Bioplastic composites are an environmentally-friendly substitute to traditional plastics and are manufactured using renewable biomass sources like vegetable oils, corn starch or microbiota. Bioplastic composites offers characteristics like recyclability, biodegradability and compostable making them an ideal packaging solution for food and beverages. The global Bioplastic Composites Market for Injection Molding is estimated to be valued at US$ 40.23 Bn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The sustainable packaging trend has been a major growth driver for the bioplastic composites market. Stringent regulations regarding single-use plastics along with rising eco-consciousness among consumers and industries has increased the demand for biodegradable and compostable alternatives. Bioplastic composites are progressively replacing conventional plastics in applications like food service ware, plastic bags and flexible packaging. The bioplastic composite manufacturers are also innovating their product portfolio to expand in high growth segments like 3D printing filaments. Ongoing R&D for development of bioplastic composites from novel biomass feedstocks like algae and Agriculture residues is also opening new opportunities in the market.
Segment Analysis:
The global bioplastic composites market for injection molding is segmented on the basis of fiber type, polymer type, application and region. On the basis of fiber type, the market is segmented into wood fiber, non-wood fiber. The wood fiber segment dominates the market as it provides higher strength and durability and lower cost as compared to non-wood fiber. On the basis of polymer type, the market is segmented into PET, PLA, starch blends and others. The PLA (polylactic acid) segment accounts for the largest market share as it is sourced from renewable plant-based sources such as corn, cassava and sugarcane.
Key Takeaways:
The global bioplastic composites market for injection molding is expected to witness high growth. The market size is projected to reach US$ 123.12 Bn by 2030, expanding at a CAGR of 11.4% during the forecast period. Superior physical, chemical and mechanical properties along with environment friendly nature is driving the demand for bioplastic composites in various applications.
Regional analysis:
The Asia Pacific region dominates the global bioplastic composites market, accounting for around 35% of the global market share in 2023. Rapid industrialization and increased investments in automobile, construction and packaging industries are fueling the demand for bioplastic composites in the region. China is expected to remain the largest market in Asia Pacific owing to presence of major automotive OEMs and supportive government policies.
Key players:
Key players operating in the bioplastic composites market for injection molding are BASF SE, Braskem S.A., Compagnie de Saint-Gobain S.A. (CertainTeed Corporation), Corbion Purac, FKuR Kunststoff GmbH, Green Matters Mexico, Indorama Ventures Public Company Limited, Natureworks LLC, Trex Company, Inc., and UPM. These players are focusing on expanding their production capacities and product portfolio to cater to the growing demand for bioplastic composites across major end use industries.
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