Bioplastics Market Size Worth USD 14.94 Billion By 2032 |...

Bioplastics Market Size Worth USD 14.94 Billion By 2032

Posted 2024-02-28 05:00:18

Market Overview The global bioplastics market had a market valuation of USD 7.6 billion in 2022, and it is poised for substantial growth with a projected revenue Compound Annual Growth Rate (CAGR) of 7.8% throughout the forecast period. The primary driver of this expansion is the increasing demand for environmentally friendly and sustainable alternatives to traditional plastics.

The rising awareness of the detrimental impact of plastic waste on the environment and the implementation of stringent government regulations have led to a surge in the utilization of bioplastics across various end-use sectors.

End-Use Categories The bioplastics market is anticipated to be predominantly led by the packaging industry, which is facing the challenge of adopting environmentally friendly packaging solutions. The rising requirement for sustainable packaging, a push to reduce plastic waste, and heightened public consciousness regarding the environmental impacts of traditional plastics are driving the adoption of bioplastics in packaging. Furthermore, the automotive sector is increasingly incorporating bioplastics for various vehicle parts, both inside and outside, owing to their lightweight nature, strong durability, and reduced carbon emissions.

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Key Insights Product Categories: The global bioplastics market is segmented into two main product categories: biodegradable and non-biodegradable. In 2021, the biodegradable segment held the largest share of revenue. This was due to growing consumer demand for environmentally friendly packaging and the imposition of strict governmental regulations against traditional plastics. Increasing consumer awareness of plastic waste's detrimental environmental impact and a commitment to sustainable living are further driving the need for biodegradable bioplastics.

The non-biodegradable bioplastics segment is anticipated to exhibit the fastest revenue CAGR during the forecast period. This can be attributed to the rising demand for robust and high-performance bioplastics, particularly in the automotive and electronics sectors. Non-biodegradable bioplastics offer several advantages over conventional plastics, including improved mechanical and thermal properties, greater strength and durability, and a reduced carbon footprint.

Applications: The global bioplastics market is categorized by application into packaging, food production, transportation, and consumer goods. The packaging sector is projected to maintain the largest share of revenue during the forecast period. This is primarily driven by increasing consumer demand for eco-friendly and sustainable packaging options and strict governmental regulations against traditional plastics. The rising awareness of the environmental repercussions of plastic waste and the adoption of sustainable lifestyles are additional factors boosting the demand for packaging made from bioplastics.

The food production sector is expected to witness the highest revenue CAGR in the forecast period. Bioplastics are also widely used in the agricultural industry for applications such as Mulch Films and greenhouse films, where they enhance crop quality and yield while reducing the need for synthetic fertilizers and pesticides. The expanding market for bioplastics in agriculture is fueled by the growing interest in sustainable farming practices and the increasing focus on reducing carbon emissions.

Regional Dynamics: In Europe, the market holds the largest share of revenue throughout the forecast period. The increasing consumer awareness of the environmental benefits of using bioplastics in everyday products is a key factor driving growth. The implementation of policies encouraging the use of biodegradable plastics further supports market expansion. Additionally, the food and beverage industry's shift towards sustainable packaging solutions is driving demand for bioplastics in the region.

The Asia Pacific region is expected to register the fastest revenue CAGR during the forecast period. This is attributed to the growing demand for eco-friendly and sustainable products. The rapid industrialization and urbanization in the region have intensified the need for sustainable packaging solutions. Countries like China and India have initiated measures to promote the use of bioplastics and reduce plastic waste. Furthermore, the expansion of the automotive industry in the region is expected to drive significant demand for bioplastics in the production of environmentally friendly and lightweight automobile components.

North America is poised to hold a substantial share of revenue during the forecast period. There is a growing awareness among consumers of the adverse effects of plastic waste on the environment and a growing demand for sustainable alternatives. The food and beverage industry's adoption of sustainable packaging options further contributes to the demand for bioplastics. Additionally, the healthcare sector's increasing use of bioplastics is expected to boost revenue growth in the region.

Competitive Landscape: The global bioplastics market is highly competitive, with numerous large and medium-sized players that collectively hold a significant market share. These companies employ various strategies, including mergers and acquisitions, strategic agreements and contracts, the development and introduction of innovative products, and geographical expansion. Some of the major companies 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
Total Corbion PLA

Strategic Developments:

In 2021, Danimer Scientific announced a merger with Live Oak Acquisition Corp II, a special purpose acquisition company, aiming to broaden its product offerings and capabilities.
In 2020, Braskem introduced a biodegradable Polypropylene resin made from renewable resources, suitable for applications in food packaging, textiles, and toys.
In 2020, Mitsubishi Chemical Holdings Corporation announced the acquisition of Welset Plast Extrusions Private Limited, an Indian company specializing in Plastic films and sheets, to expand its presence in the Indian market and enhance its bioplastics product offerings.
In 2019, BASF SE unveiled a new biodegradable polymer, Ecovio EA, suitable for various applications, including agricultural films, shopping bags, and food packaging.
In 2019, Total Corbion PLA announced the expansion of its bioplastics production capacity in Thailand to meet the growing demand for bioplastics in the Asia-Pacific region.

Report Segmentation: This report covers historical data and forecasts revenue growth at a global, regional, and country level, along with an analysis of market trends within various sub-segments from 2019 to 2030. The global bioplastics market is categorized based on product, application, and region.

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