NEWARK, Del, Oct. 11, 2023 (GLOBE NEWSWIRE) -- The global bio-plastic market is anticipated to reach a valuation of US$ 96.6 billion in 2023, driven by consumer education and awareness. The trend is expected to create new opportunities for the market, leading to a projected CAGR of 30.2% between 2023 and 2033 and reaching a total valuation of approximately US$ 1,353.3 billion by 2033.
One of the major factors contributing to the growth of the bio-plastic market is the reduction in greenhouse gas emissions. Bio-plastics often have a lower carbon footprint compared to traditional plastics, contributing to efforts to reduce greenhouse gas emissions and combat climate change.
Discover the Future of Eco-Friendly Packaging - Request Your Sample Report on the Bio-Plastic Market Now! https://www.futuremarketinsights.com/reports/sample/rep-gb--69
Bio-plastics are being used in innovative packaging solutions, such as edible packaging, which can reduce food waste and offer convenience to consumers. The automotive industry is exploring bio-plastics for interior and exterior components to reduce vehicle weight and improve fuel efficiency, presenting a significant growth opportunity.
Advances in biotechnology and genetic engineering enable bio-plastics production from engineered microorganisms and agricultural feedstocks, potentially improving scalability and cost-effectiveness. Expanding bio-plastics into broader applications, including 3D printing, electronics, and toys, diversifies market opportunities.
Establishing clear and widely recognized certification standards for bio-plastics can boost consumer confidence and facilitate market growth. Governments and organizations may provide economic incentives, such as subsidies or tax breaks, to promote bio-plastics adoption and support a circular economy.
Public-private partnerships and initiatives to reduce plastic waste and promote sustainable materials can create a conducive environment for bio-plastic growth. Scalability in bio-plastic production processes, such as fermentation and chemical synthesis, can drive down production costs and increase availability.
The need for effective waste management solutions, especially in urban areas, can drive bio-plastics adoption as they can be integrated into municipal composting systems. The film industry, including producing agricultural films and plastic wraps, is exploring bio-plastics as a sustainable alternative for various applications.
Research into advanced bio-plastic materials, such as lignin-based and algae-based plastics, offers opportunities for even more sustainable and versatile products. Consumers actively seek eco-friendly products, which can drive demand for bio-plastic packaging, disposable utensils, and other everyday items.
Access the Complete Report Methodology Now! https://www.futuremarketinsights.com/request-report-methodology/rep-gb--69
Key Takeaways from the Market Study
- The global bio-plastic market was valued at US$ 74.2 billion by 2022-end.
- From 2018 to 2022, the market demand expanded at a CAGR of 28.8%.
- The market in China is expected to expand at a CAGR of 29.4% through 2033.
- By material type, the PLA and PLA blends segment to expand at a CAGR of 30.1% through 2033.
- From 2023 to 2033, the bio-plastic market is expected to flourish at a CAGR of 30.2%.
- By 2033, the market value of bio-plastic is expected to reach US$ 1,353.3 billion.
Collaborations between bio-plastic manufacturers and recycling facilities can help streamline recycling and reuse, enhancing their sustainability credentials, remarks Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Competitive Landscape
Prominent players in the bio-plastic market are BASF SE, NatureWorks LLC, Toray Industries Inc, Evonik Industries, E. I. du Pont de Nemours and Company, DSM N.V, Arkema, Techno Polymer Co. Ltd, and RTP Company, among others.
Recent Developments:
- In 2023, Danimer Scientific (US) announced the launch of its new bio-plastic product, Nodax PHA. Nodax PHA is a biodegradable bio-plastic that is made from renewable resources. The product is expected to be used in a variety of applications, including food packaging, single-use plastics, and agricultural products.
- In 2022, ADM (US) announced the launch of its new bio-plastic product, Enviva PLA. Enviva PLA is a biodegradable bio-plastic that is made from renewable resources.
- In the same year, Novamont (Italy) announced the expansion of its production capacity for bio-plastic at its plant in Italy. The expansion is expected to meet the growing demand for bio-plastic in Europe and other regions.
Report Scope of Bio-Plastic Market
| Attribute | Details | ||
| Estimated Market Size in 2023 | US$ 96.6 billion | ||
| Projected Market Value in 2033 | US$ 1,353.3 billion | ||
| Value-based CAGR 2023 to 2033 | 30.2% | ||
| Forecast Period | 2023 to 2033 | ||
| Historical Data Available for | 2018 to 2022 | ||
| Market Analysis | Value in US$ billion | ||
| Key Regions Covered |
| ||
| Key Market Segments Covered |
| ||
| Key Countries Profiled |
|
| |
| Key Companies Profiled |
| ||
Embrace the Green Revolution – Secure Your Bio-Plastic Market Report Now! https://www.futuremarketinsights.com/checkout/69
More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global bio-plastic market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the bio-plastic market, the market is segmented on the basis of material type (bio-PET, bio-PE, bio-PA, bio-degradable polyesters, PLA & PLA blends, starch blends, PHA, and others ), and applications (bottle, packaging, food-services, agriculture/horticulture, consumer products, and automotive), across seven major regions (North America, Latin America, Western Europe, Eastern Europe, South Asia & Pacific, East Asia, and Middle East & Africa (MEA)).
About the Chemicals & Materials Division at Future Market Insights
The chemicals & materials team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 Million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
Exploring Innovations in Chemicals & Materials: A Compilation of Related Research Reports
The biobased biodegradable plastic market will be worth US$ 5.2 billion in 2023. The market is expected to surge at a CAGR of 10% from 2023 to 2033 and reach US$ 13.6 billion by 2033.
Global consumption of engineering plastics is estimated to register a CAGR of 5.7% by volume over the forecast period (2016 to 2026).
Projections between 2023 and 2033 indicate a 6.9% CAGR for automotive plastic sales, resulting in a market size of US$ 136.3 billion by 2033.
The global conductive plastics market is forecast to reach US$ 7.91 Billion by 2032. The expected forecast CAGR from 2022 to 2032 is 8.5%. As of 2022, the market is expected to be valued at US$ 3.5 Billion.
The global plastic market is projected to attain a valuation of US$ 712 billion in 2023 and is expected to reach US$ 1050 billion by 2033, expanding at a CAGR of 4% during the forecast period.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware - 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube
