Global Bioplastics Market

Bioplastics Market Size, Share, Growth Analysis, By Raw Material (Sugar Cane, Potato), By Product Type (Biodegradable, Non-Biodegradable), By End-use Industry (Packaging, 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 News

 

  • May 2023: TotalEnergies Corbion and Changsu Industrial jointly announced their cooperation in developing the application of sustainable biobased BOPLA films. Through this agreement, TotalEnergies Corbion will be able to boost the revenue generated by its biobased products. 
  • April 2023: Solvay declared that it would expand its research and innovation footprint in the US through a strategic alliance with Ginkgo Bioworks. The collaboration seeks to develop innovative, eco-friendly biopolymers and open the North American market for them. 
  • April 2023: NatureWorks LLC announced that it will launch a new biopolymer-based product called Ingeo 6500D. The product is expected to enhance the resilience and softness of biobased nonwovens used in hygiene applications. 
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The 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 key players within the 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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Global Bioplastics Market

Report ID: SQMIG15A2253

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