Bioplastics are sustainable and biodegradable alternative to conventional plastic which are primarily derived from petroleum sources. Bioplastics are traditionally made from renewable biomass sources like corn starch, potato starch, tapioca roots, chips or starch, vegetable fats and oils, lignocellulose, and polylactic acid polymers derived from corn or sugarcane. Bioplastics have significantly lower carbon footprint and their production requires less energy. The global Bioplastics Market is estimated to be valued at US$ 9.5 billion in 2024 and is expected to exhibit a CAGR of 4.1% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The increasing demand for sustainable polymers from packaging and food and beverage industries is the key trend fueling the growth of bioplastics market. Bioplastics offer viable alternatives to conventional plastics used for food packaging, take away containers, bottles and other single-use food containers and utensils. Their compostable and biodegradable property addresses the issues related to non-biodegradability of traditional plastics and increasing plastic wastes. The stringent regulations on use of single-use plastics in many countries is driving growth in demand for bioplastic-based sustainable polymers from FMCG and food packaging companies. The market players are investing in capacity expansion to cater to this growing demand.

Segment Analysis

The bioplastics market is primarily segmented into biodegradable and non-biodegradable plastics. Biodegradable plastics dominated the market and accounted for over 60% share in 2024. These plastics decompose and break down into water, carbon dioxide or methane in the presence of oxygen. They are commonly used in packaging for food and beverages, agriculture and horticulture applications. Within biodegradable plastics, polylactic acid emerged as the fastest growing segment during the forecast period due to its increasing adoption in rigid packaging of food & non-food products and 3D printing filaments.

Key Takeaways

The Global Bioplastics Market Share is expected to witness high growth over the forecast period owing to stringent regulations regarding the use of conventional plastics and rising awareness about environmental pollution.

Regional analysis: Europe dominated the market in 2024 and accounted for over 35% share. This was attributed to strong government support through regulatory push for sustainable alternatives in countries like Germany, Italy and France. Asia Pacific is anticipated to be the fastest growing region on account of large production capacities being set up in India and China. Japan and South Korea are also emerging lucrative markets.

Key players: The major players operating in the bioplastics market are NatureWorks LLC, Braskem, BASF SE, Novamont S.p.A., Total Corbion PLA, Biome Bioplastics, Biotec, Eastman Chemical Company, FKuR Kunststoff GmbH and Danimer Scientific. NatureWorks LLC is the leading player with over 30% share in global PLA production in 2024. BASF SE offers biodegradable ecovio® bioplastics for packaging and agricultural films.

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https://www.newswirestats.com/bioplastics-market-size-share-growth-outlook-2023/

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