Bioplastics Market Size To Attain USD 46.1 Billion By 2030

Published Date : 09 Jan 2023

The global bioplastics market size was evaluated at USD 13.11 billion in 2022 and is expected to attain around USD 46.1 billion by 2030, poised to grow at a CAGR of 17.02% over the forecast period 2022 to 2030.

In substitute of petroleum-based polymers, the biopolymer is a durable polymer made from renewable basic ingredients. Production of bioplastic uses 65 percent less electricity than that of conventional petroleum-based plastic. The worldwide bioplastics market is changing as rivals concentrate more on advancing and combining R&D efforts, which leads to increased production capability. 

It is projected that the agricultural industry's need for biomaterials would expand mainly as a result of a greater focus on halting ecological deterioration and fostering conditions that are favorable for fertilizer application. Compostable items are being used more frequently in nurseries and agriculture due to their unequaled qualities, which include fostering the development of plant embryos and avoiding the rotting of organic substances. This is aimed to influence the expansion and boost the introduction of biomaterials into the horticultural industry.

Report Highlights

The use of bioplastic could lower carbon dioxide emissions. During the period of decay, it produces very little greenhouse gas emissions. The development of the biopolymers market is predicted to be driven by these cutting-edge eco-friendly features and functionalities over the forecast timeframe. 

Additionally, competitive factors are moving away from conventional polymers and toward items made from biomaterials. The need for bioplastics has grown as a result of these considerations. In addition, renewable resources can be used to produce bioplastic. Corn, maize, wheat, and sugarcane are typical renewable sources used to make bioplastics. Nearly all geographical areas of the world have easy access to these. As a result, the worldwide market's change in crude oil prices has no impact on the development of the bioplastics business. 

The market for biomaterials may expand as a result of these causes. However, one of the main problems with the bio-plastics industry is the high price of the product. Currently, biopolymers are much more than twice as expensive as traditional plastics made from petroleum. This is mostly caused by the expensive R&D, building a polymer factory, and raw material expenses when the production scale is still small. This aspect can slow the market's expansion for bioplastics.

Bioplastics Market Report Scope

Report Coverage Details
Market Size in 2022 USD 13.11 Billion
Market Size by 2030 USD 46.1 Billion
Growth Rate from 2022 to 2030 CAGR of 17.02%
Base Year 2022
Forecast Period 2022 to 2030
Segments Covered By Product and By Application
Regions Covered  North America, Europe, Asia-Pacific, Latin America and Middle East & Africa


Regional Snapshots 

Due to the expanding packaging sector development, players have predicted notable growth in areas like India, Japan, and Chinese during the forecast timeframe. Another element that may have an impact on the market's expansion is the rising need for biomaterials in agriculture and horticulture. Due to the rising need for electronics products and lightweight vehicle components, North America currently holds a significant market share for bioplastics and is predicted to dominate the global industry. 

The rising consumption of high-quality goods as well as the inhabitants' high standards of living may also contribute to the region's development. Due to increasing investments in R&D, talents, and technology to increase its presence, Europe is predicted to experience tremendous growth. Additionally, Japan's rising need for biopolymers packaging items from various companies may help the region's development.

Market Dynamics

Drivers 

Due to growing consumer awareness of bio-based products, the environmentally favorable properties of biomaterials, and the availability of renewable raw material sources global industry for products produced by bioplastics has expanded. The ability of bioplastics to reduce plastic pollution in the atmosphere and the growing global e-commerce trend are also two major factors in the growth of a bioplastic business. 

Due to extensive efforts to reduce the use of conventional, non-biodegradable plastics and growing awareness of ecologically friendly plastics replacements, the market for bioplastics is growing. Traditional plastics take decades to decompose and spend a great deal of time inside landfills because they are primarily comprised of petroleum. 

Biodegradable polymers break down more quickly when they're discarded or returned to the environment. Furthermore, due to the activity of bacteria, biodegradable polymers disintegrate significantly faster than ordinary polymers. Rising landfills and garbage piles pose serious environmental dangers and have a range of detrimental effects on the fauna and flora of an entire ecosystem.

