What is the market size of Bioplastics Market?

Global Bioplastics Market size was valued at USD 11615.5 billion in 2022 and is poised to grow from USD 13845.68 billion in 2023 to USD 56431.84 billion by 2031, growing at a CAGR of 19.20% during the forecast period (2024-2031).

Who are the key vendors in the Bioplastics Market?

The existence of large sectors around the world, where these businesses are comparatively concentrated and intensely competitive, has led to a highly competitive environment for the global bioplastics market. 'BASF SE (Germany)', 'NatureWorks LLC (USA)', 'Braskem (Brazil)', 'Novamont S.p.A. (Italy)', 'Mitsubishi Chemical Corporation (Japan)', 'Arkema S.A. (France)', 'Corbion N.V. (Netherlands)', 'Toray Industries Inc. (Japan)', 'Total Corbion PLA (Netherlands)', 'Danimer Scientific (USA)', 'Bio-On S.p.A. (Italy)', 'Eastman Chemical Company (USA)', 'Synbra Holding bv (Netherlands)', 'FKuR Kunststoff GmbH (Germany)', 'Innovia Films Ltd. (UK)', 'Kaneka Corporation (Japan)', 'Cardia Bioplastics (Australia)', 'Plantic Technologies Ltd. (Australia)', 'Biome Bioplastics Limited (UK)', 'API S.p.A. (Italy)', 'BioBag International AS (Norway)', 'Shenzhen Ecomann Biotechnology Co. Ltd. (China)'.

What is the key driver of Bioplastics Market?

Biodegradable polymers have found applications in a variety of industries, but the most visible application is in the packaging industry, where they exhibit qualities similar to their conventional counterparts. They are used in stiff as well as flexible packaging. With an increase in worldwide e-commerce activity, a significant amount of packaging material is likely to be required in the future. Because bio-based polymers may easily replace conventional plastics, their use can be a great way to reduce plastic pollution. Food and pharmaceutical industries are also expanding their demand for renewable feedstock-based polymers. Aside from that, the demand for ready-to-eat foods has grown in both developed and emerging economies. As a result, manufacturers of such products have aggressively sought packaging materials that are safe and inert to the packaged products and have little to no environmental impact. These product tactics will increase the global bioplastics market share.

What is the key market trend for Bioplastics Market?

Several major companies are investing in research and development of bioplastics, as well as expanding their production capacities. This is expected to drive down the cost of bioplastics and increase their availability for various applications.

Which region accounted for the largest share in Bioplastics Market?

With more than 43.0% of the global market's sales in 2022, Europe held the top spot. Agricultural mulch films, shopping bags, refuge bags, loose packaging, and bottles are only a few of the vital uses for bioplastics. Each year, almost 100 billion bags are used in the European Union. All around Europe, consumers are becoming more accepting of bioplastics as a whole. The growing use of bioplastics in important end-use industries such consumer products, packaging, textiles, automotive & transportation, and medical devices is also projected to have a positive impact on the market.

Bioplastics Market Size, Share, Growth Analysis, By Raw Material(Sugarcane and Potato), By Product Type(Biodegradable and Non-Biodegradable), By End-Use Industry(Packaging and Automotive & Transport), By Region - Industry Forecast 2024-2031

Report ID: SQMIG15A2253 | Region: Global | Published Date: August, 2024
Pages: 184 | Tables: 65 | Figures: 77

Bioplastics Market Insights

Global Bioplastics Market Size was valued at USD 11.6 Billion in 2022 and is poised to grow from USD 13.83 Billion in 2023 to USD 56.36 Billion by 2031, at a CAGR of 19.20% over the forecast period (2024–2031).

The bioplastics market is driven by a rise in demand for sustainable plastics by the packaging industry. Biodegradable polymers are used for several applications, but most importantly they are used in the packaging sector. With the rise in the commercial industry, packaging has become the most essential part. Bio-based polymers can replace plastic, therefore reducing plastic pollution. Further, the growing demand for compostable plastics to enhance the quality of the soil boosts the market growth.

Plastics finds wide applications in agriculture and horticulture. They are used in manufacturing greenhouses, silos, and storage bags. In addition, the F&B industry is witnessing an increase in demand for polymers based on renewable feedstock. Besides, the demand for ready-to-eat food has grown in developed and developing economies. Consequently, manufacturers of these products are striving hard to identify packaging materials that are safe and have little to no impact on the environment. These product strategies are expected to increase the global market share of bioplastics.

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FAQs

The key players within the bioplastics market are taking steps ahead to sustain their position. They are following various strategies which include mergers & acquisitions, product development, R&D, product innovation, partnerships, and collaborations. For instance, Novamont is one of the key players in this market. The company has four production sites, two research facilities, and a distribution network in 25 countries. In addition, it has created five unique technologies and submitted over 1800 patent applications. It devotes about five percent of its annual revenue to R&D and innovation, and it backs a bio-economy model that is based on efficient resource use and regeneration. 'Braskem ', 'BASF SE ', 'Novamont S.p.A. ', 'Arkema S.A. ', 'Corbion N.V. ', 'Danimer Scientific ', 'Synbra Holding bv ', 'Kaneka Corporation ', 'Plantic Technologies Ltd. ', 'API S.p.A. ', 'AVANTIUM ', 'Toray Industries Inc. ', 'Mitsubishi Chemical Corporation ', 'NatureWorks LLC ', 'Total Corbion PLA '

Despite being utilized in a wide range of industries, biodegradable polymers are most visible in the packaging industry due to their qualities being like those of conventional polymers. They are used in both flexible and rigid packing. Due to the increase in worldwide e-commerce, future packaging requirements are anticipated to call for a significant amount of material. As bio-based polymers are easily substituted for conventional plastics, using them can be a great way to reduce plastic pollution.

The automobile industry's main objective and challenge is reducing vehicle weight to reduce pollutants and fuel consumption. Major automakers are using smart polymers such as bio-PA and bio-PP, which have emerged as practical materials for achieving this goal, to lessen their environmental impact and increase the strength of automobile components.

With a market size of USD 3.64 Billion, the bioplastics industry in 2023 witnessed a 48.6% share owned by Europe. Europe is a major center since it sets the global standard for product consumption as well as R&D. Roughly 25% of all bioplastics are now produced in the region, according to data from European Bioplastics. Moreover, strong demand for bio-based packaging products from local manufacturers and a thriving automotive sector are expected to drive market expansion. In addition, the research environment in Europe is highly developed, with many companies and institutions focused on the development of new bioplastics technologies, and research surrounding the potential regulatory impacts. Research focusing on such issues has made enormous progress in functionalities and application ranges of bioplastics, starting from performance features right up to ecologically friendly production techniques.

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