Global Bioplastics Market Report and Forecast 2024-2032

Global Bioplastics Market Outlook

The global bioplastics market size reached a value of about USD 11.33 billion in 2023. The market is further estimated to grow at a CAGR of 14.1% in the forecast period of 2024-2032 to reach a value of around USD 37.11 billion by 2032.

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The availability of clean energy raw material sources for the production of bioplastics, increased consumer acceptance of products made from biomaterials, regulatory frameworks for producing biodegradable containers, and the characteristics of bioplastics that make them environmentally-friendly are some of the key drivers of the bioplastic market size. End-use industries are anticipated to profit from a rise in population and higher health awareness in Asia Pacific's growing economies, which will increase the bioplastics market share over the forecast period.

As they are non-toxic and easily degrade, bioplastics have no negative effects on the planet or the environment. According to the bioplastic market report, bioplastics are widely utilised in packaging applications, including films, sheets, household care items, food and beverage packaging, and packaging for personal care goods. Among the most popular bioplastics used for packaging are starch blends, PLA, PBAT, PET, PE, and PBS. Bioplastics market data indicates that more manufacturers are employing bioplastics for packaging due to consumer preferences for environmentally friendly packaging and surging global landfill problem.

As per the bioplastics market research, bioplastics are commonly employed in food packaging applications in the packaging sector. Bottles, jars, and other containers made of bioplastics are also frequently used to package fresh foods. Bottles made of PLA plastic are strong, single-use, and have qualities like gloss and transparency. Unlike products made of petroleum, polylactic acid is easily compostable and does not release hazardous fumes when it is burned. Hence, it is anticipated that throughout the forecast period, the demand for the bioplastics industry trends will continue to be very high.

Increasing Demand for Bioplastics in the Automotive Sector to Propel the Market Growth of Bioplastics

According to the bioplastics market analysis, the automotive and transportation segment is driving the market growth of bioplastics. The increasing production and sales of automobiles due to the rising middle-class income are resulting in the growing use of bioplastics in the manufacture of vehicles, thereby propelling the market expansion of bioplastics. The bioplastics market report indicates that the wide adoption of bioplastics like bio-polyamides, polybutylene succinate over metals and fossil-based plastics in automotive manufacturing owing to its exceptional characteristics such as sustainability, lower carbon footprint, reduced dependency on fossil resources, and lightweight are significantly catalysing the market development of bioplastics. The rising inclination of customers toward environment friendly vehicles is also resulting in the steady increase of the bioplastic market share. The research done by leading automobile manufacturers such as Ford and Toyota in using bioplastics for a bright future in the vehicle manufacturing sector is likely to aid the market for bioplastics over the forecast period.

Market Segmentation

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Bioplastics are diverse groups of environmentally friendly plastics that are produced from renewable biomass sources such as crops or plants. They are biodegradable within a short time range and serve as an alternative to petroleum-based plastics. There are different types of bioplastics such as starch-based, cellulose-based, aliphatic polyesters, organic polyethylene, and protein-based, etc.

The market for bioplastics, by type, is divided into:

• Biodegradable 
  • Starch Blends 
  • Polylactic Acid (PLA) 
  • Polybutylene Adipate Terephthalate (PBAT) 
  • Polybutylene Succinate (PBS)
  • Polyhydroxyalkanoates (PHA)
  • Others
• Non-Biodegradable
  • Bio-Polyethylene Terephthalate (Bio-PET)
  • Bio-Polyamide (Bio-PA) 
  • Bio-Polyethene (Bio-PE)
  • Bio-Polytrimethylene Terephthalate (Bio-PTT)
  • Others

Based on application, the market is segmented into:

• Rigid Packaging
  • Bottles and Jars
  • Trays
  • Others
• Flexible Packaging
  • Pouches
  • Shopping/ Waste Bags
  • Others
• Textiles
• Automotive and Transportation
• Agriculture and Horticulture
• Consumer Goods
• Others

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The regional markets for bioplastics can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Rising Environmental Consciousness to Drive the Bioplastics Market Growth

The growing use of bioplastics in various applications as an alternate to conventional plastics due to rising environmental consciousness and the emerging need to reduce the greenhouse gases and lower carbon footprint are providing impetus to the market development of bioplastics. As per the bioplastic market research, the expanding e-commerce sector and the use of bioplastics in packaging of food contact materials to reduce the dependency on fossil fuels is invigorating the market of bioplastics.

The emerging need to manage the increasing plastic waste worldwide and the growing awareness of bioplastics being a solution to plastic pollution are key bioplastics market trends. The initiatives by various governments towards circular economy by banning the single-use plastics and promoting the plastic waste management is further propelling the market. The investments made in research and development activities by the key players to expand the market and ensure that bioplastic fulfils the needs of the global market is expected to augment the bioplastic market growth over the forecast period.

At a regional level, the European bioplastics market is expected to grow at a rapid pace, supported by the growing efforts of countries and associations in the region towards increasing awareness about the benefits of bioplastics. The push towards bioplastics in Europe is guided by the increasing focus on reducing usage and dependence on fossil resources, preventing greenhouse gas emissions, and increasing efficiency of utilising renewable resources.

Key Players in the Global Bioplastics Market

The report gives a detailed analysis of the following key players in the global bioplastics market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Novamont S.p.A.

• Eastman Chemical Company

• Arkema

• Corbion NV

• Mitsubishi Chemical Corporation

• BASF SE

• Biome Bioplastics Limited

• Futamura Group

• Polymateria Limited

• Plantic Technologies Limited

• CJ CheilJedang Corp.

• Roquette Frères

• PTT Global Chemical Public Company Limited

• FUTERRO SA

• TotalEnergies Corbion

• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
 

Key Highlights of the Report

Bioplastics Market Report Snapshots

Bioplastics Market Size

Bioplastics Market Growth

Bioplastics Companies