Bioplastics Market-Global Industry Analysis and Forecast (2023-2029)

Bioplastics Market was valued at US$ 6.67 Bn. in 2022. Bioplastics Market size is estimated to grow at a CAGR of 12.8%.
Bioplastics Market Overview:
Bioplastics are derived from the natural renewable resources. Bioplastic is a suitable substitute for traditional petroleum-based plastics. The bioplastics industry is fast-growing industry, which has potential to decouple economic growth from resource depletion. Recycling of bioplastics is a key opportunity and has a potential to develop as a major area of bio-plastic industry.To know about the Research Methodology:- Request Free Sample Report

The plastics industry is transforming. According to the predictions, bioplastics are expected to see high growth in the near future. It is become an ideal product for investors to start bioplastics business. The demand for bioplastics is increasing at a rapid rate because of the awareness concerning environmental conservation among population, usages of natural resources for manufacturing bioplastics materials and regulation with respect to the natural resources and waste management are some of the drivers behind the market growth.
Bioplastics Market Dynamics:
Bioplastic: play an integral role in the eco-friendly economy

Plastics are a prominent material in manufacturing. The bioplastics are helps to reduce landfill waste, utilize renewable feedstocks, recycling petroleum-based plastics and reducing the use of finite resources. Bioplastics are bringing the plastics industry out of a wasteful linear economy into circular economy (It is a systems solution framework that tackles global challenges). They are scalable for commercial production.

Takeaways for investors

In the current market scenario, Bioplastics have proven product that consumers are starting to seek out at the time of making purchasing decisions. According to the research, Bioplastics are not searching for new market, instead they are replacing traditional plastics in the market. According to the MMR research, more than 65% of investors polled are interested in sustainable investing. An increase in consumer interest in sustainable products is driving investor interest.

Green procurement strategy by governments drives the demand for bioplastics

The need to reduce the carbon footprints and dependency on conventional fossil fuels are increasing the demand for bio-based products. the new policies and regulations implemented and adopted by the government bodies related with green procurement are expected to increase the production for bio-based products. A ban on the use of conventional plastics in applications like shopping bags, packaging materials, and disposables are driving the market for bioplastics, particularly biodegradable plastics. The governments are prohibiting the use of single use plastics and awareness among the people regarding the harm that the plastics are fuelling bioplastics market.
Bioplastics Market Segment Analysis:
Currently, biodegradable plastics, which includes PLA, PHA, starch blends and others are expected to account for more that 55% of the global bioplastics production capacities. The production capacities of biodegradable plastics are expected to increase in the near future because of the PHA’s significant growth rates and new investments for PLA production in the US and in Europe.Packaging segment is the largest field of application for bioplastics in bioplastics market. An environmental regulations and shift in the lifestyle of consumers have increased the demand for bioplastics. The Plastic is widely used in packaging because of its high durability feature. Key companies are making the move to start deploy bioplastics as their packaging. The packaging applications are expected to contribute significant growth with biodegradable mulch films, compostable waste bags, catering products, film packaging, and rigid packaging. The use of bioplastics in numerous applications like packaging has facilitated plastics manufacturers to reduce the overdependence on petroleum-based plastics.
Bioplastics Market Regional Insights:
Asia Pacific Has Strengthened Its Position as A Major Hub for The Bioplastics Industry

High investment for biodegradable products from key players in the Asia Pacific and government favourable policies for eco-friendly products are some of the driving factors behind the regional market growth. Collaboration between companies as well as in developing economies government created a strong bioplastics industry group. The government is providing funding for the research and further development of the technology. Consumer awareness and government standard regulations for plastic materials promoted the use of bioplastics. In the region, Government initiatives and incentives lead to investments in production facilities by both international and domestic firms. The high capital investment supports to reduce the time and cost gaps, which lead to the development of the Bioplastics industry.
Bioplastics Market Key Players Insights:
An increase in awareness of the harmful effect of petroleum-based plastics and the benefits of sustainable plastics is the one of the key drivers. Many key companies are adopting sustainability officers to integrate best-practices into their manufacturing processes. For instance, Coca-Cola has introduced a new plastic bottle packaging, which is made form 30% plant-based materials. Bioplastic manufacturers are focusing on the design of the new formulations, which will meet performance standards of traditional plastics. They are also concentrating on cost reduction by ensuring scalability. Bioplastic manufacturers are looking for innovative ways to reduce their environmental footprint. They are also focusing to tap many benefits and advanced technical properties of bioplastics.

The objective of the report is to present a comprehensive analysis of the global Bioplastics Market to the stakeholders in the industry. The past and current status of the industry with the forecasted 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 industry 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 Bioplastics Market dynamic, structure by analyzing the market segments and projecting the Bioplastics Market size. Clear representation of competitive analysis of key players by End-Use, price, financial position, product portfolio, growth strategies, and regional presence in the Bioplastics Market make the report investor’s guide.
Bioplastics Market Scope: Inquire before buying



Bioplastics Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 6.67 Bn.


Forecast Period 2023 to 2029 CAGR:
12.8%
Market Size in 2029:
US $ 15.52 Bn.


 Segments Covered:
by Type
Biodegradable
Non-biodegradable/Bio-based


by End-Use
Packaging
Consumer Goods
Automotive & Transportation
Others


by Application
Flexible Packaging
Rigid Packaging
Automotive and Assembly Operations
Agriculture and Horticulture
Construction
Textiles
Electrical and Electronics
Other Applications



Bioplastics 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)
Bioplastics Market, Key Players:
1. Teijin Ltd.
2. Toray Industries
3. Toyota Tsusho
4. M& G Chemicals
5. PTT Global Chemical Public Company Ltd
6. Showa Denko K.K.
7. NatureWorks LLC
8. SABIC
9. BASF SE
10.Futerro SA
11.E. I. du Pont de Nemours and Company
12.Braskem
13.Corbion N.V.
14.Galactic
15.Solvay SA
16.Kaneka Takasago
17.Taghleef Industries
18.Genecis
19.Roquette
20.Succinity GmbH
21.Danimer Scientific
22.Trifilon
23.Biofase
24.Bioapply
25.Lyondellbase
Frequently Asked Questions:
1] What segments are covered in the Bioplastics Market report?
Ans. The segments covered in the Bioplastics Market report are based on Technology and End-Use.

2] Which region is expected to hold the highest share in the Bioplastics Market?
Ans. The Asia Pacific region is expected to hold the highest share in the Bioplastics Market.

3] What is the market size of the Bioplastics Market by 2029?
Ans. The market size of the Bioplastics Market by 2029 is US$ 15.52 Bn.

4] What is the forecast period for the Bioplastics Market?
Ans. The forecast period for the Bioplastics Market is 2023-2029.

5] What was the market size of the Bioplastics Market in 2022?
Ans. The market size of the Bioplastics Market in 2022 was US$ 6.67 Bn.