Bioplastics Market, Size, Global Forecast 2023-2030, Industry Trends, Share, Growth, Insight, Impact of Inflation, Company Analysis

Bioplastics Market, Size, Global Forecast 2023-2030, Industry Trends, Share, Growth, Insight, Impact of Inflation, Company Analysis

Global Bioplastics Market size will reach US$ 17.58 Billion by 2030, according to Renub Research. Every year, the world witnesses the production of over 330 million tons of plastic, primarily consumed by the packaging, construction, automotive and household appliance industries. The bulk of these polymers are non-biodegradable, which causes environmental issues due to solid waste accumulation. Bioplastics made from renewable sources such as maize, sugarcane, and cellulose has good biodegradability and may be a viable solution to environmental challenges.

Bioplastics are long-lasting polymers made from renewable natural resources that can be used to replace petroleum-based plastics. They have the potential to reduce carbon dioxide emissions by thirty to seventy percent while also lowering carbon footprints by 42%. Notably, bioplastics production requires 65% less energy compared to traditional petroleum plastics. The global bioplastics market growth is evolving, with competitors prioritizing research and development activities, leading to expanded production capacity.

With their remarkable technological qualities and capabilities, bioplastics have received rapid acceptance across a wide range of applications. Thanks to favorable rules adopted by several nations throughout the world, the global bioplastics business has seen tremendous growth in numerous plastic industries. Several reasons drive the bioplastics market, including its eco-friendliness, increased consumer acceptance of bio-based items, legislation favoring biodegradable containers, and the availability of renewable energy sources for bioplastics manufacture. Bioplastic manufacturing is an energy-efficient process that consumes 66% less energy than regular plastic. Bioplastics are non-toxic, disintegrate swiftly, and emit few greenhouse gas emissions throughout the breakdown process, making them environmentally beneficial.

Global bioplastics market will register a CAGR of 11.40% from 2022 to 2030

Bioplastics help to reduce carbon footprints by around 42%. As a result, industry titans such as Coca-Cola, Nestle, Ford, and Nike have invested in the development of bioplastic materials for a number of applications, including plastic bottles and vehicle components. Bioplastics are becoming increasingly used in the catering, packaging, agricultural, and automotive industries. They are especially useful in organic agriculture, where biodegradable mulching films are used in agriculture and horticulture. Bioplastics are chosen over synthetic plastics for packaging materials since they are food-safe and do not degrade.

Governments all over the globe are passing favorable legislation and regulations to encourage bioplastics' resilience and degradability, with the European Union playing a key role as a political booster of the bioplastics business. The Intergovernmental Panel on Climate Change (IPCC) has set a trajectory for 2050 to stabilize atmospheric greenhouse gas (GHG) concentrations at 450 ppm CO2, requiring an 80% reduction in emissions compared to 1990 levels. Attaining this lofty aim is regarded as one of the most difficult problems facing the future generation. Many nations have set significant GHG emission reduction objectives, and one essential component of their approach is the development of a bio-based economy. The OECD's bio-based economy model integrates renewable biological resources, bioprocesses, and industrial-scale biotechnologies to manufacture sustainable goods, generate employment, and stimulate economic growth. The global bioplastics market was valued at US$ 7.41 Billion in 2022.

Biodegradable plastics segment emerged as the leading revenue generator and is expected to witness substantial growth in the forecast period
The global bioplastics market is divided into two material types: biodegradable plastic and non-biodegradable plastic. There is a rising industry trend toward bio-based goods to lessen dependency on traditional plastics. Polylactic acid, starch blends, PBS, PHA, polycaprolactone, PBAT, and cellulose acetate are all examples of biodegradable polymers. Government measures focused at reducing the use of single-use plastics have boosted the usage of biodegradable polymers in a variety of industries. The instability of crude oil prices, a significant raw ingredient for traditional plastics, has encouraged manufacturers to shift production of biodegradable plastics to plant-based resources such as maize, potato, and wheat starch. This tendency leads to the global market expansion of the biodegradable plastic growth.

Non-biodegradable polymers include polyamide, polyethylene, polypropylene, polyethylene terephthalate, polytrimethylene terephthalate, polyethylene furanoate, and polyvinyl chloride. These polymers are made from renewable resources such as sugarcane, maize, and castor oil. Non-biodegradable bioplastics are widely used in a variety of industries, including disposables, food packaging, bottle, carry bags, shopping bags, films, consumer goods, electronics, and vehicle interiors. The segment expansion is being supported by rising end-user demand and the increased emphasis of key companies on sustainable goods to lessen dependency on petroleum-based alternatives. These elements are projected to fuel segment expansion in the near future.

