Richmond, Dec. 04, 2023 (GLOBE NEWSWIRE) -- According to a research report "Bioplastics Market, By Type (Biodegradable (Starch Blends, Polylactic Acid (PLA), Polybutylene Adipate Terephthalate (PBAT), Polybutylene Succinate (PBS), Polyhydroxyalkanoates (PHA), Other Biodegradables), Non-Biodegradable (Bio-Polyethylene Terephthalate (Bio-PET), Bio-Polyamide (Bio-PA), Bio-Polyethene (Bio-PE), Bio-Polypropylene (Bio-PP), Bio-Polytrimethylene Terephthalate (Bio-PTT), Other Non-Biodegradables), Application (Flexible Packaging, Rigid Packaging, Automotive and Assembly Operations, Agriculture and Horticulture, Construction, Textiles, Electrical and Electronics, Other Applications), and Region.
Global Bioplastics Market Report Scope:
| Report | Details |
| Market size value in 2023 | USD 5.2 Billion |
| Market size value in 2030 | USD 7.7 Billion |
| CAGR (2023-2030) | 5.9% |
| Forecast Period | 2023–2030 |
| Historic Data | 2019 |
| Forecast Units | Value (USD Million/USD Billion) |
| Segments Covered | Type, 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 Bioplastics Market
177 - Market Data Tables
69 - List of Figures
233 – 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
The global bioplastics market has witnessed significant growth in recent years, driven by increasing environmental concerns and a growing emphasis on sustainable practices across various industries. Bioplastics, derived from renewable resources such as corn, sugarcane, and other plant-based materials, offer a viable alternative to traditional petroleum-based plastics. This shift towards bioplastics is propelled by the need to reduce the ecological footprint associated with conventional plastics and address the escalating issues of plastic pollution. The bioplastics market has evolved as a dynamic and transformative sector, responding to the escalating demand for eco-friendly alternatives. One of the key drivers of this market is the increasing awareness among consumers and businesses regarding the environmental impact of plastic waste. Bioplastics not only reduce dependence on fossil fuels but also present an opportunity to mitigate the adverse effects of traditional plastics on ecosystems. The market encompasses a diverse range of bioplastic types, including bio-based, biodegradable, and compostable plastics, each catering to specific applications and end-users.
Major Vendors in the Global Bioplastics Market:
- BASF SE
- Biome Technologies Plc.
- CJ CheilJedang Corp.
- Corbion N.V.
- Danimer Scientific
- Dow Inc.
- Eastman Chemical Company
- LG Chem
- Kuraray Co. Ltd.
- Mitsubishi Chemical Holdings
- Novamont S.P.A
- SKC
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Increase in Product Demand from Automotive Industry
The automotive industry's increasing demand for bioplastics has emerged as a significant driver propelling the growth of the bioplastics market. As sustainability becomes a focal point for the automotive sector, manufacturers are actively seeking alternatives to traditional petroleum-based plastics to reduce their environmental footprint. Bioplastics, derived from renewable resources such as plant-based materials, offer a compelling solution to meet these sustainability goals. One of the key factors driving the demand for bioplastics in the automotive industry is the need to enhance the overall environmental performance of vehicles. As the industry faces pressure to reduce greenhouse gas emissions and improve fuel efficiency, automakers are exploring lightweight materials that contribute to the development of more fuel-efficient and eco-friendly vehicles. Bioplastics, with their renewable origins and lower carbon footprint compared to conventional plastics, have gained attention as a viable material for various automotive applications.
Market Dynamics
Drivers:
- Increase in Product Demand from Automotive Industry
- Increasing Demand for Eco-Friendly Plastics from Packaging Industry
Opportunities:
- The increasing utilization of flexible packaging in industries
- Favourable regulatory frameworks and government initiatives
The increasing utilization of flexible packaging in industries
The expanding utilization of flexible packaging across various industries has emerged as a significant driver propelling the growth of the bioplastics market. Flexible packaging, known for its versatility, lightweight nature, and ability to extend the shelf life of products, has become increasingly popular in sectors such as food and beverage, pharmaceuticals, and consumer goods. The shift toward flexible packaging aligns with the broader global trend of sustainability, prompting industries to seek environmentally friendly alternatives to traditional packaging materials. Bioplastics, derived from renewable resources, have gained prominence as a sustainable solution for flexible packaging. The demand for bioplastics in this context is driven by a dual commitment to reducing the environmental impact of packaging and meeting consumer expectations for eco-friendly products. Industries are actively seeking packaging materials that not only provide the necessary functionality and protection for their products but also contribute to a more sustainable and circular economy.
The market for Bioplastics is dominated by North America.
The Asia-Pacific region has emerged as a dominant force in the bioplastics market, showcasing robust growth and significant influence. As global awareness of environmental issues and the need for sustainable practices intensifies, the demand for bioplastics, derived from renewable resources, has surged, and Asia-Pacific stands at the forefront of this movement. Asia-Pacific boasts a burgeoning population and a rapidly expanding industrial sector, driving the demand for eco-friendly alternatives to traditional plastics. Governments in the region have also been proactive in implementing policies that promote the use of bioplastics, providing incentives and creating a supportive regulatory environment for manufacturers. Moreover, Asia-Pacific is a key hub for agricultural activities, providing an abundant supply of feedstock for bioplastic production. The region's diverse climate allows for the cultivation of various biomass sources, such as sugarcane, corn, and cassava, which are essential raw materials for bioplastics. Collaborations between industry players, research institutions, and government bodies further foster innovation and the development of advanced bioplastic technologies.
The flexible packaging Segment is Anticipated to Hold the Largest Market Share During the Forecast Period
Based on application the bioplastics market is segmented into flexible packaging, rigid packaging, automotive and assembly operations, agriculture and horticulture, construction, textiles, electrical and electronics, other applications. In 2022, the flexible packaging segment emerged as the dominant segment in the bioplastics market, signaling a paradigm shift in the packaging industry towards sustainable alternatives. Flexible packaging, characterized by its versatility and lightweight nature, claimed a significant market share owing to the escalating demand for eco-friendly packaging solutions globally. The consumer goods and food industries, in particular, drove this surge in demand, as companies sought to meet the growing consumer preference for environmentally conscious products. The dominance of bioplastics in flexible packaging can be attributed to their inherent qualities such as biodegradability, compostability, and reduced environmental impact compared to traditional plastics. With an increasing focus on circular economy principles and a commitment to reduce plastic waste, industries have turned to bioplastics as a viable solution to address these pressing concerns. The flexibility of these materials aligns seamlessly with the dynamic requirements of packaging applications, offering manufacturers a sustainable option without compromising on functionality.
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