Restraints

The industry for bioplastics is expanding as a result of increased awareness of environmentally friendly plastic alternatives and widespread attempts to minimize the use of traditional plastics that are not biodegradable. Conventional plastics, which are mostly made of petroleum, take many decades to disintegrate and spend a lot of time in landfills. Whenever biodegradable waste is thrown away or reincorporated into the environment, they degrade more quickly. Additionally, compared to conventional polymers, biodegradable polymers decompose significantly more quickly because of the actions of microbes.

Opportunities

Market participants within the bioplastics and natural polymers sector are continuously implementing both organic and inorganic growth strategies. The players lately made significant strategic progress in the APAC emerging states. In Indonesia, researchers are looking into alternatives to bioplastics like seaweed. A local company by the name of Evoware promises to package copyrighted seagrass. A firm manufacturing seaweed-based containers. 

Environment regulations are expected to tighten up, which would eventually increase the market for nanomaterials in these countries. Additionally, Southeast Asia was a great source of the bio-based foundation required to produce bioplastic since it had access to locally available recyclable raw materials. As a result of regulations and the affordable availability of feedstock, the market for nanomaterials will be supported during the projected period.

Challenges

Customers need to select one brand over another is influenced by market regulations. The decision to use bioplastics rather than conventional plastics may be aided by the stringent regulations governing waste prevention and the plastics sector. If bioplastics satisfy the requirements for price, usability, availability, and renewability, they can compete with conventional plastics. However, new nations have few laws. Consumers are ignorant of the gravity of the problems that wastes generate unless they are directly impacted. 

However, it is projected that the global upsurge in digital and social media technology would increase sustainability consciousness in these regions. Considering all government-sponsored initiatives, a sizeable segment of the population does not support or engage in recycling plastic wrapping.

Recent Developments

  • In April 2021, NatureWorks & IMA Coffee, a global leader in coffee production, production, and packaging announced a new strategic partnership. High-performing disposable K-cups will make a bigger commercial impact throughout North America thanks to this partnership.
  • To reduce non-recyclable waste and promote the objectives of a cyclic bioeconomic, Iren & Novamont signed three-year cooperation in the field of extensive trash collection technology in March 2021.
  • Novamont acquired BioBag Group in early Jan 2021 to expand its marketing possibilities in underserved regions.
  • Ledesma + Bio, a brand of sustainable notebooks made entirely of sugarcane, was launched in August 2019 by Argentine company Braskem & Ledesma, a maker of environmentally friendly agroindustrial goods. These initiatives ought to meet the industry's demand for biopolymers and plastics.

Major Key Players

  • TEIJIN LIMITED
  • TORAY INDUSTRIES, INC.
  • Toyota Tsusho Corporation
  • Avantium
  • PTT MCC Biochem Co., Ltd.
  • An Phat Holdings
  • NatureWorks LLC
  • SABIC
  • BASF SE
  • Futerro
  • Trinseo S.A.
  • Braskem
  • Total Corbion PLAIR
  • SUPLA (JIANGSU SUPLA BIOPLASTICS CO., LTD.)
  • Solvay

Market Segmentation

By Product

  • Biodegradable
    • Polylactic Acid
    • Polybutylene Adipate Terephthalate (PBAT)
    • Polybutylene Succinate (PBS)
    • Starch blends
    • Others
  • Non-biodegradable
    • Polyethylene
    • Polyethylene Terephthalate
    • Polytrimethylene Terephthalate
    • Polyamide
    • Others

By Application

  • Packaging
    • Rigid Packaging
      • Bottle & Jar
      • Trays
      • Others
    • Flexible Packaging
      • Pouches
      • Shopping/Waste Bags
      • Others
  • Consumer goods
  • Agriculture
  • Automotive & Transportation
  • Textile
  • Building & Construction
  • Others

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