Bioplastics Market

The global Bioplastics Market is valued at USD 8.4 Billion in 2022 and is projected to reach a value of USD 19.2 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 11.1% between 2023 and 2030.

Premium Insights

A growing number of consumers and policymakers are concerned about the environmental impacts of conventional plastics, such as their contribution to climate change and marine pollution. According to a survey by the Pew Research Center, 80% of Americans believe climate change is a severe problem. The European Union has also banned several applications of single-use plastics, such as straws and cutlery. Furthermore, Bioplastics make compostable bags, straws, and cutlery. For instance, Frito-Lay® launched a series of industrially compostable bags in partnership with the Off the Eaten Path® brand. This launch signifies a significant advancement in Frito-Lay's commitment to its ambitious target of making 100% of its packaging materials recyclable, compostable, biodegradable, or reusable by 2025. Additionally, Bioplastics are being used to make biodegradable agricultural films that can help improve soil health.

• Governments worldwide are introducing regulations to reduce the use of conventional plastics and promote the use of Bioplastics. For example, the United States has set a goal of reducing plastic waste by 50% by 2030. Additionally, China has banned the import of plastic waste.
• Europe generated more than 41.8% of revenue share in 2022, because of the increasing use of Bioplastics in key end-use sectors
• Asia Pacific is expected to increase during the forecast period, owing to the abundant availability of Bioplastics feedstock.
• The Biodegradable product segment accounted for the most significant market growth. It contributed over 53.1% of the total revenue share in 2022 owing to the advancement in biodegradable Bioplastics technology.
• Because of the increasing need for sustainable packaging solutions, the packaging application sector experienced the most significant market growth, accounting for more than 61.8% of the total revenue share in 2022.

Economic Insights

Economic factors have also contributed to the expansion of the Bioplastics industry. Traditional plastics have become more expensive due to fluctuating oil prices and the increasing expense of fossil fuels, prompting businesses and consumers to seek more cost-effective and ecological alternatives. Additionally, government regulations and policies to reduce plastic waste and promote sustainability have created a favorable market environment for Bioplastics. The Bioplastics supply chain also involves several stages, including raw material sourcing, manufacturing, distribution, and end-user consumption. Raw bioplastic materials can be derived from various sources, including corn, sugarcane, and soybeans. These raw materials are then processed to extract the necessary components for bioplastic production. Manufacturers convert these components into Bioplastics, distributed to various industries for packaging, consumer goods, automotive parts, and more.

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Top Market Trends

• Increased demand in the packaging industry: The packaging industry is the largest consumer of Bioplastics, accounting for nearly 60% of the overall Bioplastics market. With growing environmental concerns and regulations on single-use plastics, there has been a surge in demand for biodegradable and compostable packaging materials.
• Growing automotive applications: Bioplastics are increasingly employed in automotive manufacturing to minimize vehicle weight and enhance fuel efficiency. Bioplastics offer advantages such as reducing carbon emissions, providing better acoustic insulation, and improving automobile energy efficiency.
• Rising adoption in the consumer goods industry: Bioplastics are finding widespread applications in the consumer goods industry, including household items, toys, electronics, and personal care products. Consumers increasingly opt for sustainable, eco-friendly products, leading to a surge in demand for Bioplastics. According to a study by European Bioplastics, the global Bioplastics production capacity for consumer goods is expected to grow from around 1.7 million tons in 2019 to approximately 2.4 million tons in 2024.
• Government regulations and incentives: Governments worldwide are implementing laws and providing incentives to promote using Bioplastics. For instance, the European Union has set targets to increase the use of Bioplastics and reduce plastic waste. The EU Plastics Strategy aims to make all plastic packaging recyclable or reusable by 2030. These regulatory measures drive the demand for Bioplastics and provide a favorable market environment.
• Advancements in research and development: Companies and research institutions continuously invest in R&D to develop innovative Bioplastics with improved properties and performance. Technological advances are leading to Bioplastics that can be used in high-performance applications, such as aerospace and medical industries.

