Bioplastic Composites Market: Global Industry Analysis and Forecast (2023-2029)

Bioplastic Composites Market was valued at US$ 33.42 Bn. in 2022. Global Bioplastic Composites Market size is expected to grow at a CAGR of 10.7 % through the forecast period.
Bioplastic Composites Market Overview:
Bioplastics are derived from renewable raw materials such as corn, sugarcane, and cellulose. The preference for bioplastics has increased significantly due to its eco-friendly nature, abundant source of renewable raw materials, and favorable government policies for the use of bioplastics in various industries. Also, bioplastics are widely applicable in rigid packaging, flexible packaging, textiles, consumer goods, agriculture, construction, electrical and electronic, and other industries.

Moreover, the incorporation of bio-sources such as natural plant-based fibers into bioplastic composite structures has formed the basis of bioplastic composites design and engineering. The natural fibers used in bioplastics improve specific properties such as stiffness and thermal behaviour, reduce the cost of bioplastics, improve the bioplastic’s tendency to be dense, and improve recyclability.To know about the Research Methodology:-Request Free Sample Report
Bioplastic Composites Market Covid-19 Impact:
The new coronavirus is an unprecedented pandemic, which has spread to more than 180 countries and caused enormous damage to people and economies around the world. The international bioplastics market has been negatively impacted by the COVID19 pandemic, due to its reliance on the transportation, electrical & electronics, building & construction, aerospace, and industrial sectors. The transportation sector has been affected by the COVID19 pandemic. Also, the increasing number of unemployed in the transportation sector during the COVID19 pandemic has reduced demand for the transportation sector. This has negatively affected the market demand for bioplastic composites. For example, the transportation sector has been one of the end-use sectors most affected by the pandemic due to the declining revenue from the transportation market due to the implementation of travel restrictions. Additionally, some bioplastic composites manufacturers have closed operations, leading to supply chain disruptions. This has temporarily hampered Bioplastic Composites market demand for bioplastic composites throughout the COVID19 period.
Bioplastic Composites Market Dynamics:
The eco-friendly properties of bioplastics and high consumer acceptance are significantly driving the growth of international bioplastics for the injection molding market. In addition, favorable government policy towards the use of bioplastics and full access to renewable sources of raw materials are driving the growth of the market. However, the high cost of bioplastics and their limited performance is limiting the growth of the bioplastic composites market. On the contrary, reducing dependence on petroleum resources and increasing R&D activities for bioplastics are expected to present lucrative future opportunities for market growth.
Bioplastic Composites Market drivers:
Increasing demand for Eco-friendly plastics in the market:

Biodegradable plastics have found applications in multiple industries, but the most prominent application of such plastics is observed in the packaging market as they portray similar properties to conventional alternatives. They are utilized in both rigid as well as flexible packaging. With an increase in e-commerce internationally, a sizable amount of packaging material is expected to be used in the future years. As biobased plastics can easily replace conventional plastics, their utilization can be an excellent alternative to reducing plastic pollution in the environment.

The demand for renewable feedstock-based plastics is also increasing in the industries such as food and pharmaceuticals. In addition, demand for ready-to-eat products has grown in both developed and emerging economies. As a result, manufacturers of these products have actively sought packaging materials that are safe and inert to the packaged products and have a low environmental impact. These plastics have become the materials of choice for these companies.

Increased demand for biodegradable plastics:

Plastic is widely used in agriculture and horticulture. For example, they are used in the manufacture of greenhouses, storage bags, bins, and silos. In addition, existing semi-intensive and intensive farming practices involve the use of large amounts of mulch and plant protection bags to combat weed growth, protecting crops from pests and diseases, which regulates soil moisture and nutrient content to create a beneficial microclimate. However, conventional plastic is non-biodegradable and persists in the environment for many harvest seasons. It is destructive to the environment and affects the growth of plants and products by limiting the roots' access to water and nutrients in the soil.

Because of these factors, many companies producing agricultural-related plastic products have sought out biodegradable plastics using renewable and sustainable raw materials that are technically and economically viable. In addition to promoting plant growth, these compostable plastics also break down in the natural environment and help enrich the soil. As a result, the demand for these bioplastics is increasing in the agriculture and horticulture sectors, which bodes well for the growth of the international bioplastics market during the forecast period.

Increased strict governments laws against low-grade plastics:

Many international governments are trying to find a sustainable way to be environmentally friendly, in which a series of policies are enacted to accommodate the use of bioplastics instead of low-density polyethylene (LDPE). In May 2019, Nigerian state officials banned the import, use, and production of plastic bags in the country. In January 2017, major retailers were required to charge customers for plastic bags with handles in Israel.

October 2017, Cambodia imposed a tax on plastic bags. In 2022, Thailand adopted a roadmap to reduce plastic waste by 2030. As part of this program, the government decided to ban plastic cups, shopping bags with a thickness of fewer than 35 microns, and even straws. Plastic by 2021 demanded by retailers, supermarkets, and in-store suppliers, which has led to increased adoption of bioplastics. Thus, nearly 127 countries have passed legislation to regulate the use of standard plastics and have opened the door to the economy of bioplastic composites.
Bioplastic Composites Market Restraints:
High cost of bioplastic: Bioplastics are currently more expensive than standard plastics due to the complex process involved in converting corn or sugarcane into the building blocks of PLA (polylactic acid). In addition, due to limited availability and higher raw material costs, biodegradable plastics are more expensive than petroleum-based non-biodegradable plastics. Therefore, the high price of bioplastics is limiting the growth of the market. Hence due to high costs, many manufacturing hubs use standard plastic for the production and packaging of their materials.

