Global Bioplastics Market Size to Reach USD 59.18 Billion in 2032 | Emergen Research

Vancouver, Oct. 05, 2023 (GLOBE NEWSWIRE) -- Current Market Scenario (Market estimates)

The global Bioplastics Market size was USD 10.64 Billion in 2021. High consumer acceptance, renewable sources of raw material, and eco-friendly characteristics are among the factors driving revenue growth of the bioplastics market.

Drivers: Increasing demand for bioplastics in the packaging sector

Biodegradable plastics are used in a variety of industries, but the most popular application is in the packaging sector, where they have properties that are similar to conventional alternatives. They can be found in both rigid and flexible packaging. With the rise of global e-commerce, a significant amount of packaging material is expected to be used in the coming years. As bio-based plastics may completely replace conventional plastics, they can be a great way to cut down on plastic pollution in the environment.

The food and pharmaceutical industries are also increasing their demand for renewable feedstock-based plastics. Aside from that, the demand for ready-to-eat foods has grown in both developed and emerging economies. Therefore, manufacturers of such products have sought packaging materials that are safe and inert to packaged products and have a low environmental impact.

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Restraints: Presence of toxic substances in biomass leftover from pollutants

The biomass used to make bioplastics should be cultivated. The use of hazardous pesticides to feed genetically engineered corn and soybeans, which are mostly utilized as biomass, results in soil and environmental pollution. The Oxo-Biodegradable plastic bags, which contain minute amounts of potentially dangerous metals including manganese, cobalt, and iron, are compostable, but the metal residue they leave behind could be hazardous to the environment. Additionally, the usage of bioplastics is constrained by the fact that they are not as durable as conventional plastic bags and suffer from moisture issues.

Growth Projections

The global bioplastics market size is expected to reach USD 59.18 Billion in 2032 and register a revenue CAGR of 16.8% over the forecast period. Increased initiatives by governments to reduce global warming are expected to boost revenue growth of the bioplastic market. Growing need to reduce dependency on fossil fuels, combined with the widespread availability of bio-based raw materials, is likely to drive revenue growth of the bioplastic market. Also, shifting preferences to non-petroleum-based plastics will stimulate demand for plastics over the forecast period.

COVID-19 Direct Impacts

COVID-19 pandemic disrupted the supply chain by affecting the production and transportation of bioplastics and their raw materials. Biomass producers reduced their production quantities due to manpower and material shortages. Moreover, the cost of conventional plastics had decreased as a result of lower crude oil prices. Rules and regulations on single-use plastics announced by various governments were postponed, due to the pandemic, resulting in the reduced use of bio-based products.

Post-lockdown scenarios offer a slightly different appearance because of the increased demand for packaged goods after the lockdown. For example, the food & beverage industries have seen an increase in takeaway orders over dine-in orders.

Current Trends and Innovations

Consumer demand for highly fashionable apparel such as clothes and shoes is increasing due to rising fashion trends. Bioplastics such as polyamide and polylactic acid are now often used in the manufacture of textiles such as clothing and shoes. Also, bioplastics are used in the manufacture of wall mountings, containers, and sculptures, which is expected to drive revenue growth of the bioplastic market.

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Geographical Outlook

The market in North America is expected to register a moderate revenue growth rate during the forecast period. The market is primarily driven by growing demands from the packaging industry in countries such as the U.S., Canada, and Mexico. Increasing environmental concerns and efforts to minimize pollution on a worldwide scale are driving demand for biodegradable plastics in the region's packaging industry. In addition, there is an increasing need in the region for electronic goods and lightweight vehicle parts.

Scope of Research

Major Companies and Competitive Landscape

The global bioplastics market is fairly fragmented, with a number of large and medium-sized companies accounting for a majority of market revenue. Major players are deploying various strategies, entering mergers and acquisitions, strategic agreements and contracts, developing, testing, and introducing more effective Bioplastics. Some major companies included in the global bioplastics market report are:

• BASF SE
• Natureworks LLC
• Biome Bioplastics Limited
• BIOTEC
• Plantic Technologies Ltd
• Mitsubishi Chemical Holdings Corporation
• FUTERRO S.A.
• Danimer Scientific
• Novamont S.p.A.
• Green Dot Bioplastics, Inc.

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Strategic Development

• On 1 July 2021, Solvay completed its acquisition of Bayer's global seed coatings business. The acquisition will expand Solvay's existing seed care portfolio in bio-based, seed-applied treatments, and allows Bayer to reinvest.
• On 29 March 2021, Novamont, which is headquartered in Novara (Italy), and Iren, an Italian utility, signed a three-year collaboration agreement in the field of integrated waste collection systems, to reduce non-recyclable trash at source and completely implement the circular bioeconomy objectives. The two firms have decided to collaborate on specific initiatives aimed at improving the management of compostable items and packaging, which will be recycled and recovered with the organic fraction of solid municipal garbage in Iren's treatment plants.
• On 12 January 2021, Novamont, a world leader in the development and manufacture of biochemicals and biodegradable bioplastics, announced the acquisition of BioBag Group, a leading producer of low-impact trash collecting and packaging solutions based in Norway. By purchasing BioBag, Novamont will be able to take advantage of its highly specialized independent distribution in regions where the buyer is less prevalent. The two businesses will be able to provide the market with a more comprehensive solution set and forge effective relationships with important constituencies such as big retailers and local governments.

Some Key Highlights in the Report

• The non-biodegradable segment revenue is expected to grow at a faster rate over the forecast period. This growth can be attributed to high demand for automotive parts, food packaging, and consumer goods manufacturing. These plastics are also used to carry bags, cups, films, bottles, electronic equipment, and automotive housings due to their high strength and durability. They're also utilized as high-performance glass component substitutes.
• The consumer goods segment is expected to grow significantly during the forecast period. Bioplastics are used in the manufacturing of electronic device covers, semiconductor casings, connections, and circuit boards. Bioplastics can also be used to produce touch screen computer casings, games consoles, loudspeakers, headphones, keyboards, laptops, vacuum cleaners, mobile phone casings, and other items via injection molding. Increasing need for electrical & electronic items, as well as rising environmental concerns, are expected to drive demand for consumer goods.

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Emergen Research has segmented the global bioplastics market on the basis of type, distribution channel, application, and region:

• Type Outlook (Revenue, USD Billion; 2019–2032)

• • Biodegradable

• • 1. Polybutylene Adipate Terephthalate (PBAT)
    2. Polybutylene Succinate (PBS)
    3. Polylactic Acid (PLA)
    4. Polyhydroxyalkanoate (PHA)
    5. Starch Blends

6. 6. 6. Others

• • Non-Biodegradable

• • 1. Polyethylene (PE)
    2. Polyamide (PA)
    3. Polyethylene Terephthalate (PET)
    4. Polyethylene Furanoate (PEF)
    5. Polytrimethylene Terephthalate (PTT)
    6. Polypropylene (PP)

7. 7. 7. Others

• Distribution Channel Outlook (Revenue, USD Billion; 2019–2032)

• • Online
  • Offline

• Application Outlook (Revenue, USD Billion; 2019–2032)

• • Packaging
  • Textile
  • Automotive & Transportation
  • Consumer Goods
  • Agriculture
  • Building & Construction
  • Others

• Regional Outlook (Revenue, USD Billion; 2019–2032)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. France
    3. U.K.
    4. Italy
    5. Spain
    6. Benelux
    7. Russia
    8. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. U.A.E.
    3. South Africa
    4. Turkey
    5. Rest of MEA

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