Global Bioplastics Market - 2024-2031

Global Bioplastics Market - 2024-2031

Global Bioplastics Market reached US$ 11.5 billion in 2023 and is expected to reach US$ 63.5 billion by 2031, growing with a CAGR of 18.4% during the forecast period 2024-2031.

The government's heightened emphasis on raising awareness about the detrimental impact of conventional plastics on the environment has spurred a surging demand for sustainable alternatives. Bioplastics, derived from renewable sources like plants or bacteria, stand out as an eco-friendly solution to address environmental concerns. The bioplastics play a vital role in reducing carbon emissions, lessening dependence on fossil fuels and contributing significantly to waste reduction.

Asia-Pacific has experienced remarkable growth in the bioplastic market, with notable developments in countries such as China, Japan and India. The governments in these countries are actively increasing awareness and addressing environmental issues, including plastic pollution and climate change, leading to a substantial uptick in the demand for bioplastics.

As an illustrative example, on April 28, 2023, companies like Citroniq and Braskem have adopted innovative methods, such as ethanol dehydration, to produce renewable polypropylene (PP), while Geno is utilizing sugar fermentation to create essential building blocks for polymers. The initiatives underscore a paradigm shift towards sustainable practices and the adoption of bioplastics as a pivotal component in mitigating environmental impacts across the Asia-Pacific.

Dynamics

Surge in Sustainable Packaging Solutions

Consumer preferences are shifting towards brands that prioritize eco-friendly practices and offer packaging solutions designed to minimize environmental impact. The growing consumer demand for sustainable packaging is significantly boosting the market for bioplastics, which present a more environmentally friendly alternative for packaging solutions.

For instance, on March 6, 2023, Ardra Nair, the founder of Greenamor Ventures in Kerala, India, successfully developed eco-friendly packaging solutions utilizing bioplastics derived from locally available coir waste. Recognizing the environmental repercussions associated with traditional packaging, especially in the cosmetic industry, Ardra's innovative approach aimed to transform waste materials into valuable resources while addressing the global challenge of waste management. The noteworthy example underscores the increasing importance of sustainable packaging solutions and the pivotal role of bioplastics in meeting the evolving demands of environmentally conscious consumers.

Biodegradable Bioplastics: A Sustainable Response to Plastic Pollution

Increasing awareness of the environmental impact of traditional plastics has spurred a shift towards the adoption of biodegradable alternatives. Conventional plastics, derived from petroleum, persist in the soil for extended periods, contributing to soil pollution. In contrast, biodegradable bioplastics offer a sustainable solution by decomposing at a faster rate, minimizing their environmental footprint.

A significant advancement in this realm occurred on June 11, 2023, when researchers at University of Washington developed bioplastics using powdered blue-green cyanobacteria cells, commonly known as spirulina. The innovative bioplastics exhibit a decomposition rate similar to that of a banana peel in backyard compost bins, presenting an eco-friendly alternative to traditional plastics. Notably, these bioplastics maintain mechanical properties comparable to single-use, petroleum-derived plastics, showcasing a promising avenue for sustainable solutions in the ongoing battle against plastic pollution.

High Product Cost

Bioplastics, while offering eco-friendly advantages, are subject to certain limitations in processing compared to their traditional plastic counterparts. Specific conditions, such as lower processing temperatures or restricted production rates, may be necessary for manufacturing certain types of bioplastics. Additionally, some bioplastics exhibit sensitivity to oxygen and moisture, affecting their stability during production and usage.

A significant factor contributing to the challenges of bioplastics adoption is the comparatively higher production cost when compared to conventional plastics. The cost disparity is attributed to the expenses associated with raw materials, manufacturing processes and the limited availability of economic resources. Consequently, the higher production costs associated with bioplastics render them less economically viable for certain applications, posing a hurdle to their widespread adoption in various industries.

Segment Analysis

The global bioplastics market is segmented based on type, end-user and region.

PLA Bioplastics: Renewable, Versatile and EU Taxonomy Compliance

PLA bioplastics are thermoplastic polyester derived from renewable resources that include corn starch, starch and tapioca roots. In 2010 PLA bioplastics is marked as the second most important bioplastics in the world. PLA is biocompatible and also provides the perfect solution for medical implants.

For instance, On 9 Jun 2023, The announcement by the company that its Luminy Polylactic Acid (PLA) bioplastics meet the criteria of the EU Taxonomy Regulation on climate change mitigation and adaptation highlights its significant role in the global sustainable economy. The EU Taxonomy Regulation is crucial for sustainable innovation as it establishes a standard for labeling businesses as 'sustainable' within the European Union.

Geographical Penetration

Growth in Population and Consumer Adoption of Sustainable Material

Asia-Pacific has the largest growth in the bioplastics market. Due to significant growth in the population increases the demand for bioplastics products in this region. Consumers are adopting sustainable materials. People are focusing more on eco-friendly products that reduce plastics. The shift in consumer thinking towards sustainability boosts the growth of the bioplastics market.

For instance, on 25 Sept 2022, news from NHK World Japan, Biodegradable plastics are made up of plant-based materials, these materials gains attraction in various industries including restaurants and food service, due to their eco-friendly properties and ability to degrade in seawater. The bio-plastics, made up from renewable sources such as cornstarch or sugarcane and offers a sustainable alternative to conventional plastics derived from fossil fuels.

Competitive Landscape

The major global players include Arkema, BASF, Bioterra, Kuraray Europe GmbH, NatureWorks LLC, Novamont S.p.A., TotalEnergies Corbion, Braskem, Mitsubishi Chemical Corporation, Plantic Technologies Ltd

COVID-19 Impact Analysis

The pandemic induced widespread disruptions across industries, with the packaging and agricultural sectors experiencing supply chain disturbances due to travel restrictions and lockdowns. The disruptions led to delayed production schedules and shortages in raw materials, posing challenges to the growth of the bioplastics market during the pandemic.

Escalating the predicament, the shortage in development and production of raw materials resulted in increased prices during the pandemic. The economic uncertainty stemming from the global health crisis further translated into reduced investment and funding for various industries, including the bioplastics sector. Financial constraints prompted the postponement or scaling back of projects and research initiatives, casting a shadow on the overall trajectory of the bioplastics market during the challenging times of the pandemic.

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

By End-User
• Packaging
• Consumer goods
• Automotive

By Region
• North America
U.S.
Canada
Mexico
• Europe
Germany
UK
France
Italy
Russia
Rest of Europe
• South America
Brazil
Argentina
Rest of South America
• Asia-Pacific
China
India
Japan
Australia
Rest of Asia-Pacific
• Middle East and Africa

Key Developments
• On 6 May 2021, TerraVerdae releases its new bioplastic product and the product has three versions blown, injection molding and thermoforming. The launch is for extensive development to produce biodegradable plastics.
• On 26 Oct 2022, Rochling-BioBoom, an international rochling group is launching its two new sustainable products and promoting the usage of biodegradable raw materials.
• On 24 April 2023, Kelpy launches hyper-scalable bioplastics pellets that will replace oil-based plastics. It claim that they are first company that create 100% bio-based product used in rigid packaging.

Why Purchase the Report?
• To visualize the global bioplastics market segmentation based on type, end-user and region as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of bioplastics market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The global bioplastics market report would provide approximately 53 tables, 57 figures and 191 Pages.

Target Audience 2024
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies