Pune, India, Sept. 12, 2023 (GLOBE NEWSWIRE) -- The global bioplastics market size was valued at USD 7.56 billion in 2022 and is expected to be worth USD 8.72 billion in 2023. The market is projected to reach USD 31.66 billion by 2030, recording a CAGR of 20.2% during the forecast period.
Bioplastics refer to materials that have been made from renewable sources and play an important role in reducing the generation of plastic generation. These types of plastics come from different types of renewable biomass sources such as plant starch, cellulose, vegetable fats, and natural sugars. Biomass-based plastics are gaining immense popularity as an effective alternative to conventional plastics as industries are looking for eco-friendly plastic materials. Moreover, a wide range of research & development activities are being conducted in the development of eco-friendly plastics, which is further expected to drive the bioplastics market growth.
Fortune Business Insights™ displays this information in a report titled, "Bioplastics Market, 2023-2030."
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List of Key Players Profiled in the Bioplastics Market Report:
- Novamont S.p.A. (Italy)
- Arkema S.A. (France)
- Matrìca S.p.A. (Italy)
- NatureWorks LLC (U.S.)
- TotalEnergies Corbion (Netherlands)
- PTT MCC Biochem Co., Ltd. (Thailand)
- Roquette Frères (France)
- Biofase (Mexico)
- Genecis (Canada)
- Trifilon (Sweden)
- Solvay S.A. (Belgium)
- Avantium (Netherlands)
- Toray Industries, Inc. (Japan)
- LyondellBasell Industries Holdings B.V. (Netherlands)
- BASF SE (Germany)
- BioApply (Switzerland)
- Braskem (Brazil)
- Kaneka Takasago (Japan)
- Danimer Scientific (U.S.)
- Taghleef Industries (U.A.E.)
- Advance Bio Material P. Ltd. (India)
Report Scope & Segmentation:
| Report Attributes | Details |
| Forecast Period | 2023-2030 |
| Forecast CAGR | 20.2% |
| 2030 Value Projection | USD 31.66 billion |
| Market Size in 2022 | USD 7.56 billion |
| Historical Data | 2019-2021 |
| No. of Pages | 223 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
|
| Regions Covered |
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| Bioplastics Market Growth Drivers | Growing Adoption of Eco-Friendly Plastics in Packaging Industry to Fuel Market Progress |
| Demand for Durable and Sturdy Packaging Solutions to Boost Product Use in Rigid Packaging |
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/industry-reports/bioplastics-market-101940
Segments:
Biodegradable Plastics to Gain Traction Due to their Wide Usage in Numerous Industries
Based on type, the market is segmented into biodegradable and non-biodegradable. The biodegradable segment is expected to hold a dominant bioplastics market share as this type of plastic is finding robust use in many industries such as textiles, packaging, consumer goods, and agriculture.
Demand for Durable and Sturdy Packaging Solutions to Boost Product Use in Rigid Packaging
Based on application, the market covers rigid packaging, flexible packaging, textiles, automotive & transportation, agriculture & horticulture, consumer goods, and others. The rigid packaging segment is predicted to hold the largest market share as many shipping companies are looking for sturdy yet eco-friendly packaging solutions.
With respect to region, the market covers North America, Europe, Asia Pacific, and Rest of the World.
COVID-19 Impact:
Reduction in Price of Conventional Plastics Decreased Adoption of Bioplastics
The COVID-19 pandemic had a major impact on the global supply chain as it decreased the production and transportation activities, which ultimately reduced the prices of conventional plastics. Since the use of crude oil was at its lowest since World War II, the prices of traditional plastics also went down. Moreover, the implementation of various regulations on single-use plastics was delayed due to the pandemic, which further decreased the demand for bioplastics.
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Report Coverage:
The report analyzes the market in detail and sheds light on important areas such as leading product types, players, and applications. It also provides information on the latest market trends and vital industry developments. Besides the abovementioned factors, the report covers several other factors that have contributed to the market’s growth in recent years.
Drivers and Restraints:
Growing Adoption of Eco-Friendly Plastics in Packaging Industry to Fuel Market Progress
Biodegradable plastics are finding major uses in many industry verticals. However, one of the most common applications of these plastics is found in the packaging sector as they exhibit properties that are quite similar to those of conventional plastics. They are used in many rigid as well as flexible packaging solutions. Moreover, the e-commerce industry has expanded considerably in recent years, which has further boosted the demand for packaging materials, thereby enhancing the product adoption.
However, the high cost of these products as compared to conventional plastics will fuel the market expansion.
Regional Insights:
Europe Market to Grow Rapidly Due to Growing Research & Development on Bioplastics
Europe is predicted to dominate the global bioplastics market share as the region is increasing its investments in research & development programs and is also a top consumer of bioplastics. Europe also has a strong automotive industry, which is also expected to boost the demand for biodegradable plastics.
Asia Pacific is also expected to hold a major share of the market as the region has one of the biggest production capacities for this product and a booming packaging sector.
Competitive Landscape:
Key Market Players to Enter Collaborations and Expand Production Capacities to Boost Market Growth
The key companies operating in the market are implementing various growth strategies, such as collaborations and capacity expansions, to retain their leading market position. Novamont is one of the top firms operating in this market that has four production plants and two research centers. It also promotes a bio-economy model that is based on efficient use of resources.
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Detailed Table of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Regions
- Key Developments: Mergers, Acquisition, Partnership, etc.
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Qualitative Insights on Impact of COVID-19 on Global Bioplastics Market
- Supply Chain Analysis & Challenges
- Steps taken by Government / Companies to Overcome this Impact
- Potential Challenges and Opportunities due to COVID-19 Outbreak
- Global Bioplastics Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Summary
- By Type (Volume & Value)
- Biodegradable
- Starch Blends
- Polylactic Acid (PLA)
- Polybutylene Adipate Terephthalate (PBAT)
- Polybutylene Succinate (PBS)
- Polyhydroxyalkanoates (PHA)
- Other Biodegradables
- Non-Biodegradable
- Bio-Polyetheylene Terephthalate (Bio-PET)
- Bio-Polyamide (Bio-PA)
- Bio-Polyethene (Bio-PE)
- Bio-Polypropylene (Bio-PP)
- Bio-Polytrimethylene Terephthalate (Bio-PTT)
- Other Non-Biodegradables
- Biodegradable
- By Application (Volume & Value)
- Rigid Packaging
- Bottles & Jars
- Trays
- Others
- Flexible Packaging
- Pouches
- Shopping / Waste Bags
- Others
- Textiles
- Automotive & Transportation
- Agriculture & Horticulture
- Consumer Goods
- Others
- Rigid Packaging
- By Region (Volume & Value)
- North America
- Europe
- Asia Pacific
- Rest of World
TOC Continued...!
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Key Industry Development:
February 2023 - Avantium partnered with Origin Materials to increase the mass production of PEF and FDCA and create advanced chemicals and plastics. The aim of the partnership was to maximize the company’s revenue margin.
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