Bioplastics Market Updates

Bioplastics Market size was valued at USD 13.83 Billion in 2023 and is poised to grow from USD 16.49 Billion in 2024 to USD 67.18 Billion by 2032, growing at a CAGR of 19.20% during the forecast period (2025-2032).

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.