Dublin, Aug. 14, 2024 (GLOBE NEWSWIRE) -- The "Bioplastics Market Report by Applications, Material Type, Countries and Company Analysis, 2024-2032" report has been added to ResearchAndMarkets.com's offering.
Bioplastic Market Analysis
Global Bioplastic Market will reach a new high of US$ 22.56 billion by 2032 from US $ 8,314.67 in 2023, with a compound annual growth rate of 11.73% from 2024 to 2032
Bioplastics can be used in different sectors of the economy. In packaging, they are applied in food containers, bottles and bags hence replacing the normal plastics. The market for bioplastics is growing for several reasons such as; the increasing awareness of the public towards market emission standards and waste management measures, the move towards embracing greener products by buyers out there in the market.
In the use of agricultural products, bioplastics are used in films used in mulching and pots used to plant crops, hence minimizing on plastic wastes in farming. The medical industry employs the use of bioplastics for items such as suture material, implants, and more, due to the significance of biocompatibility as well as biodegradation.
Moreover, the application serves automotive, textile, and consumer goods industries to imply the wide spectrum of the use and the necessity to shift from the utilization of fossil resources and emission of hazardous pollutants. Future studies of bioplastics focus on enhancement of new ideas, types of bioplastics and finding more ways of its usage with efficiency sparing the environment on the worldwide scale.
Driving Forces of the Global Bioplastic Market
Regulatory sustainability policies drive bioplastic adoption by reducing plastic waste
The raise of consciousness concerning the pollution with plastics and their consequences protects the natural environment make more people look for bioplastics. These materials which are obtained from plants and algae are better options to that of the popular plastics we use today. Bioplastics degrade at a quicker pace in the end hence the ideal option in handling effects of plastics in water bodies and environmental degradation.
It also generally involves a lower production of greenhouse gases compared to the production of fossil fuel-based plastics making production less damaging to the environment. As consumers become more conscious about the environment and industries seek for more sustainable materials, bioplastics are being adopted more in the various industries and uses to cut the reliance on fossil fuels, and to help eliminate the effects of plastic pollution in our day to day lives.
Growing environmental awareness drives demand for bioplastics amidst plastic pollution concerns.
Rising concern for plastic waste and its impact on the environment are other factors that have contributed to the rise of bioplastics. Bioplastics are made out of renewable raw material like plant and algae and is an eco-friendly product than the commonly used plastics. They most times decompose faster than the plastics hence the reduction of environmental impact of plastics littering the oceans and the landfills.
Bioplastics are also known to have relatively lower carbon incidences than the fossil fuel derived plastics, hence, enhance acceptable production. In the context of the growing global focus on the reduction of plastic pollution and improvement of the sustainability of the contemporary industrial economy, bioplastics set realistic goals that can be met in the framework of the development of various industries: packaging, consumption, automotive, etc.
Growing consumer preference for eco-friendly products drives bioplastic demand.
The consumer consciousness to use products with minimized impacts on the environment also greatly contributes toward the expansion of the market for bioplastics. With the increasing consciousness of the environment, consumer's demand for products that are eco-friendly substitutes to plastics. Bioplastics made from renewable resources such as plants and algae are the one that can serve as a solution where the main raw material used in the production of the finished good is biodegradable.
At the same time, they are biodegradable or have minimal carbon footprint, which goes in line with the current trends focusing on the reduction of the adverse impact of plastics and similar products on the natural environment. Thus, there is a strong demand for bioplastics and industries add them to new product assortments including food packaging, consumer goods, and others. Such a change reflects a focus on sustainability and emphasizes bioplastics application in combating world's environmental problems connected with plastic and pollution.
Asia Pacific Bioplastic Market
The bioplastic market in Asia Pacific is rapidly growing due to the rising awareness level toward the environment and governmental policies in support of biobased products. The expansion is due to the importance of countries such as China, Japan, and India in developing technologies. Current growth factors that make the Asia Pacific market for bioplastic to continue expand is due to the favourable regulatory framework in place, the technologies available for bioplastic production and the shift towards sustainable products in all sectors.
China is among the leading countries in both the production and consumption of bioplastics since it is among the manufacturing giants of the world. Increased awareness of the country to recycle plastics and to embrace renewable materials helps in the market advancement. Japan famous for its technology use in many areas harness their resources in the production of bioplastic mostly in the packaging and car industries. Its strict environmental policies also fuel the market growth even more. India also foresees a demand of bioplastics in packaging, agriculture and consumer products with increasing consumers and increasing awareness on environment.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 300 |
| Forecast Period | 2023 - 2032 |
| Estimated Market Value (USD) in 2023 | $8.31 Billion |
| Forecasted Market Value (USD) by 2032 | $22.56 Billion |
| Compound Annual Growth Rate | 11.7% |
| Regions Covered | Global |
Global Bioplastic Company News
- April 2024: Gaia Biomaterials closed a US$5 million rights issue with support from the Swedish government-owned greentech venture capital fund Almi Invest Greentech and individual domestic and foreign investors. The funds will expand market share in India, the US, and other targeted markets.
- April 2024: TotalEnergies Corbion presented Luminy PLA bioplastics at Chinaplas 2024 in Shanghai. This showcased how businesses can easily switch to PLA bioplastics to reduce carbon emissions by up to 75% compared to traditional plastics.
- March 2024: Sulzer Ltd. will provide Balrampur Chini Mills Limited with its state-of-the-art polylactic acid (PLA) production methods to establish India's first bioplastics facility. The facility will annually create 75,000 tons of biodegradable, fully recyclable bioplastic using sugarcane as a feedstock, leveraging the nation's primary crop for sustainability goals.
Key Players Analysis: Overview, Recent Development & Strategies, Product Portfolio, Sales Analysis
- Total Corbion
- Mitsubishi Chemical Holding Corporation
- Toray Industries
- BASF SE
- Green Dot Bioplastics
- Amcor Limited
Material Type - Market has been covered from 2 viewpoints:
- Biodegradable
- Non-Biodegradable
Biodegradable - Market has been covered from 6 viewpoints:
- PBAT
- PBS
- PLA
- PHA
- Starch Blends
- Others
Non-Biodegradable - Market has been covered from 6 viewpoints:
- PE
- PET
- PA
- PP
- PTT
- Others
Applications - Market has been covered from 7 viewpoints:
- Packaging
- Agriculture
- Consumer goods
- Textile
- Automotive & Transportation
- Building & Construction
- Others
Geography - Market Breakup of 23 countries :
North America
- United States
- Canada
- Colombia
Europe
- France
- Germany
- Italy
- Spain
- United Kingdom
- Netherlands
Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Malaysia
- Indonesia
- Israel
Latin America
- Brazil
- Mexico
- Argentina
Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
Rest Of the World
For more information about this report visit https://www.researchandmarkets.com/r/9iqg84
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