Published Date : 30 Jan 2023
The global bioplastics market size was exhibited at USD 13.11 billion in 2022 and is expected to hold around USD 46.1 billion by 2030 expanding at a compound annual growth rate (CAGR) of 17.02% from 2022 to 2030.
Renewable raw resources including corn, sugarcane, and cellulose are used to make bioplastics. Because of its environmental friendliness, abundant supply of renewable raw materials, and supportive government laws for their usage in a variety of sectors, bioplastics are now much more popular. Additionally, bioplastics are widely used in a variety of sectors, including electrical and electronics, textile, consumer products, agriculture, construction, rigid and flexible packaging, and textiles.
Additionally, the design and engineering of bioplastic composites have been built on the inclusion of bio-sources such as natural plant-based fibers into bioplastic composite structures. The inclusion of natural fibers in bioplastics enhances some qualities, such as stiffness and thermal behavior, while also lowering cost, increasing the likelihood of bioplastic being dense, and enhancing recyclability.
Bioplastics Market Report Scope
|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%|
|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|
Due to increasing investments by major companies and rising demand from downstream sectors like building & construction, transportation, etc., the North American market currently has the greatest share of the worldwide bioplastic composites market. Due to its stable economy and significant demand from downstream industries, the North American area was valued more than other regions. In terms of value and volume, the Asia Pacific area is expanding the quickest. Greater economies, rising disposable income, and strong demand for bioplastic composites from downstream sectors are all contributing factors in the expansion.
Because of its closeness to Asia, the UK is by far the greatest consumer in Europe. Demand from a variety of downstream application areas, such as electrical & electronics, and automotive, will drive the market. Due to an increase in demand for bioplastic composites across a number of downstream sectors, including transportation, electrical & electronics, building & construction, etc., the Middle East and Africa area is expected to expand over the forecast period. Only a slight expansion of the Latin American market is anticipated throughout the projection period.
Market demand for environmentally friendly polymers is rising: Numerous sectors have used biodegradable polymers, but the packaging industry is where they are most frequently used because of their comparable characteristics to conventional counterparts. They are used in both flexible and rigid packing. In the next years, a considerable amount of packaging material is anticipated to be utilized due to an expansion in global e-commerce.
Utilizing bio-based polymers can be a great approach to reducing environmental plastic pollution since they can readily replace conventional plastics. In sectors including food and medicine, there is a growing need for plastics made from renewable feedstock. Additionally, both established and emerging economies have seen an increase in demand for ready-to-eat foods. Because of this, the producers of these goods have actively searched for packaging materials that are both environmentally friendly and safe for the packed goods. These polymers are now these firms' preferred materials.
Several foreign governments have released a number of laws that call for the use of bioplastics rather than low-density polyethylene in an effort to discover a sustainable means of being environmentally friendly (LDPE). The Nigerian House of Representatives outlawed the importation, use, and manufacturing of plastic bags throughout the nation in May 2019. Cambodia implemented a fee on plastic bags in October 2017. Large businesses in Israel are forced to charge consumers for plastic bags with handles starting in January 2017.
Taiwan revealed its plan to outlaw petroleum-based plastics in stores in 2018. The plan calls for a comprehensive ban on petroleum-based bags by 2030, followed by price increases in 2025 and 2020. Thailand adopted a road map in 2019 for cutting back on trash plastics by 2030. As part of the plan, the government chose to outlaw cups, plastic bags smaller than 35 microns, and even plastic straws by 2020. This will encourage more people to switch to bioplastics as these items are needed by merchants, supermarkets, and shop vendors.
As a result, over 127 nations have passed laws limiting the use of conventional plastics and opening the market for bioplastic composites.
The market growth is constrained by the high cost of bioplastic composites in comparison to traditional plastics. Although biodegradability is undoubtedly a benefit, the majority of grades require very specialized industrial composting processes to break down, and only a small number of countries have a dense enough infrastructure to handle these goods.
As the feedstock crops utilized in the manufacture are often used to feed people globally, the land needed to create biodegradable plastic competes with food production. According to the Plastic Pollution Coalition, feedstock crops will need to be grown over an area of 13800 square kilometers to supply the present worldwide demand for these plastics. Compared to Belgium, the Netherlands, and Denmark, this region is bigger. These all contributed to the product's price being greater than with traditional plastics. The complicated process necessary to turn corn and sugarcane into the lactic ide monomers for PLA causes PLA to be 20–25 percent more expensive than equivalent materials, according to the Earth Institute of Columbia University.
Market expansion for bioplastic composites will be fueled by rising automotive industry demand. The primary goal and challenge for the automotive sector is to reduce pollutants and fuel consumption by lighting vehicles. Bioplastics have a track record of being effective materials for achieving this particular objective.
These smart polymers, such as bio-PA and bio-PP, have been embraced by the major automakers in order to lessen their influence on the environment and provide the car's components with more strength. By 2024, the technological use of these polymers in the automotive sector will increase their volume to nearly 170 KT, according to European Bioplastics. Therefore, it is anticipated that the demand for these plastics in the automotive sector as a result of their excellent features would lead to development opportunities for the market's players.
Prices for conventional plastics have decreased as a result of the COVID-19 pandemic's effects on manufacturing, shipping, and other aspects of the supply chain. The fundamental cause of the decline in market 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 expenditures proposed by several countries and organizations, which lowers the demand for bio-based alternatives. Sustainable plastics, on the other hand, can prove to be a great replacement for conventional plastics, which are more in demand due to a rise in food, pharmaceutical, and PPE packaging, offering a different development route for this sector in the wake of the pandemic.
Major Key Players
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