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 Insights

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 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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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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