Bioplastic Composites Market Opportunities: Micro plastics polluting the oceans are a serious problem around the world. Bioplastics made from biofilm-forming substances, which degrade in nature, are one of the strategies to solve this problem. Although bioplastics include proteins, polysaccharides, polylactic acids, etc., DNA, is one of the most important materials in the genetic process. In addition, large amounts of materials containing DNA, such as salmon milk, are discarded as industrial waste around the world and can be used to make bioplastics.
Bioplastic Composites Market Segment Analysis:
Based on Type, the Bioplastic Composites Market is segmented into wood fiber composites and non-wood fiber composites. The wood fiber composite holds the largest share in the bioplastic composites market in 2022, owing to the high strength & stiffness of the wood fiber composites. The demand for wood fibers as a replacement for fossil-fuel-based synthetic materials and cotton has increased, as it consumes less water and agrochemicals in the production process. It is expected to be the major driving factor for the rising adoption of wood fibers in the bioplastic composites market.

Based on the Polymer, the Bioplastic Composites Market is segmented into natural fibers, polyhydroxyalkanoate, polylactic acid, and synthetic polymer. The natural polymers segment accounted for the largest share of the bioplastic composites market in 2022, as it improves bioplastic properties such as hardness and thermal behaviour. Natural polymers lower the price of bioplastics, improve the bio-based market share of bioplastics, and refine the recyclable properties of bioplastic composites, thus paving the way for the Bioplastic composites market.

Based on the end-user, Based on the end-user the market is segmented into transportation, electrical and electronics, building and construction, and aerospace and defence. The transportation market accounted for the largest share of the bioplastic composites market share in 2022 and is growing at a CAGR of 12.1 %, driven by increased demand for bioplastic composites for manufacturing auto parts.

Polycarbonate resins and biosynthetic materials are used to manufacture decorative products from wood, linen, and hemp fibers. The textile fibers used to decorate the seats and door panels are made of polyethylene terephthalate (PET), polylactic acid (PLA), or Sorona fiber (PTT). Even the soft seat cushions are made from bio-based polyurethane (PUR). As a result, the transportation market's increasing adoption of bioplastics is driving the bioplastic composites market.
Regional Insights:
North America holds the largest share in the bioplastic composite market in 2021 up to 37% owing to gradual policies and regulations enforced by the government and rising consumption of Polylactic acid (PLA) and biobased commodities. This influences bioplastic composite market growth in the region.

Asia Pacific bioplastic composes market size is expected to grow at the highest CAGR of 11.5% during the forecast. This is due to the government policies supporting the use of bioplastic fuels as the growth of the bioplastic composites market in the Asia Pacific also in Asian countries bioplastics are used in several end-use applications such as automotive components consumer goods, electronic components agriculture, etc moreover, increasing popularity off bioplastic composites in Asian countries such as China and India also drive the bioplastic composite market

The objective of the report is to present a comprehensive analysis of the international Bioplastic Composites Market to the stakeholders in the market. The past and current status of the market with the forecast market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the market with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the Bioplastic Composites Market dynamic, and structure by analyzing the market segments and projecting the Bioplastic Composites Market size. Clear representation of competitive analysis of key players by Vehicle type, price, financial position, product portfolio, growth strategies, and regional presence in the Bioplastic Composites Market make the report investor’s guide.
Bioplastic Composites Market Scope: Inquire before buying



Bioplastic Composites Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 33.42 Bn.


Forecast Period 2023 to 2029 CAGR:
10.7%
Market Size in 2029:
US $ 68.10 Bn.


 Segments Covered:
by Type
Wood fiber composite
Non-wood fiber composite


by  Polymer
Natural polymer
Polyhydroxyalkanoate
polylactic acid
synthetic polymer


by End-user
Transportation
electrical and electronics
building and construction
aerospace and defense



Bioplastic Composites Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Key Players are :
1. Mitsubishi chemical Grp
2. Nature Works LLC
3. Total Corbion PLA
4. Braskem
5. Owens Corning
6. Arkema SA
7. BASF SE
8. Dow Chemical company
9. Solvay SA
10. Toray Industries Inc
11. Huntsman Corporation
12. Matrica SPA
13. Avantium
14. BioApply
15. Biofase
16. Trifilon
17. Kaneka Takasago
18. Tagleef Industries
19. Advanced biomaterial p.ltd

Frequently Asked Questions:

1. Which region has the largest share in Global Bioplastic Composites Market?
Ans: North America region held the highest share in 2022.

2. What is the growth rate of Global Bioplastic Composites Market?
Ans: The Global Bioplastic Composites Market is growing at a CAGR of 10.7% during forecasting period 2023-2029.

3. What is scope of the Global Bioplastic Composites Market report?
Ans: Global Bioplastic Composites Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.

4. Who are the key players in Global Bioplastic Composites Market?
Ans: The important key players in the Global Bioplastic Composites Market are – Mitsubishi chemical Grp, Nature Works LLC, Total Corbion PLA, Braskem, Owens Corning, Arkema SA, BASF SE, Dow Chemical company, Solvay SA, Toray Industries Inc, Huntsman Corporation, Matrica SPA, Avantium, BioApply, Biofase, Trifilon, Kaneka Takasago, Tagleef Industries, Advanced biomaterial p.ltd, and

5. What is the study period of this Market?
Ans: The Global Bioplastic Composites Market is studied from 2022 to 2029.