Bioplastic Composites Market to Garner $73.9 Billion, Globally, By 2030 at 10.5% CAGR, Says Allied Market Research
Rise in use of petroleum-based plastic, increase in consumer preference, and sustainable properties of bioplastics drive the growth of the global bioplastic composites market.
PORTLAND, Ore., May 23, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Bioplastic Composites Market By Fiber Type (Wood Fiber Composites, Non-Wood Fiber Composites), By Polymer (Natural Polymer, Synthetic Polymer), By End-use Industry (Transportation, Electrical and Electronics, Building and Construction, Aerospace and Defense, Consumer Goods, Others): Global Opportunity Analysis and Industry Forecast, 2020-2030". According to the report, the global bioplastic composites industry generated $27.3 billion in 2020, and is anticipated to generate $73.9 billion by 2030, witnessing a CAGR of 10.5% from 2021 to 2030.
Prime determinants of growth
Rise in use of petroleum-based plastic, increase in consumer preference, and sustainable properties of bioplastics drive the growth of the global bioplastic composites market. However, expensive process of extraction and production of fossil fuel hinders the market growth. On the other hand, surge in government initiatives presents new opportunities in the coming years.
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Covid-19 Scenario
- The outbreak of the Covid-19 pandemic put a temporary break on various aircraft manufacturing projects, which, in turn, shrank the demand for bioplastic composites among the aerospace & aviation sectors.
- Moreover, several bioplastic composites manufacturers have either shut down or shrank their operations. This resulted in the supply chain disruptions. This also temporarily hampered the demand for bioplastic composites market during the Covid-19 period.
The wood fiber composites segment to maintain its leadership status throughout the forecast period
Based on fiber type, the wood fiber composites segment held the highest market share in 2020, accounting for nearly 90% of the global bioplastic composites market, and is estimated to maintain its leadership status throughout the forecast period. Moreover, the same segment is projected to manifest the highest CAGR of 10.6% from 2021 to 2030, owing to its wide usage in automotive, construction, packaging, and consumer products.
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The synthetic polymer segment to maintain its lead position during the forecast period
Based on polymer, the synthetic polymer segment accounted for the largest share in 2020, contributing to nearly 87% of the global bioplastic composites market, and is projected to maintain its lead position during the forecast period. This is due to its wide usage in the production of Nordic walking pole, spectacles, sunglasses, and others. However, the natural polymer segment is expected to portray the largest CAGR of 10.9% from 2021 to 2030. Increase in awareness about environment safety and rise in price of substitutes and raw materials of substitutes such as petrochemicals are the major factors that drive the bioplastic composites market for natural polymer.
North America to maintain its dominance by 2030
Based on region, North America held the highest market share in terms of revenue 2020, accounting for nearly two-fifths of the global bioplastic composites market, attributed to the addition of new manufacturing facilities and favorable government regulations/policies for the production & consumption of sustainable products. However, the Asia-Pacific region is expected to witness the fastest CAGR of 11.8% during the forecast period, owing to increase in environmental awareness among the consumers, large PLA manufacturing, and supportive government policies.
Leading Market Players
- Mitsubishi Chemical Holdings Group
- NatureWorks LLC
- Corbion NV
- Braskem
- Owens Corning
- Arkema S.A.
- BASF SE
- Dow
- Solvay
- Toray Industries, Inc.
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