New York, Sept. 28, 2023 (GLOBE NEWSWIRE) -- The global bioplastics market size is projected to expand at ~ 19% CAGR between 2023 and 2035. The market is expected to garner a revenue of USD 63 Billion by the end of 2035, up from a revenue of ~USD 12 Billion in the year 2022. The major factor to influence this growth is rising plastic pollution. More than 349 million metric tons of plastic trash is currently produced annually by humans. Global plastic trash production is anticipated to triple by 2060, surpassing more billion metric tons, if existing policies remain unchanged. Hence, the bioplastics market is growing.
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Renewable resources including maize oil, sugar beetroot, sugar cane, grass, and plants are employed to make bioplastics. Less than 0.03 percent of the world's agricultural land is being utilized as feedstock for the manufacturing of bioplastics. Even though this is still in small quantity, owing to the growing focus on reducing pollution this might grow in the future.
Bioplastics Market: Key Takeaways
- Market in Europe region to propel the highest growth
- Non-biodegradable segment to garner the highest growth
- Market in Asia Pacific region to grow at the highest rate
Growing Construction Activities to Boost the Growth of Global Bioplastics Market
Despite their application in building is currently limited, bioplastics have shown themselves to be a practical alternative to plastics in different sectors. Currently, about 22% of the plastic produced worldwide is used in the construction industry, both for the materials themselves and for packaging and protection. A sizeable portion is not recycled and either ends up in landfills or is released into the environment. The creation of biocomposite materials including bioplastics signifies a paradigm change in response to the environmental issues brought on by the pollution of oil-based plastics. Therefore, owing to this factor the market is estimated to rise.
Bioplastic Market: Regional Overview
The global bioplastic market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Growing Demand for Packaging to Drive the Market Expansion in Europe Region
The bioplastics market in Europe is set to capture a share of about 41% over the forecast period. The growth of the market in this region is anticipated to be influenced by the growing demand for packaging. Packaging accounts for about 39% of the total plastics produced in the EU. Without intervention, there would be a further close to 45% rise in plastic packaging trash in the area. Moreover, the sale of single-use items including plastic cutlery and plates, cotton swabs, drinking straws, stirrers, and balloon holders, as well as cups and food containers for immediate consumption made of polystyrene and products made of oxo-degradable plastics, has been prohibited by the EU's Single-Use Plastics Directive since 2021. Hence, this is also estimated to boost the growth of the market.
Rising Sale of Automotive to Influence the Market Growth in Asia Pacific Region
The bioplastics market in Asia Pacific is expected to have notable growth over the forecast period. The growth can be attributed to the growing demand for automobiles. It is anticipated that around 36 million passenger automobiles will be sold in the Asia-Pacific area, including the Middle East, by 2022, with China accounting for nearly 22 million of these sales. Durable bioplastics with a biobased or partially biobased composition have been used by manufacturers to create robust dashboard components as well as durable interior and exterior features in the region. In the transportation industry, components constructed entirely or partially of bioplastics can offer a level of safety that is crucial. Hence, the market is growing in this region.
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Bioplastics, Segmentation by Product
- Biodegradable
- Non-Biodegradable
The non-biodegradable segment is anticipated to garner the highest revenue by the end of 2035. This could be owing to growing demand for consumer electronics such as mobile phones. With about 5 billion smartphone users worldwide as of 2023, this means that approximately 84% of the world's population will be smartphone owners. Consumer electronics needs to be sustained for longer period of time and hence it is necessary for them to be non-biodegradable.
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Bioplastics, Segmentation by Application
- Packaging
- Automotive & Transportation
- Textile
The packaging segment is set to grow at a share of about 60% over the forecast period. The demand for packaging is growing in various sectors such as cosmetics, beverages, and more. Hence, the demand for solution for sustainable packaging is also growing. For instance, the Coca-Cola Company unveiled a next-generation prototype bottle, the industry's first to be made entirely of plant-based plastic (bPET), with the exception of the cap and label. It was created utilizing technologies that are now prepared to be scaled up commercially throughout the sector.
A few of the well-known market leaders in the global bioplastics market that are profiled by Research Nester are BASF SE, Teijin Limite, NatureWorks LLC, Toray Industries, Inc., Toyota Tsusho Corporation, M&G Chemicals S.A., PTT Global Chemical, Showa Denko K. K., Corbion N.V., Solvay S.A., and others.
Recent Development in the Market
- In order to develop bio-based variations and help the business achieve significant goals outlined in its Sustainability Vision, such as lowering carbon dioxide emissions and the amount of petroleum used in the fabric production supply chain, Toray Industries, Inc. introduced 60% bio-based Ecodear nylon.
- Toyota Tsusho Corporation joined forces with Mitsui Chemicals and Neste to enable industrial-scale production of sustainable chemicals and polymers in Japan using only bio-based hydrocarbons, as well as to enable business owners to start utilizing renewable chemicals and plastics in their goods and services for Asian consumers.
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