New York, United States , July 03, 2024 (GLOBE NEWSWIRE) -- The Global Bioplastics Market Size is to Grow from USD 9.5 Billion in 2023 to USD 73.5 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 22.7% during the projected period.
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Bioplastics are the plastic materials produced from renewable biomass sources, such as vegetable fats and oils, corn starch, straw, woodchips, sawdust, recycled food waste, etc. Bioplastics are obtained by processing directly from natural biopolymers including polysaccharides and proteins, while others are chemically synthesized from sugar derivatives and lipids from either plants or animals or biologically generated by fermentation of sugars or lipids. The environmental impact associated with fossil-fuel-based polymers has paved the way to explore biopolymer-based plastics, their properties, and their applications in food packaging, pharmaceuticals, electronics, agricultural, automotive, and cosmetic sectors. The technological innovation and growing consumer demand for green materials have paved the way to explore different sources and applications for bioplastics. The demand for sustainability government regulations owing to environmental concerns, and reduced carbon footprint are driving the market demand for bioplastics. Further, the demand for bioplastics as flexible packaging films for food items, medicine, beverage bottles, and other non-food products is propelling the global bioplastic market. On the contrary, the increasing consumer interest in purchasing compost and the higher cost of bioplastics are restraining the global bioplastics market.
Browse key industry insights spread across 243 pages with 111 Market data tables and figures & charts from the report on the "Global Bioplastics Market Size, Share, and COVID-19 Impact Analysis, By Type (Biodegradable and Non-biodegradable), By Application (Rigid Packaging, Flexible Packaging, Textiles, Automotive & Transportation, Agriculture & Horticulture, and Consumer Goods), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The biodegradable segment dominates the market with the largest revenue share through the forecast period.
Based on type, the global bioplastics market is segmented into biodegradable and non-biodegradable. Among these, the biodegradable segment dominates the market with the largest revenue share through the forecast period. Polylactic acid, starch blends, PBS, PBAT, PHA, polycaprolactone, and cellulose acetate are examples of biodegradable plastics. These decompose quickly, use less energy, and aid in reducing carbon footprint. Further, the strict regulatory requirements, sustainability goals, and growing environmental concerns drive the market demand for biodegradable bioplastics.
The rigid packaging segment dominated the global bioplastics market in 2023.
Based on the application, the global bioplastics market is segmented into rigid packaging, flexible packaging, textiles, automotive & transportation, agriculture & horticulture, and consumer goods. Among these, the rigid packaging segment dominated the global bioplastics market in 2023. Rigid bioplastics such as PLA, bio-PE, or bio-PET, are used to package cosmetic products. The increased customer preference for eco-friendly materials and designs that minimize negative environmental effects is driving the demand for sustainable rigid packaging.
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Europe dominates the market with the largest market share over the forecast period.
Europe dominates the market with the largest market share over the forecast period. Approximately, 100 billion bags are used per year in the European Union. The robust automotive industry and the increasing demand for bio-based packaging products are anticipated to drive the market in the region. Bioplastics are increasingly used in various essential applications such as agricultural mulch films, shopping bags, refuge bags, loose packaging, and bottles among others. Further, the high demand for packaging made from bioplastics for wrapping organic food as well as for premium and branded products is driving the market.
North America region is expected to grow the fastest during the forecast period. The growing initiatives for promoting environmentally friendly products by the U.S. Department of Agriculture are expected to drive the market for bioplastics. The inclination towards sustainable solutions for packaging augments the demand for bio-based packaging. There rising need for lightweight automobile parts and electronic goods owing to a rising preference for quality products.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global bioplastics market are NatureWorks LLC, BASF SE, TORAY INDUSTRIES, INC., PTT MCC Biochem Co., Ltd., Braskem, Solvay, Braskem, Total Corbion PLAIR, TEIJIN LIMITED, Novamont S.p.A., Toyota Tsusho Corporation, Avantium, An Phat Holdings, SABIC, Arkema S.A., and Other Key Players.
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Recent Developments
- In May 2023, Xiamen Changsu Industrial Pte Ltd (Changsu Industrial) and TotalEnergies Corbion announced a strategic cooperation agreement that would further advance the polylactic acid (PLA) industry. They would work together in the market promotion, product development, and research and development of new technologies and applications of biaxially oriented polylactic acid (BOPLA).
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global bioplastics market based on the below-mentioned segments:
Global Bioplastics Market, Type Analysis
- Biodegradable
- Non-biodegradable
Global Bioplastics Market, Application Analysis
- Rigid Packaging
- Flexible Packaging
- Textiles
- Automotive & Transportation
- Agriculture & Horticulture
- Consumer Goods
Global Bioplastics Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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