In terms of revenue, the Global Bioplastics Market is expected to reach by 2030, growing at a CAGR (Compound Annual Growth Rate) of 11.1% from 2023 to 2030.
Bioplastics are made from sustainable feedstocks such as corn, sugarcane, and cellulose. Environmentally friendly qualities, the availability of renewable feedstocks, and favorable government laws relating to the development of sustainable products enable manufacturers to use bio-based plastics. The Bioplastics market is growing due to the increased use of biodegradable goods and the expansion of the scope of Bioplastics across end-user industries. Furthermore, bioplastic has the potential to reduce carbon dioxide emissions by 30-70% when compared to ordinary synthetic plastic.
A rise in health-related awareness, combined with an expanding population in Asia Pacific's emerging economies, is predicted to benefit end-use industries, leading to higher demand for Bioplastics over the forecast period. In addition, continuous research and development in Bioplastics technology has resulted in advances in mechanical and chemical qualities, allowing them to be used in broader applications. Bioplastics processing innovations, such as blends and composites, broaden the applications of Bioplastics in industries such as automotive, construction, and electronics.
Key Highlights from the Report
- Based on Product, the Biodegradable segment dominates the Bioplastics market owing to the growing inclination of major players toward sustainable products.
- Based on Application, the packaging segment will likely be responsible for most of the market growth in 2022, owing to consumer preferences for sustainable packaging and the global waste crisis.
- Based on region, Europe holds the significant market share within the Bioplastics market in 2022 owing to the general consumer acceptability of Bioplastics.
Bioplastics provide an excellent opportunity to integrate with circular economy ideas. Unlike conventional plastics, which frequently wind up in landfills or contaminate the environment, Bioplastics can be designed to be biodegradable or compostable, returning them to nature or recycled organically. This interaction with the circular economy gives Bioplastics a tremendous possibility to contribute to a sustainable and regenerative economy.
Furthermore, Bioplastics can be produced more locally than conventional plastics since they can be developed from locally available biomass feedstocks. This method of obtaining and distributing raw materials minimizes transportation and logistics costs. It also promotes area economic development by opening up chances for small-scale Bioplastics production, boosting job growth, and promoting local sustainability. All of these factors may contribute to the growth of the Bioplastics market over the forecast period.
Europe led the Bioplastics market in 2022. Bioplastics are widely used in various critical applications, including agricultural mulch films, retail bags, refuge bags, loose packaging, and bottles. In the European Union, around 100 billion bags are used each year. Bioplastics' widespread consumer acceptability is increasing throughout all European countries. The growing use of Bioplastics in major end-use sectors such as consumer products, packaging, textiles, automotive & transportation, and medical devices, among others, is expected to boost the market.
The Global Bioplastics Market is Segmented as follows
- Consumer Goods
- Automotive & Transportation
- Building & Construction
- Other Applications
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
List of the Key Players of the Global Bioplastics Market is
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)
The Global Bioplastics Market Scope can be Tabulated as below
|Market Size Provided for Years||2017 - 2030|
|Historic Years||2017 - 2021|
|Forecast Years||2023 - 2030|
|Regions & Counties Covered||
|Report Coverage||Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis|