Bioplastics & Biopolymers Market is Projected To USD 4713.9 Million By 2029, At A CAGR of 3.4% | Valuates Reports

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Apr 03, 2023, 10:40 ET

BANGALORE, India, April 3, 2023 /PRNewswire/ -- The global Bioplastics & Biopolymers market report is segmented by Materials - Bio-PE, Starch Blends, PLA, Bio-PET, Biodegradable Polyesters, Regenerated Cellulose, Polylactic Acid, Poly Hydroxyalkonoates, by Application - Packaging, Agriculture, Automotive, Consumer Products. Global Opportunity Analysis and Industry Forecast 2023-2029. It is published in Valuates Reports under the Chemicals Industry Category.

The global Bioplastics & Biopolymers market is projected to grow from USD 3857 million in 2023 to USD 4713.9 million by 2029, at a Compound Annual Growth Rate (CAGR) of 3.4% during the forecast period.

Major Factors Driving The Growth Of The Bioplastics And Biopolymers Market

Because of their lower carbon footprint, decreased waste, enhanced compostability, and cheaper energy costs, the bioplastics and biopolymers market grew during the forecast period.

The demand for bioplastics and biopolymers is being driven by the expanding use of bioplastics in the packaging sector, tightening waste management laws in Europe, supportive government policies, an emphasis on bio-based content rather than biodegradability, and growing health awareness.

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TRENDS INFLUENCING THE GROWTH OF THE BIOPLASTICS & BIOPOLYMERS MARKET

Utilizing biobased polymers can lessen reliance on scarce fossil resources, which are anticipated to increase in price over the next few decades. By using renewable resources in place of oil to make biobased plastics, fossil resources used to make traditional plastics are progressively replaced. This factor is expected to drive the growth of the biopolymers market.

Additionally, biobased plastics offer a distinct opportunity to cut GHG emissions or even achieve carbon neutrality. As they develop, plants take up carbon dioxide from the atmosphere. By using plants to make biobased plastics, greenhouse gases (CO2) are momentarily removed from the environment. By creating use cascades, or if the material is reused or recycled as frequently as possible before being used for energy recovery, this carbon fixation can be prolonged for a while. The formerly trapped CO2 is expelled during energy recovery, and renewable energy is also generated. This factor is expected to drive the growth of the biopolymers market.

By assisting in meeting rising consumer expectations for sustainability, bioplastics help manufacturing businesses maintain their competitiveness. They are frequently made from different biomass sources, with starch being the most popular because it is a natural polymer that can be used in a variety of products. Since starch-based plastics can be combined with different petroleum- or biopolymer-based polymers to make distinctive composite materials, they can be used in a wide range of applications. Afterward, these composite materials can be extruded or molded using regular manufacturing equipment. This factor is expected to drive the growth of the biopolymers market.

The biopolymers are utilized in packaging, emulsions, drug delivery, packaging for the medical and healthcare industries, and personal care products. Applications for bioplastics include packaging, dishes, cutlery, pots, bowls, and straws. One of the key factors boosting demand for the bioplastics and biopolymers market is the growing desire to replace and lessen reliance on fossil fuels. The manufacturers are utilizing the advanced technical properties that bioplastics have to offer in order to lower their environmental impact order to comply with government regulations. The market for bioplastics in packaging will be greatly influenced by all of these factors.

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BIOPLASTICS & BIOPOLYMERS MARKET SHARE ANALYSIS

There are several different product varieties, including PLA, Bio-PE, PBAT, and Starch Blends. With a market share of almost 28%, Starch Blends are the biggest subsegment, followed by PLA at 19%.

In the packaging business, consumer goods, agriculture & horticulture, and the automotive industry, bioplastics and biopolymers can be used. In 2019, the packing sector made up about 56% of the worldwide market.

The major companies in this sector are NatureWorks, Braskem, Arkema, Novamont, BASF, and Kingfa. The worldwide market leader among them, NatureWorks, held 13% of the market share for revenue globally in 2019.

China, Japan, Europe, and North America are all major production regions. With roughly 47% of the global market for bioplastics and biopolymers in 2019, Europe holds the top spot. With about 24% of the global industry, the USA is the second-largest region.

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Market By Region

North America
Europe
Asia-Pacific
Latin America
Middle East & Africa

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Key players

BASF
Braskem
Metabolix
Meredian
Plantic
Corbion
Novamont
Natureworks
Biome Technologies
Indorama Ventures Public Company Limited

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