Richmond, Jan. 31, 2024 (GLOBE NEWSWIRE) -- According to a research report "Bio-plastic Market”, by Materials Type (Polyhydroxyalkanoates, Bioplastics, Polylactic acid, Cellulose, Others), Products (Crockery, Cutlery, Pots, Bowls, Straws, Others), Application (Packaging, Bioplastics for Consumer Electronics, Food Service, Medical, Aerospace, Automotive, Cosmetics, Others) and Region - Global Forecast to 2030.
Global Bio-plastic Market Report Scope:
| Report | Details |
| Market size value in 2023 | USD 6.64 Billion |
| Market size value in 2030 | USD 30.9 Billion |
| CAGR (2023-2030) | 21.2% |
| Forecast Period | 2023–2030 |
| Historic Data | 2019 |
| Forecast Units | Value (USD Million/USD Billion) |
| Segments Covered | Materials Type, Products, Application and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and RoW |
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| Sample of Companies Covered |
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TOC Covers in Depth & Breath on Bio-plastic Market
170 - Market Data Tables
65 - List of Figures
225 – Pages
The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.
Market Overview
Bioplastics are a type of plastic material made from renewable resources like vegetable fats and oils, corn starch, straw, woodchips, sawdust, and recycled food waste. Some bioplastics are derived directly from natural biopolymers, including polysaccharides. These materials have a significant impact in various industries such as Electronics, Food Service, Medical, Aerospace, Automotive, and Cosmetics. Stringent government regulations on environmental protection drive the growth of the bioplastic market. The use of traditional plastics like polyethylene, rayon, and nylon poses environmental challenges due to their slow degradation and negative impact on the environment. Bioplastics address these concerns by providing a more sustainable alternative. The key drivers for the bioplastic market include their applications across various industries and the rising awareness among people about environmental issues. However, there are challenges facing the bioplastic market. The production of bioplastics results in increased pollutants due to the use of fertilizers and pesticides in crop cultivation, as well as the chemical processes involved in converting organic materials into plastic. Additionally, bioplastics have been found to contribute more to ozone depletion compared to traditional plastics. Despite these challenges, the demand for bioplastics continues to grow as efforts are made to overcome environmental disadvantages and enhance their sustainability.
Major Vendors in the Global Bio-Plastic Market:
- ABMcomposite
- Avantium
- Biome Bioplastics
- Braskem
- Corbion
- BASF SE
- Danimer Scientific
- Futerro
- Mitsubishi Chemical Corporation
- NatureWorks LLC
- Plantic
- Polymateria PTT MCC Biochem Co., Ltd
- TORAY INDUSTRIES, INC.
- Trinseo
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Use of eco-friendly materials and less polluting materials
The growth of the bioplastics market is primarily driven by the escalating demand for eco-friendly and less polluting materials. This heightened demand is influenced by various factors, including the increasing costs of fossil fuels and companies need to restrict their carbon footprint to comply with regulatory restrictions and fulfill their corporate social responsibilities. Unlike traditional plastics derived from fossil fuels, bioplastics are made from renewable biomass sources, encompassing materials like vegetable fats and oils, corn starch, rice starch, straw, woodchips, sawdust, and recycled food waste. Plants abundant in starch, such as corn in the United States and sugarcane, sugar beets, cassava roots, wheat, and potatoes in countries like India, play a pivotal role in the production of bioplastics. This reliance on renewable resources positions bioplastics as a more environmentally friendly alternative to conventional plastics. The demand for bioplastics is steadily increasing owing to their renewability, the ample availability of raw materials, versatility in applications, favorable technical properties, and a diverse range of recycling options. Consequently, bioplastics are gaining recognition as a viable substitute for conventional or petroleum-based plastics. An examination of the existing facts and emerging possibilities reveals that the shift towards bioplastics aligns with the global trend towards sustainable and environmentally conscious alternatives.
Market Dynamics
Drivers:
- Higher demands for biodegradable materials
- Ban on plastic materials
- Industrial users to promote sustainable development.
- Use of eco-friendly materials and less polluting materials
Opportunities:
- Increased Demand For Sustainable Packaging Solutions
- Government regulations and policies to use of bio-based and biodegradable materials.
- Research and development in bio-plastic materials and manufacturing processes
Government regulations and policies to use of bio-based and biodegradable materials
Each year, humans generate approximately 34 million tonnes of plastic waste, and only 7% of this total is recycled. The remaining 93% is either deposited in landfills or dumped into bodies of water. Presently, plastic manufacturing contributes to 4–8% of the world's oil consumption, a figure projected to grow up to 20% by 2050. While the plastic industry initially seemed advantageous for humanity, its widespread usage over time has proven harmful. Plastic's popularity and widespread adoption can be attributed to its affordability, durability, favorable strength-to-weight ratios, and contributions to daily convenience. However, the prevalence of plastic products in our everyday lives is now leading to significant environmental challenges. Millions of tonnes of non-biodegradable polymers enter the environment annually, creating a persistent problem. The inadequate management of plastic waste has become a global concern, particularly due to the shortcomings of current waste disposal solutions. The primary environmental consequence of excessive plastic use is the landfill problem. In numerous regions worldwide, the rising levels of plastic waste pose a crisis, driven by diminishing landfill capacity and increasing landfill costs. Another major concern is the gathering of plastics in water bodies, contributing to environmental degradation on a global scale. Due to all these reasons governments of various countries making stringent rules and regulations for the use of biodegradable materials.
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North America dominates the market for Ready-to-Eat Food.
In North America, the bioplastics market boasts a robust foundation, propelled by a heightened awareness of environmental concerns and a commitment to sustainability. Both the United States and Canada have experienced a surge in demand for bioplastics across packaging, consumer goods, and automotive applications. The regulatory landscape plays a pivotal role, characterized by stringent environmental regulations and policies that approve sustainable practices, thereby nurturing the expansion of the bioplastics market. Government-driven initiatives and support for eco-friendly alternatives serve as additional catalysts, actively encouraging growth within the industry.
In the Asia-Pacific region, the bioplastics market is experiencing rapid expansion, mostly driven by escalating industrialization, urbanization, and evolving consumer preferences. Key players in the bioplastics industry are emerging from countries such as China, Japan, and India. The regulatory landscape is a key influencer, with ongoing developments and government initiatives aimed at tackling plastic pollution shaping the route of the bioplastics market in the region. The importance of sustainable packaging solutions is notably robust in both developed and developing economies, underscoring a shared commitment to environmental responsibility.
The Packaging Segments is anticipated to hold the Largest Market Share during the Forecast Period
There remains a significant demand for bioplastic packaging, especially in applications involving the wrapping of organic food and premium or branded products with specific requirements. As of 2023, the global production capacity for bioplastics reached approximately 2.18 million tonnes, with 43 percent of this volume allocated to the packaging sector—the largest market segment within the bioplastics industry. Rigid bioplastics find diverse applications in cosmetics packaging for creams and lipsticks, as well as in the manufacturing of beverage bottles and various other products. Materials such as PLA, bio-PE, or bio-PET are commonly employed in this category. Noteworthy brands like Volvic and Heinz utilize bio-PET for bottles of various sizes containing beverages, while Coca-Cola has entered into a partnership to explore the viability of bottles made from PEF. Coca-Cola has also introduced the "100 percent Plant-based Bottle" to the market. Procter & Gamble chooses bio-PE to package certain cosmetic products. PLA, being a mechanically recyclable material, is gaining momentum in the rigid packaging market.
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