Market Segmentation

The Global Bioplastics Market is segmented across the below-mentioned categories:

The global Bioplastics market can be categorized into Product, Applications, Region. The Bioplastics market can be categorized into Biodegradable, Non-Biodegradable based on Product. The Bioplastics market can be categorized into Packaging, Consumer Goods, Agriculture, Automotive & Transportation, Textile, Building & Construction, Other Applications based on Applications. The Bioplastics market can be categorized into North America, Europe, Asia Pacific, Latin America, Middle East & Africa based on Region.

Based on Product

The Biodegradable Segment Dominates the Market and is Anticipated to Dominate the Segment

The biodegradable plastic segment accounted for the most significant market growth in 2022. Polylactic acid, starch blends, PBS, PBAT, PLA, and other materials are examples of biodegradable polymers. Regarding sales, starch blends ranked as the largest category of biodegradable products in 2022. Starch-based polymers are made from readily available natural resources such as potatoes, tapioca, wheat, rice, and corn. Because they are readily available in large quantities, starch blends are a good substitute for traditional plastics.

Based on Application

Packaging Application Topped the Market & is Forecast to Top the Charts in the Projected Timelines

In 2022, the packaging application dominated the market. Bioplastics are widely used in packaging applications including, but not limited to, household care goods, food & beverage packaging, films & sheets, and personal care packaging. Starch blends, PLA, PBAT, PET, PE, and PBS are some of the most common Bioplastics used in packaging. Manufacturers are forced to employ Bioplastics due to consumer preferences for environmentally friendly packaging and the global landfill problem.

Based on Region

Europe Led the Market and is Forecast to Lead the Globe in the Future

Europe dominated the global market in 2022. Agricultural mulch films, shopping bags, refuge bags, loose packaging, and bottles are only a few vital uses for Bioplastics. In the European Union, almost 100 billion bags are used annually. All around Europe, consumers are becoming more accepting of Bioplastics. The growing use of Bioplastics in important end-use industries such as consumer products, packaging, textiles, automotive & transportation, and medical devices is also projected to impact the market positively.

Competitive Landscape

Players in the Bioplastics market are involved in the manufacturing and commercializing of Bioplastics products. They build and operate production facilities for Bioplastics, ensuring efficient and sustainable manufacturing processes. The commercialization efforts involve marketing and distributing bioplastic products to various industries, such as packaging, consumer goods, automotive, and agriculture. In addition, bioplastic players invest heavily in research and development to develop innovative and sustainable bioplastic materials. They continually strive to improve the properties of Bioplastics, making them more durable, heat-resistant, and cost-effective. R&D efforts also focus on finding new sustainable feedstock options for Bioplastics production.

The players in the global Bioplastics market include Novamont S.P.A. (Italy), Teijin Limited (Japan), Toray Industries Inc. (Japan), Toyota Tsusho Corporation (Japan), Avantium (Netherlands), PTT MCC Biochem Co. Ltd. (Thailand), An-Phat Holdings (Vietnam), NatureWorks LLC (U.S.), Saudi Basic Industries Corporation (Saudi Arabia), BASF SE (Germany), Futerro Sa (Belgium), Trinseo S.A. (U.S.), Braskem (Brazil), Total Corbion PLAIR (Netherlands), SUPLA (China), Solvay (Belgium) among others.

Recent Market Developments

• In August 2022, Sea6 Energy Pvt. Ltd. received funding from BASF Venture Capital GmbH, the corporate venture firm of BASF SE, Germany, and Aqua-Spark, a Dutch investment fund. Leading the industry in producing and processing tropical red seaweed is Sea6 Energy. Red seaweed-based Bioplastics and biofuels are another project being worked on by Sea6 Energy.
• In April 2022, Trinseo introduced MAGNUM BIO ABS for automotive applications. The introduction of MAGNUM BIO ABS expands the company's line of sustainably advantageous products and supports efforts to provide clients with new, sustainable solutions that help them reach sustainability goals.
• In March 2022, ABB technology will automate the brand-new Bioplastics factory for NatureWorks in Thailand, helping to satisfy the growing demand for eco-friendly products worldwide. An integrated process from fermentation to polymerization improves supply chain dependability. The new facility is slated to generate 75,000 tons of Ingeo PLA biopolymer annually.

Segmentation of the Global Bioplastics Market