WASHINGTON, Sept. 11, 2023 (GLOBE NEWSWIRE) -- As per Vantage Market Research, the Bioplastics Market is poised for growth as consumers and businesses increasingly prioritize sustainability and environmental responsibility. The market is expected to witness innovations in bioplastic production and increasing collaborations between manufacturers and end-users to create a circular economy for plastics.
According to Vantage Market Research, the Global Bioplastics Market is estimated to be valued at USD 19.2 Billion by 2030 and is expected to exhibit a CAGR of 11.1% from 2023 to 2030. The global Bioplastics market grew to USD 8.4 billion in 2022.
Bioplastics are pivotal in transitioning the plastics industry from a wasteful linear economy to a more sustainable circular economy. Embracing their expanded utilization promises to deliver favorable outcomes, encompassing both environmental and economic aspects and functional benefits. Bioplastics have unequivocally established their product viability, prompting consumers to seek them out when purchasing, stimulating demand actively.
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Key Highlights
- By Product, the Non-biodegradable segment is anticipated to mention the market’s fastest growth during the forecast period.
- By Application, the Consumer Goods segment is expected to witness maximum market growth over the projected period.
- Europe commanded the market in 2022, accounting for 41.8% of total revenue.
- The Asia Pacific region is expected to witness maximum market growth during the forecast period.
The primary factors driving these projections are consumer demand, corporate vision, design feasibility, and cost considerations. Consumers increasingly recognize the hazards of petroleum-based plastics and acknowledge the advantages of sustainable alternatives. Companies appoint sustainability officers to infuse best practices into their manufacturing and procurement procedures. For instance, Coca-Cola has unveiled Plant Bottle, an innovative plastic bottle packaging comprising 30% plant-derived materials. In addition, bioplastic manufacturers are actively crafting fresh formulations that either meet or surpass the performance benchmarks set by traditional plastics. By adopting Design for Manufacturing (DFM) principles during the formulation development stage, bioplastic producers effectively lower expenses by ensuring scalability and prudent material sourcing. These four essential components collectively underpin experts' confidence in the continuous meteoric ascent of Bioplastics within the plastics industry.
Top Companies in The Global Bioplastics Market
- Novamont S.P.A. (Italy)
- Teijin Limited (Japan)
- Toray Industries Inc. (Japan)
- Toyota Tsusho Corporation (Japan)
- Avantium (Netherlands)
- PTT MCC Biochem Co. Ltd. (Thailand)
- An-Phat Holdings (Vietnam)
- NatureWorks LLC (U.S.)
- Saudi Basic Industries Corporation (Saudi Arabia)
- BASF SE (Germany)
- Futerro Sa (Belgium)
- Trinseo S.A. (U.S.)
- Braskem (Brazil)
- Total Corbion PLAIR (Netherlands)
- SUPLA (China)
- Solvay (Belgium)
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Factors Affecting the Growth of the Bioplastics Industry
Several factors can have an impact on the Bioplastics industry's growth. Some of these factors include:
- Rising demand from the packaging industry: The packaging industry is one of the major consumers of plastics, and there is a growing demand for sustainable packaging solutions. According to the European Bioplastic Industry, the major sector of use for Bioplastics remains packaging, accounting for 48 percent (1 million tons) of the entire Bioplastics market in 2022.
- Increased understanding of plastics' environmental impact: The production and disposal of plastics have a significant environmental impact. Bioplastics are seen as a more sustainable alternative to traditional plastics. For instance, according to sources, in comparison to petroleum and fossil-based raw materials, the raw ingredients necessary for the creation of Bioplastics are renewable in origin and abundant internationally.
- Government regulations and incentives: Governments worldwide are enacting rules that promote the use of Bioplastics. In addition, Governments in certain countries are providing financial incentives to enterprises that employ Bioplastics. For instance, the Agriculture Ministry of France began promoting Bioplastics under the 2005 Law of Agriculture Policy, with the goal of making all plastic carrying bags biodegradable by 2015.
- Growing demand from end-use industries: Bioplastics are increasingly used in various end-use industries, including packaging, textiles, agriculture, and consumer goods.
- Advances in Bioplastics technology: In recent years, there have been significant advances in Bioplastics technology. This has led to more cost-effective Bioplastics that have better performance properties than earlier generations of Bioplastics.
Top Trends in the Global Bioplastics Market
Bioplastics help lower carbon emissions than conventional plastics, made from renewable resources such as cornstarch, sugarcane, or algae. This reduction in the carbon footprint is a significant driving factor in the adoption of Bioplastics. For instance, according to the Plastics Industry Trade Association, the bio-economy in the United States contributes about $369 billion while saving over 300 million gallons of petroleum processing each year. Furthermore, across the globe, governments are actively enacting regulations to stimulate the adoption of Bioplastics. In alignment with this drive, the agriculture ministry of France embarked on a strategic initiative under the 2005 Law of Agriculture Policy to champion Bioplastics. A notable objective was ensuring all plastic carrier bags transition to biodegradable options by 2015.
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Recent Development of the Global Bioplastics Market
- August 2022: Sea6 Energy Pvt. Ltd. is receiving funding from BASF Venture Capital GmbH, the corporate venture firm of BASF SE, Germany, and Aqua-Spark, a Dutch investment fund. Leading the industry in producing and processing tropical red seaweed is Sea6 Energy. Red seaweed-based Bioplastics and biofuels are another project being worked on by Sea6 Energy.
- April 2022: For automotive applications, Trinseo introduced MAGNUM BIO ABS. The introduction of MAGNUM BIO ABS expands the company's line of sustainably advantageous products and supports efforts to provide clients with new, sustainable solutions that help them reach sustainability goals.
