Burlingame, Oct. 09, 2024 (GLOBE NEWSWIRE) -- The global plant-based plastic Market, valued at 1.88 billion dollars in 2024, is on a trajectory of rapid expansion, with projections indicating it will soar to 3.78 billion dollars by 2031, as per a recent report by Coherent Market Insights. Plant-based plastics help reduce plastic pollution and carbon footprint as they are derived from renewable plant sources like sugarcane, cassava, corn, etc. through fermentation process. Furthermore, leading companies are increasingly investing in R&D to develop novel plant-based biomaterials with properties comparable to petroleum-based plastics in order to replace fossil fuel-based plastics.
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Market Dynamics
There is a big problem with plastic pollution hurting to our planet. To help, people are looking for alternatives to plastics made from oil. Plant-based plastics are a great solution to this problem. Companies can use natural sources such as sugarcane, cassava, corn starch, and wood. These plastic are good for the Earth because they break down easily and can be reused.
The government is also helping by making rules to reduce plastic use and promote eco-friendly plastics. For instance, as per Library of Congress, in July 2021, European Union banned some single use plastics. This means companies will make more plant-based plastics, which is great news for the environment.
Plant-Based Plastic (Green Plastic) Market Report Coverage
| Report Coverage | Details |
| Market Revenue in 2024 | $1.88 billion |
| Estimated Value by 2031 | $3.78 billion |
| Growth Rate | Poised to grow at a CAGR of 10.5% |
| Historical Data | 2019–2023 |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Million/Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Source of Raw Material, By Type, By End-use Industry |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
| Growth Drivers | • Growing environmental awareness • Increasing concern about plastic waste and pollution |
| Restraints & Challenges | • High production costs • Limited availability of raw materials |
Market Trends
Rising regulation on single use plastic will increase the demand for biodegradable and compostable plastic. Many companies use plastics to package food, drinks, medicines, and personal care products. But the extensive use of plastic will lead to hurt the planet. The government is framing various policies to decrease the usage of single use plastic.
Companies like Coca-Cola, Pepsi, and Unilever are using these plant-based plastic. They are using plant based plastics like PHA and PLA. These plastics comes from natural sources and can be break down easily.
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Automotive industry is going green! They are using plant based plastics to make cars more eco-friendly. Plant-based plastics are super lightweight, strong, and flexible. This helps car be more fuel-efficient and reduce pollution. Car parts like dashboard, door panels, and seats are made from these plastics. Even EV are using bio-based plastics to reduce waste and help environment to go green.
Corn Starch segment currently dominates the source of raw material segment in the market. Corn starch is widely available and the production process using is relatively simple compared to other sources. Sugarcane, cassava and other raw materials segments to witness notable growth from 2024-2031.
PLA or polylactic acid currently dominates the type segment for plant based plastics. Good mechanical strength and biodegradability make PLA a preferred alternative to fossil fuel-based plastics. The PHA or polyhydroxyalkanoates segment to emerge as a high growth segment in upcoming decades. Other types such as starch-based plastic are also gaining traction in the market.
The packaging industry dominates the end-use segment for plant based plastics. Growing consumer demand for sustainable and environment-friendly packaging solutions driving demand. The textile and automotive & transport industries also account for notable share over the forecast period. Other end-use industries such as electronics, coatings & adhesives and agriculture & horticulture offer promising growth prospects.
North America currently holds the leading share in the global plant based plastic market. Stringent environmental regulations about waste management and use of conventional plastics in the US and Canada are driving market growth. Europe and Asia Pacific also provide considerable growth opportunities. This is owing to supportive government policies encouraging use of bio-based and biodegradable materials in these regions.
Key Market Takeaways
Rapid shift towards sustainable material alternatives to mitigate environmental concerns drives market growth.
By source of raw material, corn starch segment to hold a dominant position, owing to its plenty and simpler production process.
By type, PLA segment will hold a dominant position over the forecast period,. This due to its favorable mechanical and biodegradable properties.
By end-use industry, the packaging segment will dominate the market. This is owing to growing demand for sustainable packaging solutions.
Regionally, North America will take dominant position over the forecast period. It backed by supportive environmental regulations.
Key players in the market include Corbion, BASF, TotalEnergies Corbion, Mitsubishi Chemical Corporation among others. They are focusing on new product launches and capacity expansions to merge their market positions.
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Plant-Based Plastic Industry News
In March 2024, Beyond Plastic, manufacturer of biodegradable plastic, announced partnership with CJ Biomaterials.
In February 2024, Balrampur Chinni Mills Ltd., a major India based sugar and ethanol producer, announced a significant investment of US$ 267 million in bioplatics industry.
Detailed Segmentation
Source Of Raw Material Insights (Revenue, USD Bn, 2019 - 2031)
- Corn Starch
- Sugarcane
- Cassava
- Others (Soy, Potato, Algae, etc.).
Type Insights (Revenue, USD Bn, 2019 - 2031)
- PLA (Polylactic Acid)
- PHA (Polyhydroxyalkanoates)
- Starch-Based Plastics
- Other
End-use Industry Insights (Revenue, USD Bn, 2019 - 2031)
- Packaging
- Textile
- Automotive & Transport
- Electronics & Electricals
- Coatings & Adhesives
- Agriculture & Horticulture
- Others (Building & Construction, etc.)
Regional Insights (Revenue, USD Bn 2019 - 2031)
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Argentina
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- Middle East
- GCC Countries
- Israel
- Rest of Middle East
- Africa
- South Africa
- North Africa
- Central Africa
Have a Look at Trending Research Reports on Polymers and Resins Domain:
Global Biodegradable Plastics Market size was valued at US$ 2.23 Billion in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 13.4% from 2023 to 2030.
Global BRIC automotive plastics market was valued at US$ 23,642.09 Mn in 2021 in terms of revenue, exhibiting a CAGR of 8.5% during the forecast period (2022 to 2030).
Global polycaprolactone market is projected to reach around US$ 402.7 million by the end of 2027, in terms of revenue, growing at CAGR of 11.2% during the forecast period (2019-2027).
Global recycled plastic granules market is expected to reach US$ 3.96 Billion by the end of 2030, in terms of revenue, exhibiting a CAGR of 3.3% during the forecast period (2022 to 2030).
Global plastic resins market is estimated to be valued at USD 833.98 Bn in 2024 and is expected to reach USD 1,127.35 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 4.4% from 2024 to 2031.
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