Global Bioplastics Market Size (2022-2030) Share, Industry Trends, Growth, Challenges, and Forecast: Custom Market Insights

The global bioplastics market size was estimated at USD 10.35 billion in 2021 and is expected to reach USD 12.91 billion in 2022 and is expected to hit around USD 29.79 billion by 2030, poised to grow at a compound annual growth rate (CAGR) of 17.56% from 2022 to 2030.

The bioplastic material is derived from renewable feedstock that includes feedstock, peat moss, prolactin acid, and others. It is an alternative to petroleum-based plastics and has the capacity to reduce 30-70% of carbon dioxide emissions. The production of bioplastic requires 65% less energy than conventional petroleum plastic.

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The Bioplastics Market: Overview

The global bioplastics market is evolving, and companies are now focusing more on strengthening and consolidating R&D activities; thereby, increasing production capacity. It has various applications in various end-use industries such as agriculture, textile, automotive, transportation, consumer goods, and others.

The Bioplastics Market: Growth Factors

The increasing demand for sustainable plastics from the packaging industry has escalated market growth. Biodegradable plastics are portraying the same properties as conventional plastic owns. In addition, the government's initiation and investment in bioplastic manufacturing are escalating the growth of the global bioplastics market during the forecast period. In response to this, the market is anticipated to be driven by the increasing acceptance of bioplastics in key end-use industries such as packaging, textiles, consumer goods, automotive & transportation, and medical devices among others.

Furthermore, the factors such as a change in lifestyle and the busy schedules of people make them more linear towards purchasing ready-to-eat packaged food owing to these there are several key manufacturers such as BASF SE, Toray Inc., Solvay Company, and others are actively engaged in the manufacturing of biodegradable plastics which are safe and inert for packaged food items.

Furthermore, the rapid shift in consumer preferences towards eco-friendly plastic products has boosted market growth. For instance, bioplastics break down 60% and more within 180 days or less as compared with traditional plastics. Moreover, the Increasing landfills and waste piles have emerged as serious environmental hazards and resulted in numerous adverse effects on the flora and fauna of the ecosystem.

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To overcome such problems the demand for biodegradable plastic is most preferred. This is anticipated to increase the growth of the bioplastics market during the forecast period. In response to this, the focus of governments on green procurement policies and regulations to increase the demand for bioplastics has driven the market.

The Bioplastics Market: Key Developments

Nature Works has entered into a strategic partnership with IMA Coffee, which is a market leader in coffee handling processing, and packaging. This strategic partnership has enhanced the market reach for high-performing compostable K-cup in North America during April 2021.

The Bioplastics Market: Opportunities

The increasing demand for sustainable plastics from the packaging industry has escalated market growth. Biodegradable plastics are portraying the same properties as conventional plastic owns. In addition, the government initiation and investment in the plastic industry are escalating the growth of the global bioplastics market during the forecast period.

In response to this, the market is anticipated to be driven by the increasing acceptance of bioplastics in key end-use industries such as packaging, textiles, consumer goods, automotive & transportation, and medical devices among others. These factors are anticipating increasing market growth; thus, creating remunerative opportunities for the market in the upcoming years.

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The Bioplastics Market: Regional Overview

The Europe region has captured to dominate the market during the forecast period 2022-2030. Owing to growing trends of using biodegradable plastic in the food packaging industry. In addition, the remarkable increase in the production of bioplastic has boosted market growth.

For instance, according to an article published by European Bioplastics e.V.in the year April 2022, the European bioplastics in cooperation with the nova-Institute, global bioplastics production capacities are set to increase from around 2.42 million tonnes in 2021 to approximately 7.59 million tonnes in 2026.

In the Asia-Pacific region, the growing textile sector has increased the demand for bioplastic products. An increase in urbanization, improvement in the standard of living, increase in the fashion consciousness among people, and adoption of western culture have boosted the textile industry where biodegradable plastics are used for flexible and rigid packaging. This is projected to have a major impact on the growth of the market in the Asia-Pacific region.

The Bioplastics Market: Prominent Players

BASF SE
BIOME TECHNOLOGIES PLC
CORBION N.V.
DANIMER SCIENTIFIC
DOW INC
EASTMAN CHEMICAL COMPANY
KURARAY CO. LTD
MITSUBISHI CHEMICAL HOLDINGS
NOVAMONT S.P.A.
PTT GLOBAL CHEMICAL COMPANY LIMITED
FKUR KUNSTSTOFF GmbH
INNOVIA FILMS
NATUREWORKS LLC
Toray Industries
Others

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The Bioplastics Market: Segments

By Type

• Bio-degradable

PLA
PBAT
PBS
PHA
Starch blend
Others

• Non-Biodegradable

PE
PET
PA
PP
PEF
PTT
Other

By Application

Packaging
Automotive
Agriculture
Textile
Consumer Durables
Horticulture
Others

The Bioplastics Market: Regions

North America

The U.S.
Canada
Mexico

Europe

France
The UK
Spain
Germany
Italy
Rest of Europe

Asia Pacific

China
Japan
India
Australia
South Korea
Rest of Asia Pacific

The Middle East & Africa

Saudi Arabia
UAE
Egypt
Kuwait
South Africa
Rest of the Middle East & Africa

Latin America

Brazil
Argentina
Rest of Latin America

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This release was published on openPR.