- March 2022: ABB technology will automate the brand-new Bioplastics factory for NatureWorks in Thailand, helping to satisfy the growing demand for eco-friendly products worldwide. An integrated process from fermentation to polymerization improves supply chain dependability. The new facility is slated to generate 75,000 tons of Ingeo PLA biopolymer annually.
Market Drivers
The advent of renewable resources, biomass, and bio-based materials such as starch and derivatives from vegetable crops is propelling the global Bioplastics industry forward. As per available information, bio-based Bioplastics constituted a majority share, exceeding 80%, of the global Bioplastics market. Incorporating Bioplastics across a wide array of applications, including packaging and household products, has allowed plastics manufacturers to lessen their reliance on petroleum-derived plastics. In addition, the growing consumer demand for environmentally friendly packaging is driving a significant shift in the priorities of major plastics manufacturers and packaging suppliers towards bioplastic packaging solutions. Moreover, the necessity to adhere to government regulations is compelling these vendors to pivot their attention towards Bioplastics production and strategize the positioning of their products within the global export market.
Market Restraints
Numerous hurdles persist for several categories of Bioplastics that need to be addressed. Bioplastics should be meticulously tailored for end-of-life procedures to uphold sustainability and integrate into the circular economy. For instance, the most prevalent entirely bio-based plastic material, PLA, can be industrially composted. Still, this practice doesn't yield any substantial benefits for the compost, resulting in limited engagement within the industry. Moreover, the recycling of PLA, in contrast to drop-in bio-based PET, demands a specialized infrastructure that is relatively scarce and comes with substantial adoption costs. Consequently, a significant portion of PLA tends to be improperly managed or ends up in landfills.
Market Opportunities
In recent years, prominent plastic enterprises have grown increasingly toward providing more environmentally sustainable alternatives to businesses and consumers. This parallels trends in numerous other sectors, including energy, agriculture, and fuels. Corporations enlist sustainability officers to integrate eco-conscious practices into their manufacturing and procurement operations. A case in point is Coca-Cola, which introduced the Plant Bottle—a novel plastic bottle packaging comprising 30% plant-derived materials. In a parallel vein, bioplastic manufacturers are crafting fresh formulations that not only meet but often surpass the performance benchmarks set by conventional plastics. These developments open up diverse avenues for expansion within the Bioplastics industry.
Browse market data Tables and Figures spread through 144 Pages and in-depth TOC on Bioplastics Market Forecast Report (2023-2030).
Report Segmentation of the Global Bioplastics Market
Product Analysis
The non-biodegradable segment is anticipated to exhibit significant market growth within the projected timeframe. This growth might be attributable to the rising demand for ecologically friendly and sustainable materials in a variety of industries. Within the Bioplastics market, the non-biodegradable segment pertains to Bioplastics that do not readily undergo decomposition within the natural environment. Engineered for extended lifespan and heightened durability, these non-biodegradable Bioplastics find suitability across a broad spectrum of applications. Furthermore, non-biodegradable Bioplastics present many advantages as traditional plastics, encompassing resilience and versatility while offering a reduced environmental footprint. They find utility in various domains, including packaging materials, consumer products, and even within the automotive and construction sectors.
Application Analysis
The consumer goods application segment is predicted to grow fastest during the forecast period. This expansion can be ascribed to rising environmental concerns and the demand for long-term alternatives to standard plastics. Bioplastics are generated from recyclable materials such as maize starch, sugarcane, or vegetable oils and are biodegradable or compostable, lowering their environmental impact. The consumer goods industry has witnessed a significant shift towards sustainability, with consumers demanding more eco-friendly products. Bioplastics allow companies to meet these demands and appeal to environmentally-conscious consumers. As a result, several large consumer goods businesses increasingly use Bioplastics in their product packaging to boost their brand image and demonstrate their commitment to sustainability.
Global Bioplastics Market Segmentation
By Product
- Biodegradable (dominating 53.1%)
- Polylactic Acid
- Starch Blends
- Polybutylene Adipate Terephthalate (PBAT)
- Polybutylene Succinate (PBS)
- Other Biodegradables
- Non-biodegradable (Forecast)
- Polyethylene
- Polyethylene Terephthalate
- Polyamide
- Polytrimethylene Terephthalate
- Other Non-Biodegradables
By Application
- Packaging (Dominating 61.8%)
- Rigid Packaging
- Bottle & Jar
- Trays
- Other Rigid Packaging
- Flexible Packaging
- Pouches
- Shopping/Waste Bags
- Other Flexible Packaging
- Rigid Packaging
- Agriculture
- Consumer Goods (Forecast Period)
- Textile
- Automotive & Transportation
- Building & Construction
- Other Applications
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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Scope of the Report:
| Report Attributes | Details |
| Market Size in 2022 | USD 8.4 Billion |
| Revenue Forecast by 2030 | USD 19.2 Billion |
| CAGR | 11.1% from 2023 to 2030 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2030 |
| Key Players | Novamont S.P.A., Teijin Limited, Toray Industries Inc., Toyota Tsusho Corporation, Avantium, PTT MCC Biochem Co. Ltd., An-Phat Holdings, NatureWorks LLC, Saudi Basic Industries Corporation, BASF SE, Futerro Sa, Trinseo S.A., Braskem, Total Corbion PLAIR, SUPLA, Solvay |
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Regional Analysis
In 2022, Europe dominated the global Bioplastics market. Numerous essential uses, such as refuge bags, loose packaging, agricultural mulch films, shopping bags, and bottles, extensively use Bioplastics. Each year, some 100 billion bags are used in the European Union. In all European countries, consumers are becoming accepting of Bioplastics. The increasing use of Bioplastics in important end-use industries, including packaging, consumer goods, textiles, medical devices, automotive & transportation, is also anticipated to impact the market positively.
