Bioplastics Market Forecasts to 2028 – Global Analysis By Product (I Non Biodegradable, Biodegradable), Application (Consumer goods, Packaging, Agriculture, Textile, Building & Construction, Automotive & Transportation) and Geography
According to Stratistics MRC, the Global Bioplastics Market is accounted for $12.14 billion in 2022 and is expected to reach $34.67 billion by 2028 growing at a CAGR of 19.1% during the forecast period. A form of plastic known as ""bioplastic"" is produced from naturally biodegradable materials. It is a polymer that may be produced into a useful product using renewable or natural resources. There are numerous methods used to create bioplastics. Bioplastics' ability to degrade is determined by their molecular makeup rather than their origin.
According to European Bioplastics, one of the forthcoming applications of biodegradable polymers is in the automobile industry, which will increase their volume to roughly 170 KT by 2024.
Increasing demand for sustainable plastics
The qualities of biodegradable plastics are identical to those of traditional plastic. Additionally, during the anticipated period, the government's initiative and investment in the production of bioplastics will accelerate market growth. As a result, it is predicted that the market would be boosted by the rising use of bioplastics in important end-use sectors such packaging, textiles, consumer goods, automotive & transportation, and medical devices, among others.
Even though bioplastics are growing in popularity globally, their high cost relative to regular plastics is the key obstacle preventing the business from expanding. Due to the low cost of conventional plastics, it is now difficult for bioplastics to offer competitive pricing. In addition to being expensive, the lack of infrastructure for recycling and waste collection makes things challenging. People are becoming more willing to pay for the usage of bioplastics due to their value-adding advantages and environmental friendliness, despite the high costs associated with their production. Additionally, it is projected that in the next years, the supply of raw materials for bioplastics would be impacted by the growing population and worries about food shortages.
Increasing Adoption in Agriculture & Horticulture
Due to reasons including the high consumer acceptance of bio-based products, the eco-friendliness of bioplastics, and the accessibility of renewable raw material sources, the demand for bioplastic products has increased in agriculture and horticultural applications. Its ability to reduce ecological plastic litter and the growing global trend for e-commerce are also two major factors in its uptake. Demand for products has increased as a result of greater crop protection against pests, weed control, and soil moisture and nutrient management. Thus, the market for bioplastics has chances to expand as a result of these factors.
Risk of Contamination
When put in trash cans, biodegradable plastics shouldn't be mixed with non-biodegradable plastics. The issue here is that not everyone is aware of how to separate or identify bioplastics from other types of plastic. These bioplastics become polluted and unusable when these two types of plastic are combined. Because of this, more trash will accumulate in landfills from these polluted bioplastics. These days, more people are using biodegradable plastics as a result of growing environmental and global warming awareness.
Prices for conventional plastics have decreased as a result of the COVID-19 pandemic's effects on production, shipping, and other aspects of the supply chain. The fundamental cause of the decline in this market's growth is the use of crude oil for fuel, which has reached its lowest level since World War II and has resulted in reduced pricing for traditional plastics. Additionally, the pandemic delays legislation on single-use plastics and green investments announced by numerous countries and organisations, which lowers the demand for bio-based alternatives. Due to the rise in demand for food, pharmaceutical, and PPE packaging, sustainable plastics can prove to be a great substitute for traditional plastics, offering this market growth.
The non biodegradable segment is expected to be the largest during the forecast period
The non biodegradable segment is estimated to have a lucrative growth, due end-user demand and the growing desire to reduce dependence on petroleum-based products, key companies' tendency to produce sustainable products is developing. Non biodegradable plastics include those made of polyethylene, polyethylene terephthalate, polyamide, polytrimethylene terephthalate, polypropylene, polyethylene, furanoate, and polyvinyl chloride. These plastics are made from renewable resources like sugarcane, corn, castor oil, and others as their raw materials. Non biodegradable bioplastics are most frequently used in throwaway items like bottles, carry bags, shopping bags, films, consumer goods, electronics, and automobile interiors.
The packaging segment is expected to have the highest CAGR during the forecast period
The packaging segment is anticipated to witness the fastest CAGR growth during the forecast period. Bioplastics are frequently used in packaging, notably in films, sheets, home goods, packaging for food and beverages, and packaging for personal care products. Due to growing waste problems worldwide and consumer tendencies toward sustainable packaging, manufacturers are pushed to use bioplastics for packaging. In the packaging industry, bioplastics are largely used in applications for food packaging. Fresh food is regularly packaged in bioplastic bottles, jars, and other containers. Strong, single-use bottles manufactured of PLA plastic also have characteristics like gloss and clarity.
Region with highest share:
North America is projected to hold the largest market share during the forecast period owing to rising demand for bioplastics. Need for sustainability is prevalent in the local market, and this has sparked a significant demand for sustainable packaging. The U.S. Agriculture department's activities to promote ecologically friendly products are anticipated to increase demand for bioplastics across North America.
Region with highest CAGR:
Europe is projected to have the highest CAGR over the forecast period, owing to growing adoption of bioplastics in important end-use industries, including among others packaging, textiles, consumer goods, automotive & transportation, and medical devices. Bioplastics are widely employed in a variety of crucial applications, including bottles, shopping bags, loose packaging, and films for agricultural mulch. All over Europe, there is an increase in the general acceptance of bioplastics among consumers.
Key players in the market
Some of the key players profiled in the Bioplastics Market include Toyota Tsusho Corporation, SABIC, BASF SE, Trinseo S.A., Total Corbion PLAIR, Futerro, Braskem, Koninklijke DSM N.V., NatureWorks, LLC, Dow Chemical Company, Danimer Scientific, Indorama Ventures Public Company Limited, Novamont SpA, M& G Chemicals, Lyondellbase and Succinity GmbH.
In June 2022, BASF SE launched Ultramidâ A3EM8 OP, an optimal grade for painting since it has an A-grade surface quality and a high bonding strength. The Ultramidâ A3EM8 OP maintains dimensional stability during the painting process and under diverse driving circumstances. It is resistant to high heat up to 180°C. The substance also offers excellent chemical resistance needed for external car parts.
In January 2021, Trinseo finalized the expansion of its thermoplastic elastomers (TPE) R&D Center in Mussolente, Italy. This expansion will allow the company to increase its leading bioplastics portfolio.
In January 2021, Novamont acquired the Biobag Group, a Norway based company producing low impact solutions for packaging. This acquisition will allow Novamont expand its packaging market and offer more suitable and wider range of packaging solutions in the market in untapped regions.
• Non Biodegradable
• Other Products
• Consumer goods
• Building & Construction
• Automotive & Transportation
• Other Applications
• North America
Rest of Europe
• Asia Pacific
Rest of Asia Pacific
• South America
Rest of South America
• Middle East & Africa
Rest of Middle East & Africa
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