Global Bioplastics Market Size, Share, Growth Analysis, By Product(Biodegradable and Non-Biodegradable), By Application(Packaging, Agriculture) - Industry Forecast 2024-2031

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

Global Bioplastics Market Insights

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).

Research is being done on novel sources for their development, including seaweeds, insects, and animals. They are better than conventional plastics even though not all of them are biodegradable because a significant portion can do so in a very short period of time. The usage of biomass-based plastics is being promoted as an alternative to traditional fossil-based plastics for areas where the former is typically used, such as packaging, textile, electrical components, automobile parts, and furniture. Industries have changed their focus to creating and using biodegradable grades of plastic for a variety of uses as a result of the strict restrictions and legislation that are imposed on the use of non-renewable, single-use plastics by several agencies. In order to build a sustainable future for the coming generation, research activities are being conducted on a massive scale in the field of developing environmentally-viable plastics by both people and corporations. East and Central Asia each account for 28% of the market, according to Packmedia. Around +6.4% in sales and +1.6% in volume have been added to the growth rate in Europe. The projected growth rates for 2022 are 2.9% and 2%, respectively, again at the European level.

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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)'

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.

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.

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.

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Global Bioplastics Market Size, Share, Growth Analysis, By Product(Biodegradable and Non-Biodegradable), By Application(Packaging, Agriculture) - Industry Forecast 2024-2031

Global Bioplastics Market Insights

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