Bioplastics Market Size Set for Explosive Growth, With Projections Indicating $ 19.43 billion by 2031 | The Insight Partners

The report from The Insight Partners, therefore, provides several stakeholders—including information on raw material suppliers, bioplastics manufacturers, and distributors/suppliers—with valuable insights to successfully navigate this evolving market landscape and unlock new opportunities.

NEW YORK, Dec. 11, 2024 /PRNewswire/ -- According to a new comprehensive report from The Insight Partners, global bioplastics market size is projected to reach US$ 19.43 billion by 2031 from US$ 7.20 billion in 2023. The market is expected to register a CAGR of 13.2% in 2023–2031. The increasing focus on innovation and technological advancement is likely to remain key bioplastics market trends.

Bioplastics are produced from plants or other biological materials instead of crude oil and natural gas. These are usually made by extracting sugar starch from sugarcane and corn in order to convert it into polylactic acid (PLAs), or they can be produced from polyhydroxyalkanoates (PHAs) bioengineered from microorganisms. The most typically used bioplastic in food packaging is PLA, while PHA is often used in medical devices, including sutures and cardiovascular patches. PLA has properties similar to polyethylene and polypropylene, and it offers a high level of rigidity, transparency, stability, and superior performance. Further, producing PLA plastic saves two-thirds of the energy required for fabricating fossil fuel-based plastics.

Moreover, PLA plastics emit almost 70% lesser greenhouse gases than conventional plastics during the degradation in a landfill. Further, bioplastic packaging is easily manufactured as packaging produced from biopolymers is usually produced employing standard plastics processing technology. Thus, the growing demand for eco-friendly plastics in the packaging sector is a major factor expected to boost the growth of the bioplastics market across the globe over the forecast period.

Market leaders and key company profiles           -

• Teijin Limited
• Toray Industries, Inc.
• Sabic
• BASF SE
• Total Corbion PLA
• Braskem S.A.
• Biome Bioplastics
• Mitsubishi Chemical Corporation
• Novamont S.P.A.
• Natureworks LLC.

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Overview of Report Findings

1. Wide Application Scope of Bioplastics: In the biomedical industry, bioplastics are highly applicable in skin replacements for burnings and wounds, scaffolds for tissue engineering, bone reconstruction, nerves and gum reconstruction, drug-releasing systems, blood vessel growth, and stent covering. Furthermore, nontoxic biodegradable bioplastics sutures (stitches) are being used by medical professionals in hospitals during the surgical process. Biodegradable plastics are also used for medical devices. For instance, pins, tacks, and screws, which are used to heal bones and during reconstructive surgery, are made with bioplastics. Containers for tablets and creams can also be produced utilizing bioplastic. Moreover, in the dental industry, bioplastics-based nanocellulose has been used in dental tissue regeneration in humans, produced from microbial cellulose by the Glucanacetobacter xylinus strain. Further, bioplastics have been a tremendously interesting exploration in the building & construction industry. On the other hand, builders and homeowners are attracted to the use of bioplastics for fencing and decking. Bioplastics are also extensively used in the automotive industry. The most used bioplastics in the automotive sector are natural fibers (composites) and Biopolyamides (Bio-PA), PLA and PLA-Based Composite, Polybutylene succinate (PBS), and Bio-based polypropylene (Bio-PP). Bioplastics help reduce the weight of a vehicle, fuel consumption, and CO2 emissions.
2. Increasing Focus on Innovations and Technology Advancement: Key players are investing heavily in the research and development of bioplastics to get more consumer traction. The rise in popularity of bioplastics has motivated manufacturers to boost the production volume and undertake investments in research and development. These market players are investing in the development of biodegradable polymer blends with greater bioplastic strength and flexibility. The innovations in biopolymers focus on biopolymer composition and structure. The biodegradable block-copolymer made by Lotte Chemical for usage in orthopedic medical devices and the biodegradable graft polymers produced by BASF for use in washing and cleaning products are a few innovations. Further, Teijin Limited offers formable gasoline-resistant film produced from PLANEXT bioplastic to replace chrome plating. The company's innovative film is developed using special metal-evaporation technology from a processing-manufacturer partner. This new film is produced with PLANEXT SN4600, an enhanced grade of Teijin's PLANEXT bioplastic, which is produced from a bio-origin chemical compound called isosorbide. In addition to original PLANEXT properties, such as chemical resistance, transparency, and surface hardness, polymer reforming gives PLANEXT SN4600 significant new properties, including gasoline resistance, formability, and UV resistance. Thus, the growing focus on innovations and technological advancement related to bioplastics is the key trend predicted to propel the global bioplastics market during the projection period.
3. Geographical Insights: In 2023, Asia Pacific led the market with a substantial revenue share, followed by Europe and North America. Further, Europe is expected to register the highest CAGR during the forecast period.

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Market Segmentation

• Based on type, the bioplastics market is bifurcated into biodegradable and non-biodegradable. The biodegradable segment held a larger share of the market in 2023.
• In terms of application, the bioplastics market is segmented into packaging, agriculture, consumer goods, automotive & transportation, textiles, building & construction, and others. The packaging segment dominated the market in 2023.
• The bioplastics market is segmented into five major regions: North America, Europe, APAC, Middle East and Africa, and South and Central America.

Segments Covered –

By Type

• Biodegradable and Non-biodegradable

By Application

• Packaging
• Agriculture
• Consumer Goods
• Automotive & Transportation
• Textiles
• Building & Construction

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Competitive Strategy and Development

• Trending Topics: Polylactic Acid (PLA), (r) (Bio-) PP, Bioplastic Packaging, Advanced Recycling (Enzymes), OXO Biodegradable Plastics, etc.

Global Headlines on Bioplastics

• CSIRO and Murdoch University launched the Bioplastics Innovation Hub to end plastic waste
• Lactips launched the industrialization of a 100% biodegradable plastic
• Stora Enso launched a bioplastic container for hazardous waste
• CJ BIO launched the PHACT brand polyhydroxyalkanoate (PHA) product line

Regional Analysis –

• Asia Pacific Bioplastics Market - The bioplastics market in APAC is expected to grow from US$ 2,114.22 million in 2021 to US$ 5,321.06 million by 2028; it is estimated to grow at a CAGR of 12.9% from 2021 to 2028.
• Europe Bioplastics Market - The bioplastics market in Europe is expected to grow from US$ 1,585.92 million in 2021 to US$ 3,964.11 million by 2028; it is estimated to grow at a CAGR of 14.0% from 2021 to 2028.
• North America Bioplastics Market - The bioplastics market in North America is expected to grow from US$ 1,362.60 million in 2021 to US$ 3,289.26 million by 2028; it is estimated to grow at a CAGR of 13.4% from 2021 to 2028.

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Conclusion

Growing demand from industries such as packaging, automotive, catering products, consumer electronics, agriculture/horticulture, and textiles is driving the bioplastics market. Consumers prefer using bioplastic packaging material over synthetic plastic packaging as it can be decomposed with food. Factors such as high biodegradation, eco-friendliness, zero toxicity, and direct substitutes to conventional plastic favor the use of bioplastics. In addition, the growing demand for recycled materials to produce packaging and initiatives undertaken by the government to minimize the overall production and consumption of single-use plastic products are anticipated to support the growth of the bioplastics market.

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