Bioplastics and Biopolymers Market Forecast to 2030 - Global Analysis by Product Type (Polyethylene, Polyethylene Terephthalate, Polylactic Acid, Polytrimethylene Terephthalate, Polybutylene Adipate Terephthalate, Polybutylene Succinate, Cellulose, Blends

Bioplastics and Biopolymers Market Forecast to 2030 - Global Analysis by Product Type (Polyethylene, Polyethylene Terephthalate, Polylactic Acid, Polytrimethylene Terephthalate, Polybutylene Adipate Terephthalate, Polybutylene Succinate, Cellulose, Blends, and Others); End Use Industry (Packaging, Consumer Goods, Automotive, Textile, Building and Construction, Medical, Agriculture, and Others)

The bioplastics and biopolymers market size is expected to grow from US$ 6.70 billion in 2022 to US$ 14.63 billion by 2030; it is estimated to register a CAGR of 10.5% from 2022 to 2030.

In the biomedical industry, bioplastics are highly applicable in skin replacements for burnings and wounds, scaffolds for tissue engineering, bone reconstruction, nerves and gum reconstruction, drugs releasing system, blood vessel growth and stent covering. Furthermore, nontoxic biodegradable bioplastics sutures, commonly referred to as stitches, are being used by medical professionals in hospitals and surgeries. Biodegradable plastics are also used for medical devices. For instance, pins, tacks and screws, which are used to help bones heal during reconstructive surgery, are made with bioplastics. Containers for tablets and creams can also be produced utilizing bioplastic. Besides, in the dental industry, bioplastics-based nanocellulose has been used in dental tissue regeneration in humans, produced from microbial cellulose by the Glucanacetobacter xylinus strain. Biodegradable plastics such as PLA; PCL; poly lactic-co-glycolic acid (PLGA) and poly-hydroxyalkanoate (PHA), along with their copolymers, are applied in the human centric biomedical applications. For instance, PLA is widely used in medical applications owing to its biocompatibility and bio dissolvability in the human body by the hydrolysis of the ester backbone to produce non-harmful and nontoxic compounds after its degradation. Conventional plastic is expected to become more expensive in the future with diminishing raw material sources. The PLA and its copolymers are used in various wound management applications, such as healing dental wounds, making surgical sutures, and preventing postoperative adhesions. PLA has also been implemented in the drug delivery system owing to its encapsulation capacity, low toxicity, and biocompatibility. Thus, all the aforementioned factors are estimated to offer lucrative opportunities for the bioplastics and biopolymers market over the coming years.

Based on end use industry, the bioplastics and biopolymers market is segmented into packaging, consumer goods, automotive, textile, building and construction, medical, agriculture, and others. The packaging segment held the largest share in 2022. The consumer goods is the another attractive segment in the bioplastics and biopolymers market. Bioplastics are extensively used in various consumer products, such as biodegradable utensils, dinnerware, toothbrush, egg cartons, razor handles, and toys. A large proportion of consumer electrical appliances are composed of bioplastics and biopolymers. The rise in disposable income of consumers, changing lifestyles, and evolving consumer demand have been key growth drivers for the consumer goods sector. Furthermore, digital innovation and an augmented focus on sustainable and healthy habits have been the most prominent influences on the consumer goods sectors.

In terms of region, the bioplastics and biopolymers market is segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. In 2022, Asia Pacific held the largest share of the market and is estimated to register the highest CAGR from 2022 to 2030. The market growth in this region is mainly attributed to rapid industrialization.

Arkema SA, BASF SE, Mitsui Chemicals Inc, Cardia Bioplastics Australia Pty Ltd, Braskem SA, Saudi Basic Industries Corp, Corbion NV, Mitsubishi Chemical Holdings Corp, Novamont SpA, and Eastman Chemical Co are among the key players operating in the bioplastics and biopolymers market. These players engage in developing affordable and innovative products to meet the rising customer demands and expand their market share.

The overall bioplastics and biopolymers market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights into the topic. Participants in this process include VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the bioplastics and biopolymers market.

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