bioplastics more economically viable and widely accessible. For example, Total Corbion PLA has developed a technology that enables the production of large quantities of polylactic acid (PLA) bioplastics using renewable raw materials.
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