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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Bioplastics Market Size
The global bioplastics market 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.
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.
Bioplastics Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the global bioplastics market attained a value of USD 11.33 billion.
The market is assessed to grow at a CAGR of 14.1% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 37.11 billion by 2032.
The major market drivers include the expanding use of bioplastics in various sectors of the economy, increasing need to reduce fossil dependency, and growing concerns over plastic pollution.
The key market trends guiding the growth of the market include the rising environmental consciousness, government initiatives, and investments in research and development activities by market players to expand the market.
The major regions in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The major types of bioplastics include biodegradable and non-biodegradable.
The various applications of the market include rigid packaging, flexible packaging, textiles, automotive and transportation, agriculture and horticulture, and consumer goods, among others.
The major players in the market are 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, and TotalEnergies Corbion, among others.
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