Packaging application dominated the market in the global bioplastics industry

By Application, the global bioplastics market is divided into Packaging, Agriculture, Consumer goods, textiles, automotive and transportation, building and construction, and others. Bioplastics have found extensive utilization in packaging, including personal care, films and sheets, food and beverage, and household care products, among others. Starch blends, PLA, PBAT, PET, PE, and PBS are prominent bioplastics employed in packaging applications. The growing consumer preference for sustainable packaging, coupled with the escalating landfill issue worldwide, has propelled the adoption of bioplastics in packaging.

Bioplastics offer protective features against moisture, UV rays, mold, dust, and environmental contaminants, making them well-suited for flexible packaging needs. The rapid lifestyle changes and the demand for convenient products have further amplified the usage of bioplastics in flexible packaging applications. Moreover, the increasing awareness of environmental preservation has driven customers to embrace bioplastic-based flexible packaging films across sectors like food and beverage and agriculture. These factors contribute to the expanding growth of the flexible packaging segment in the global bioplastics market.

Demand for biodegradable plastics in China has witnessed a significant surge

By Country, the global bioplastics market is broken up into the United States, Canada, Germany, the United Kingdom, France, Italy, the Netherlands, Spain, China, South Korea, Japan, India, Indonesia, Malaysia, Argentina, Brazil, Mexico, Colombia, Saudi Arabia, South Africa, Israel, Australia, and the UAE. China is expected to have the greatest revenue share in the bioplastics market over the next few years, owing to its well-established food and beverage sector and diversified customer base for various package styles.

However, due to its reliance on various raw resources for biodegradable plastic manufacture, the market dynamics in China may alter. Due to limited production capacity in China, material prices for biodegradable plastics may rise. Industry companies are working on increasing lead times to reduce the impact of increased material costs. China is likewise embracing the idea, with the goal of promoting bioplastics in packaging by increasing production capacity. These developments not only encourage the use of bio-based alternatives, but also promote bio-economy innovation.

Key Players

The global bioplastics industry is dominated by key players such as Total Corbion, Mitsubishi Chemical Holding Corporation, Toray Industries (Japan), BASF SA, Green Dot Bioplastics, and Amcor Limited.

Renub Research latest report “Bioplastics Market, Global Forecast By Material Type (Biodegradable (Polybutyleneadipate Terephthalate (PBAT),Polybutylene Succinate (PBS),Polylactic Acid (PLA),Polyhydroxyalkanoate (PHA),Starch Blends and Others) and Non-Biodegradable (Polyethylene (PE),Polyethylene terephthalate (PET),Polyamide (PA), Polypropylene (PP),Polytrimethylene terephthalate) ( PTT) and Others)), Applications (Packaging, Agriculture, Consumer Goods, Textile, Automotive And Transportation, And Building and Construction, others), Countries (United States, Canada, Germany, United Kingdom, France, Italy, Netherlands, Spain, China; South Korea, Japan, India, Indonesia, Malaysia, Argentina, Brazil, Mexico, Colombia, Saudi Arabia, South Africa, Israel, Australia and UAE), Companies (Total Corbion, Mitsubishi Chemical Holding Corporation, Toray Industries (Japan), BASF SA, GREEN DOT BIOPLASTICS and Amcor Limited)” provides a detailed analysis of Global Bioplastics Industry.

Material Type – Global Bioplastics has been covered from 2 viewpoints:

1. Biodegradable
2. Non-Biodegradable

Biodegradable – Global Bioplastics has been covered from 6 viewpoints:

1. PBAT
2. PBS
3. PLA
4. PHA
5. Starch Blends
6. Others

Non-Biodegradable – Global Bioplastics has been covered from 6 viewpoints:

1. PE
2. PET
3. PA
4. PP
5. PTT
6. Others

Applications – Global Bioplastics Market has been covered from 7 viewpoints:

1. Packaging
2. Agriculture
3. Consumer goods
4. Textile
5. Automotive & Transportation
6. Building & Construction
7. Others

Country – Global Bioplastics Market has been covered from 23 viewpoints:

1. North America

1.1 United States
1.2 Canada

2. South America

2.1 Mexico
2.2 Argentina
2.3 Brazil
2.4 Colombia

3. Europe

3.1 Germany
3.2 United Kingdom
3.3 France
3.4 Italy
3.5 Netherlands
3.6 Spain

4. Asia Pacific

4.1 China
4.2 South Korea
4.3 Japan
4.4 India
3.5 Indonesia
3.6 Malaysia
3.7 Australia

5. Middle East & Africa

5.1 Saudi Arabia
5.2 UAE
5.3 Israel
5.4 South Africa

Company Insights:

• Overview
• Recent Development
• Sales Analysis

Company Analysis:

1. Total Corbion
2. Mitsubishi Chemical Holding Corporation
3. Toray Industries
4. BASF SE
5. Green Dot Bioplastics
6. Amcor Limited