Global Bioplastics Market Insights and Forecasts to 2027: Increase in Fossil Fuel Prices Increasing Demand for Bioplastics

DUBLIN, Nov. 20, 2023 /PRNewswire/ -- The "Global Bioplastics Market (by Production Capacity, Type, Application, & Region): Insights and Forecast (2022-2027)" report has been added to  ResearchAndMarkets.com's offering.

While global plastic production has decreased, the market for bioplastics has expanded. Furthermore, rising demand for bioplastics in the medical sector, technological advancements, and increased R&D are set to drive market growth. The global bioplastics market is expected to reach US$10.61 billion by 2023, growing at a CAGR of 14.21% over the projected period.

Segment Covered

By Type: In terms of type, the report offers insights of the global bioplastics market into two segments: Biodegradable, and Non-Biodegradable. In terms of value and production capacity, the biodegradable segment held the maximum share of the market. The biodegradable segment's production capacity has been further analyzed based on type: PLA, Starch blends, PBAT, PHA, and Others. Similarly, the non-biodegradable segment's production capacity has been also analyzed based on the following types: PTT, PE, PA, PET, PP, and Other. Polylactic acid (PLA) is among the world's most widely used bioplastics, which are plastics derived from renewable inputs and/or are biodegradable.

By Application: On the basis of application, the report provides the segmentation of the global bioplastics market as follows: Flexible Packaging, Rigid Packaging, Textiles, Consumer Goods, Agriculture & Horticulture, Coating & Adhesives, and Others. The flexible packaging segment held the highest share of the market owing to its high efficiency and cost-effective nature. In terms of production capacity, the agriculture & horticulture segment is expected to be the fastest growing in the upcoming years.

Geographic Coverage

Asia Pacific held the largest share in the market and over the years. The Asia Pacific bioplastics market has grown at a fast pace due to the increasing demand from the packaging industry, coupled with favorable government regulations. In terms of value and production capacity, China held the highest share in the market owing to the high per capita consumption, increasing consumer preference for bio-based products over synthetic products, and increase in government initiatives.

Germany is one of the major economies in Europe, and the bioplastics market has grown at the fastest rate in the country. Germany already supports the use of certified bio-based and compostable bio waste plastic bags for the collection of bio waste in the Bio waste Ordinance. Since 2015, a separate collection of bio waste is mandatory in Germany. The Government of Canada continues to encourage alternatives to plastic waste. They are working towards eliminating the unnecessary use of single-use plastics in government operations, meetings, and events, and purchasing more sustainable plastic products that can be reused, repaired, or repurposed.

Top Impacting Factors

Driver: Increasing Fossil Fuel Prices

The bioplastics industry experienced a boom as fossil fuel-based virgin plastics face sharp price rises and material shortages due to COVID-19 disruptions, economic inflation, and political conflict. With fossil fuel prices being at historic highs, bioplastics became economically more attractive. The bioplastics industry relies more on renewable plant-based resources rather than on fossil fuels. The bioplastic industry, therefore, supports the stability of prices by disconnecting from the price of oil and gas and also supports a much greater cause of removing one's dependency on depleting resources with a significant environmental and human health toll. The increase in fossil fuel prices is, therefore, increasing the demand for the bioplastics market.

Challenge: High Cost Associated

The market for bioplastics has been associated with high costs. It is difficult to persuade plastic manufacturers to convert to bioplastic for their products and packaging without financial incentives because bioplastic is more costly to produce than conventional plastic. Due to expensive raw ingredients, sustainable products are frequently more expensive than traditional products. To create a product with a minimal environmental effect, certain premium raw ingredients are required. Considering that they are produced in lower quantities, these raw materials are more expensive. Currently, bioplastics are more than twice as expensive as traditional plastics made from petroleum. This is mostly caused by the expensive R&D, building a polymer factory, and raw material costs when the production scale is still small. Hence, these factors may restrain the growth of the market.

Trend: Increasing Research and Development

Bio-plastics are rapidly growing in popularity, and many new techniques and approaches are emerging as a result of intensive research and development (R&D) activities. The research and development activities are tightly focused on tackling the intrinsic synthesis of bioplastics that currently keeps costs high and limits performance. Several bioplastic materials (polylactide, polyhydroxyalkanoates, and starch) have been successfully converted into food packaging using conventional plastic conversion technologies including extrusion, injection molding, and compression molding. Recently, bioplastic packaging has been developed into active packaging which can either control the release of active ingredients or scavenge undesirable substances. Hence, the research and development in bioplastics is increasing, which, in turn, is anticipated to increase the bioplastics market.

Analysis of Key Players

The key players in the global bioplastics market are

• Avantium
• BASF
• Biome Technologies
• Carbion
• Eastman Chemical Company
• Futerro
• Kuraray Co., Ltd
• Mitsubishi Chemical Group
• NatureWorks
• Novamont
• PTT MCC Biochem
• Toray Industries

Key Topics Covered:

1. Executive Summary

2. Introduction

3. Global Market Analysis
3.1 Analysis
3.2 Production Capacity Analysis
3.3 Type Analysis
3.4 Application Analysis

4. Regional Market Analysis

5. Impact of COVID-19

6. Market Dynamics
6.1 Growth Drivers
6.1.1 Increasing Fossil Fuel Prices
6.1.2 Increasing Demand for Eco-Friendly Goods
6.1.3 Emergence of Bio-based and Renewable Raw Materials
6.1.4 High Consumer Acceptance for Bioplastics
6.1.5 Growing Beverage Packaging Industry
6.1.6 Favorable Government Initiatives
6.1.7 Reduced Greenhouse Gas Emissions
6.2 Challenges
6.2.1 High Cost Associated
6.2.2 Limited Regulations Related to Bioplastics in Developing Countries
6.3 Market Trends
6.3.1 Increasing Demand for Electronic vehicles
6.3.2 Growing Demand of Bioplastics in Medical Sector
6.3.3 Technological Advancements
6.3.4 Increasing Research and Development

7. Competitive Landscape
7.1 Global Bioplastics Key Players by Market Share

8. Company Profiles

For more information about this report visit https://www.researchandmarkets.com/r/dt2fm9

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Media Contact:

Research and Markets
Laura Wood, Senior Manager
[email protected]    

For E.S.T Office Hours Call +1-917-300-0470 
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

U.S. Fax: 646-607-1904
Fax (outside U.S.): +353-1-481-1716 

Logo:  https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg 

SOURCE Research and Markets