Bioplastics & Biopolymers Market

Bioplastics & Biopolymers Market Size (2023-2028)

Bioplastics & Biopolymers Market is anticipated to grow in a significant way during the forecast period. It is expected that the target market is growing from USD 12.5 billion in 2022 to USD 27.9 billion by 2028, registering a CAGR of around 25.7% over the forecast period. 

Bioplastics or biopolymers are plastic or polymer materials that are produced from renewable biomass sources like vegetable fats and oils, straw, corn starch, woodchips, recycled food waste, sawdust, etc. These materials can also be made from by-products of agriculture, from used plastic bottles and other containers using microorganisms. In this market, around 80% of polymeric materials are produced from the petroleum industry, while fossil fuels are processed. The growing usage of plastics is burdening the environment with their increasing carbon footprint owing to the greenhouse gas emissions, coupled with other factors like pollution in soil and groundwater. The growing focus on sustainable developments is expected to create opportunities for bio-based plastics and polymers in the coming years. These Biopolymers are polymers that are degradable while subjected to moisture & heat, under the action of microorganisms. They are majorly made from biomass, waste starch, and other renewable feedstock. 

Polylactic acid, bio-nano composites, polyhydroxyalkanoate, etc. are some commercially available polymers, which are used in the electronics and automotive industries. For reducing carbon footprint, governments are encouraging the usage of these biodegradable polymers over conventional polymers. Also, some of the major automotive companies are now opting for biopolymers in their vehicles; like the usage of biopolymers for interior applications by Ford Motor Company.

Biopolymer & Bioplastics Market Drivers and Restraints:

Factors such as limited availability of petroleum resources, fluctuation in crude oil prices, and awareness regarding ecological problems are the key factors that are driving the growth of the Global Bioplastics & Biopolymers Market during the forecast period. Instead of being a niche market, the target market is supposed to witness significant growth during the forecast period. Changing environmental regulations on carbon emissions & plastic usage and political conditions are also forecasted to create opportunities for the expansion of The Global Bioplastics & Biopolymers Market over the forecast period.

However, costing is a significant issue for biopolymers, which is still pretty steep owing to the manufacturing cost, which is according to the European Bioplastics Association. This steep in the prices of these polymers could be manifested as a major restraint that is hindering the global market over the outlook period.

BIOPLASTICS & BIOPOLYMERS MARKET REPORT COVERAGE

Biopolymer & Bioplastics Market Segmentation:

Based On The Raw Material:

• Sugarcane

• Sugarbeet

• Corn

• Potato

• Wheat

• Castor Oil

Based On The Chemical Type:

• Bio-Polyethylene terephthalate (Bio-PET)

• Starch Blends, Polylactic Acid (PLA)

• Polyamide

• polytrimethylene terephthalate (PTT)

• Bio-polyethylene (Bio-PE)

Based On The Product Type:

• • Bottles

  • Cups

  • Cans

  • Corrugated Cases

  • Boxes

  • Plates

Based on the End-User:

• • Packaging

  • Automotive

  • Textile

  • Agriculture

  • Electronics

  • Building and Construction

  • Coatings, and Adhesives

  • Consumer Goods

  • Packaging

Biopolymer & Bioplastics Market By Regional Analysis:

• North America

• Europe

• Asia-Pacific

• South America

• Middle East & Africa

In the regional analysis of the Global Bioplastics & Biopolymers Market, Europe's market held the largest share of the overall revenue and is also expected to maintain its dominance during the projection period. The major factors that are driving the target market in this region are the rapid consumption of plastics and rising consumer awareness for bio-based products in the area. Furthermore, the growth in the demand for plastic for keeping environment-friendly products and rising awareness regarding the maintenance of atmosphere balance among the consumers is further enhancing the growth of this regional market's contribution towards the global bioplastics & biopolymers market in the future. 

And the other factor that is fuelling the market in Europe is the development of plastics which are bio-based with joint research, which is assumed to further rise in Europe's plastics industry. Factors that have played an essential role in the market saturation of bio-plastics & bio-polymers are the political effects and economic conditions. And the rise in the growing disposable income, packaging of goods, and increase in innovation & development in biodegradable & biopolymer products are anticipated to boost the target market growth part in the global Bioplastics & biopolymers market over the forecast years.

The regional market of the Asia Pacific is likely to grow at the highest CAGR in the global market over the projection period. Further, rising growing GDP, changing lifestyle of consumers, and the strong economic growth in countries like China, Thailand, Korea, Japan, and India, are the factors that are anticipated to push the market growth in the bioplastics & biopolymers market in the future.

Recent Developments:

• Novamont, a firm that develops and produces bioplastics and biochemicals through the integration of chemistry, has announced a new compostable MATER-BI grade for extrusion coating and extrusion lamination on paper, board, and other substrates.
• Total Corbion PLA, a renowned technology leader in the world in Poly Lactic Acid (PLA) and lactide monomers, has inaugurated its 75-kilotonne-per-annum polylactic acid production plant in Thailand.

Bioplastics & Biopolymers Market Key players:

1. NatureWorks (Italy)

2. Braskem (Brazil)

3. BASF (Germany)

4. Total Corbion (Netherlands)

5. Novamont (Italy)

6. Biome Bioplastics (UK)

7. Mitsubishi Chemical Holding Corporation (Japan)

8. Biotec (Germany)

9. Toray Industries (Japan)

10. Plantic Technologies (Australia)

11. Arkema (France)

12. Cardia Bioplastics (Australia)