Green And Bio-based Plastic Additives Market Size, Share & Trends Analysis Report By Product, By Type (Plasticizers, Flame Retardants), By Application (Packaging, Consumer Goods & Electronics), By Region, And Segment Forecasts, 2023 - 2030

Green And Bio-based Plastic Additives Market Size, Share & Trends Analysis Report By Product, By Type (Plasticizers, Flame Retardants), By Application (Packaging, Consumer Goods & Electronics), By Region, And Segment Forecasts, 2023 - 2030

Green & Bio-based Plastic Additives Market Growth & Trends

The global green & bio-based plastic additives market size is anticipated to reach USD 5.37 billion by 2030, registering a CAGR of 7.9% from 2023 to 2030, according to a new report by Grand View Research, Inc. Increasing adoption and utilization of bioplastics across various industrial sectors and government support in the growth of green and biodegradable plastics is expected to propel the market over the forecast period.

Increasing environmental apprehensions related to plastic waste and its consequences on water and soil pollution are anticipated to be key drivers of market demand. Furthermore, several governments have imposed limitations on traditional and single-use plastics, which are expected to further stimulate the demand for the bioplastics market in the future. This, in turn, is expected to propel the green and bio-based plastic additives market.

Plastics are non-biodegradable and require concerted recycling using accepted techniques to avoid potential harm to the environment. Globally, numerous federal and government regulations have been implemented to oversee plastic waste, to mitigate its adverse effects on the environment.

The demand for bioplastics is on the rise due to a combination of factors, including environmental concerns, regulatory actions, consumer preferences, technological advancements, waste reduction objectives, the promotion of a circular economy, and government support. These factors collectively create opportunities for green and bio-based plastic additives. These additives play a vital role in facilitating the production of sustainable bioplastics, aligning them with various environmental objectives.

Green & Bio-based Plastic Additives Market Report Highlights

• Based on product, bio-based plastics additives dominated the market in 2022. The global adoption and usage of bioplastics have experienced substantial growth in recent years. Given that bio-based plastic additives are essential components in bioplastics manufacturing, the expanding bioplastics industry will exert a significant influence on the bio-based plastic additives market
• Based on type, the plasticizers segment is expected to grow at the fastest CAGR of 7.4% over the forecast period. This is due to the high utilization of plasticizers as additives in plastic manufacturing
• Based on application, the packaging segment dominated the market and accounted for a market share of 33.2% in 2022. This is due to the increasing adoption of bioplastics in the packaging sector, driven by the rising demand from the food industry
• Capacity expansions, forward integration, and the introduction of new products, such as renewable-based halogen-free flame retardants, bio-based masterbatch carriers, and sustainable fillers, are the major strategies undertaken by the major players to strengthen presence in the market. In June 2021, BASF SE announced the launch of a new brand, VALERAS, for its plastic additives portfolio. This new brand will assist in achieving sustainability goals by offering green plastic additives to plastic manufacturers. VALERAS consolidates the company’s extensive experience, innovative solutions, and regulatory support to enhance the sustainability of plastics across the entire polymer value chain

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