New York, United States , Dec. 06, 2023 (GLOBE NEWSWIRE) -- The Global Bioplastics & Biopolymers Market Size to Grow from USD 34.5 Billion in 2022 to USD 93.1 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 11.3% during the forecast period
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Bioplastics and biopolymers are materials created from renewable resources like plants, algae, or bacteria. Compared to traditional plastics made from petroleum, they are claimed to be more environmentally benign. They have gained attention and popularity because of their ability to minimise the harmful environmental effects of plastic manufacturing and disposal. The market for bioplastics and biopolymers has grown significantly over the past several years as a result of tightening government restrictions, escalating environmental concerns, and customer demand for environmentally friendly and sustainable goods. Several industries, including packaging, manufacturing, textiles, and consumer goods, use bioplastics. Biopolymers are used in the medical sector in addition to replacing conventional plastics in a number of products.
COVID 19 Impact
Like many other industries, the bioplastics and biopolymers sector experienced supply chain disruption. Lockdowns, travel restrictions, and plant closures all across the world slowed down the production and shipment of raw materials and finished items. The pandemic led to a drop in demand for non-essential commodities in sectors like automotive and hospitality, which are big consumers of bioplastics and biopolymers for goods like car components and food packaging. The drop in demand temporarily had an effect on sales and production across numerous industries. On the other hand, the demand for packaging materials increased during the pandemic, notably for food and medical supplies. Bioplastics and biopolymers, which are renowned for their biodegradability and sustainability, have grown in popularity as consumers have become more conscientious about cleanliness.
Browse key industry insights spread across 200 pages with 110 market data tables and figures & charts from the report on the "Global Bioplastics & Biopolymers Market Size, Share, and COVID-19 Impact By Type (Biodegradable, Non-Biodegradable/Biobased), By End User (Packaging, Consumer Goods, Automotive & Transportation, Textiles, Agriculture & Horticulture, Others), by Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032
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Type Insights
Biodegradable segment holds the highest market share over the forecast period
On the basis of type, the global Bioplastics & Biopolymers Market is segmented into Biodegradable, Non-Biodegradable/Biobased. Among these, the biodegradable segment holds the highest market share over the forecast period. Growing knowledge of the damaging environmental consequences of traditional plastics, which can take centuries to disintegrate, has increased the demand for biodegradable alternatives. Biodegradable polymers are thought of as a more environmentally friendly choice because they naturally break down into non-toxic components. The leading players in the plastics sector have made large expenditures in the development and production of biodegradable polymers, which has boosted the availability and variety of biodegradable products on the market. One of the main drivers of the market's Growth is the use of biodegradable plastics in a variety of products, including packaging, textiles, medical equipment, and agriculture.
End User Insights
Packaging is dominating the market with the largest market share over the forecast period
On the basis of end user, the global Bioplastics & Biopolymers Market is segmented into Packaging, Consumer Goods, Automotive & Transportation, Textiles, Agriculture & Horticulture, Others. Among these, the packaging is dominating the market with the largest market share over the forecast period. Businesses are using more and more bioplastics and biopolymers in their packaging as part of their corporate sustainability goals. A company's brand image can be enhanced by using sustainable packaging, which demonstrates the company's commitment to environmental responsibility. At the moment, bioplastics and biopolymers are utilised in a wide range of packaging applications, such as those for food packaging, cosmetics, personal care products, and more. This market diversification has contributed to the industry's expansion. Many producers have made investments to increase their bioplastic and biopolymer production capacities in order to meet the Growing demand from the packaging sector. In order to reduce the environmental impact of packaging materials, retailers and e-commerce companies have initiated sustainable packaging projects. These initiatives use bioplastics and biopolymers.
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Asia Pacific is dominating the market over the forecast period
Asia Pacific is dominating the market with the largest market share over the forecast period. The APAC region was one of the largest markets for bioplastics and biopolymers worldwide. Due to the large population, Growing environmental awareness, and beneficial government restrictions, the market has Grown. Consumers in the APAC region are more concerned about the environment, which has led to a rise in demand for ecologically friendly products like biodegradable and compostable packaging comprised of bioplastics. A few countries with substantial agricultural sectors include Vietnam, Thailand, and India that have looked at using agricultural biomass as a feedstock for making bioplastics. As a result, there was a lower reliance on feedstock made from fossil fuels. The end-user market for bioplastics in APAC was controlled by the packaging sector.
Europe is witnessing the fastest market Growth over the forecast period. In Europe, the packaging industry had a significant impact on the adoption of bioplastics. To meet sustainability goals and regulatory criteria, local businesses were using bioplastics for food packaging, drink containers, and other uses. In Europe, cellulose from wood, corn, sugarcane, potato starch, and sugarcane starch are just a few of the feedstocks used to create bioplastics. When selecting a feedstock, regional availability and sustainability considerations are typically taken into account.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the, Companies Covered: NatureWorks (US), Braskem (Brazil), BASF (Germany), Total Corbion (Netherlands), Novamont (Italy), Biome Bioplastics (UK), Mitsubishi Chemical Holding Corporation (Japan), Biotec (Germany), Toray Industries (Japan), Plantic Technologies (Australia), and other key vendors.
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Recent Market Developments
In April 2021, The global leader in espresso handling and packaging, IMA Coffee, was listed by NatureWorks as another crucial company. This company aims to increase demand for high-quality biodegradable K-cups in North America.
Market Size Segment
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global Bioplastics & Biopolymers Market based on the below-mentioned segments:
Bioplastics & Biopolymers Market, Type Analysis
- Biodegradable
- Non-Biodegradable/Biobased
Bioplastics & Biopolymers Market, End Use Analysis
- Packaging
- Consumer Goods
- Automotive & Transportation
- Textiles
- Agriculture & Horticulture
- Others
Bioplastics & Biopolymers Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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