Global Bioplastics Market Size, Share & COVID-19 Impact Analysis, By Type, By Application, By Region Forecasts, 2024 – 2032

Global Bioplastics Market Size, Share & COVID-19 Impact Analysis, By Type, By Application, By Region Forecasts, 2024 – 2032

The global bioplastic market was valued at US $ 7.5 Billion in 2023 and is expected to reach US $ 31.66 Billion by 2032 growing at a CAGR of 20.2% during the forecast period 2024 – 2032.

The growing application of biopolymers in a variety of industries and the rising use of biodegradable materials are driving the expansion of the bioplastics market. Bioplastic, as opposed to conventional synthetic plastic, can cut CO2 emissions by 30–70%. With bioplastic, carbon dioxide emissions can be decreased. There are no greenhouse gas emissions from the substance's breakdown. Throughout the projected period, bioplastics will continue to grow due to improvements in their environmental properties and functionality. Additionally, there's a growing trend in the industry that supports bio-based products over traditional plastics. It should be mentioned, nevertheless, that the feedstocks used to make bioplastics are plants that produce sucrose, wheat, and maize. With just one mouse ""click,"" any location on the planet can be found. As a result, it is dubious how much the volatility of oil prices will affect the growth prospects of bio-plastics. These components might encourage the bioplastics sector to expand.

Furthermore, the production of bioplastics may be more regionally concentrated than that of conventional plastics because they are derived from readily available local feedstocks. This regional approach lowers the transportation and logistical expenses associated with acquiring and distributing primary goods. Furthermore, it boosts local sustainability, creates jobs, and establishes small-scale bioplastic industries to support regional economic development. When these variables are taken into account collectively, the market for bioplastics may increase more quickly during the projected timeframe.

The primary issue impeding the global bioplastics market is the high cost. At the moment, biodegradable plastics cost twice as much as conventional petrochemical plastics. This can be attributed to the high prices of raw materials, establishing polymer plants, and research and development. Regrettably, this limits the market for bioplastics' potential for expansion. Bioplastics may, nevertheless, be less effective than traditional plastics. Despite significant progress in this area, there are still obstacles to overcome before traditional polymers can be made to have mechanical strength, high heat resistance, and durability equal to them. These restrictions, however, can make it more difficult for them to be used in situations where high performance standards, such in the case of automotive components or high-performance packaging, must be fulfilled.

“Rigid segment, by application, to be dominating market from 2023 to 2030.”

In this market, rigid packaging is anticipated to continue leading. Bio-plastics are beginning to gain popularity as a packaging material in the transportation sector, particularly for rigid containers that must be both robust and environmentally friendly. This segment of the global market is expected to grow as a result of the growing use of flexible packaging in industries like food and medicine over the projected period. Containersisottles, jars, and other stiff packaging are examples of rigid packaging, while pouches, shopping bags, rubbish bags, and other flexible packaging are categorised as other.

“Europe to be largest region in bioplastics market.”

The value for the European market in 2023 was estimated at USD 3.68 billion. This fact makes Europe the center point both for production and sale of this product. At present, Europe leads with approximately 25% of the total global bioplastic production as per European Bioplastics. In addition, the growing demand for bio-based packaging materials among various manufacturers across this region together with the strength of the automotive industry are more reasons expected to promote market growth.

A notable development is the result of Asia-Pacific's increased industrial capability. According to European Bioplastics, this region produces roughly 56% of the product. China's foreign investment law was delayed due to the global pandemic, and it is anticipated that this realisation will increase investment in this area. The region's expanding packaging industry will contribute even more to the market's growth.

Bioplastics Competitive Landscape

The competitive landscape of the Bioplastics market involves assessing the competitive landscape to understand the strengths, weaknesses, opportunities, and threats of the industry. Key industry players have recognized that the adoption of Bioplastics technology holds the potential for further growth. The growing desire among producers to optimize their production costs has spurred collaborative efforts among companies to scale up their production capacity. This strategic collaboration not only aims to increase revenue but also seeks to establish dominance in the market.

The Bioplastics market is highly competitive, with numerous companies vying for market share. Prominent companies in the Bioplastics Market include:

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

Recent developments in the market:

January 2023: Arkema declares that the bio-circular material will be on display at the Milan MIDO event. At the event, the organisation intends to showcase a number of cutting-edge recyclable and bio-based materials. The trendy Rilsan polyamide 11 grades—which also contain mineral additives—and the Unique Pebax Rnew elastomer grades are used to make the eyewear.

April 2023 - Solvay established a strategic agreement with Ginkgo Bioworks as one of the methods to strengthen its research and innovation presence in the US. As part of this collaboration, an office was opened in North America, and environmentally friendly biopolymers were produced.

April 2023: Natureworks LLC has a new product called Ingeo 6500D that is composed of several biopolymers. It is anticipated that this product will offer ways to improve the strength and flexibility qualities needed for bio-based nonwovens intended for hygienic purposes.

Changsu Industrial and Total Energies Corbion sign a contract in May 2023 to further the creation and application of biobased plastics labelling materials. Through its biobased product line, TotalEnergies will increase its revenue earnings through a cooperation with Corbion.

November 2022 - TotalEnergies Corbion and BGF inked a long-term partnership agreement within the aforementioned collaboration with the goal of developing a bio-based luminy PLA product. The goal of this partnership was to maximise the revenue margin.