Global Bioplastics Market Insights Forecasts to 2033

• The Global Bioplastics Market Size was Valued at USD 9.5 Billion in 2023
• The Market Size is Growing at a CAGR of 22.7% from 2023 to 2033
• The Worldwide Bioplastics Market Size is Expected to Reach USD 73.5 Billion by 2033
• North America is Expected to Grow the fastest during the forecast period.

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The Global Bioplastics Market Size is Anticipated to Exceed USD 73.5 Billion by 2033, Growing at a CAGR of 22.7% from 2023 to 2033.

 

Market Overview

Bioplastics are plastic materials produced from renewable biomass sources, such as vegetable fats and oils, corn starch, straw, woodchips, sawdust, recycled food waste, etc. Bioplastics are obtained by processing directly from natural biopolymers including polysaccharides and proteins, some bioplastics are chemically synthesized from sugar derivatives (e.g., lactic acid) and lipids (oils and fats) from either plants or animals or biologically generated by fermentation of sugars or lipids. Bioplastics can greatly reduce dependence on fossil resources which are significantly more harmful to the environment than bioplastics. The exploration of biopolymer-based plastics, their properties, and their applications has been made possible by the environmental impact associated with fossil-fuel-based polymers. Biopolymer-based plastics have widespread applications in food packaging, electronics, agricultural, pharmaceuticals, automotive and cosmetic sectors. Further, technological innovation and growing consumer demands for green materials have paved the way to explore different sources and applications for bioplastics. Advances in biotechnology and materials science have had a tremendous impact on bioplastic production. 

 

Report Coverage

This research report categorizes the market for the global bioplastics market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global bioplastics market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global bioplastics market.

 

Driving Factors

The investigation of novel applications and developments for bioplastic materials owing to growing environmental concerns linked to petroleum-based products. Bioplastics also provide a number of benefits like lower carbon footprint or additional waste management options, such as composting. Thus, the demand for sustainability, government regulations owing to environmental concerns, and reduced carbon footprint are driving the market demand for bioplastics as it is an eco-friendly substitute for conventional plastics, which contributes to pollution control and resource depletion activities. Further, the demand for flexible packaging films for application in food items, medicine, beverage bottles, packaging films, and non-food products like napkins, tissues, toilet paper, cardboard, and coat paper for food wrapping is propelling the global bioplastics market.

 

Restraining Factors

The increased demand for the composting process may restrain the biodegradability of bioplastics. In addition, the production cost of bioplastics is approximately 20-30% higher than traditional plastics as these are produced from natural raw materials. Thus, the increasing consumer interest in purchasing compost and the higher cost of bioplastics are restraining the global bioplastics market.  

 

Market Segmentation

The global bioplastics market share is classified into type and application.

 

• The biodegradable segment accounted for the largest share of the global bioplastics market during the forecast period.   

Based on the type, the global bioplastics market is categorized into biodegradable and non-biodegradable. Among these, the biodegradable segment accounted for the largest share of the global bioplastics market during the forecast period. Biodegradable plastics further encompass polylactic acid, starch blends, PBS, PBAT, PHA, polycaprolactone, and cellulose acetate. Biodegradable plastics help to remove carbon dioxide from the atmosphere, require less energy, and produce less waste, with quick decomposition. The stringent regulatory and sustainability mandates and growing concerns for the environment are driving the market.

 

• The rigid packaging segment dominated the market with the largest revenue share in 2023.

Based on the application, the global bioplastics market is categorized into rigid packaging, flexible packaging, textiles, automotive & transportation, agriculture & horticulture, and consumer goods. Among these, the rigid packaging segment dominated the market with the largest revenue share in 2023. Materials such as PLA, bio-PE, or bio-PET are used as rigid bioplastics for cosmetics packaging of creams and lipsticks as well as beverage bottles. The inclination of consumers toward eco-friendly materials and designs for minimizing environmental impact drives the demand for sustainable packaging.  

 

Regional Segment Analysis of the Global Bioplastics Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

 

Europe is anticipated to hold the largest share of the global bioplastics market over the predicted timeframe.

 

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Europe is projected to hold the largest share of the global bioplastics market over the forecast period. Bioplastics are increasingly used in various essential applications such as agricultural mulch films, shopping bags, refuge bags, loose packaging, and bottles among others. Approximately, 100 billion bags are used per year in the European Union. The robust automotive industry and the increasing demand for bio-based packaging products are anticipated to drive the market in the region. Bioplastic-based packaging is highly sought after for use in the packaging of organic food as well as premium and branded goods.

 

North America is expected to grow at the fastest CAGR growth of the global bioplastics market during the forecast period. The strong demand for sustainability in packaging is propelling the demand for bioplastic. Further, the growing initiatives for promoting environmentally friendly products by the U.S. Department of Agriculture are expected to drive the market. There rising demand for lightweight automobile parts and electronic goods owing to a rising preference for quality products. The inclination towards sustainable solutions for packaging augments the demand for bio-based packaging.  

 

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global bioplastics 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 market.

 

List of Key Companies

• NatureWorks LLC
• BASF SE
• TORAY INDUSTRIES, INC.
• PTT MCC Biochem Co., Ltd.
• Braskem
• Solvay
• Braskem
• Total Corbion PLAIR
• TEIJIN LIMITED
• Novamont S.p.A.
• Toyota Tsusho Corporation
• Avantium
• An Phat Holdings
• SABIC
• Arkema S.A.
• Others

 

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

 

Recent Developments

• In May 2023, Xiamen Changsu Industrial Pte Ltd (Changsu Industrial) and TotalEnergies Corbion announced a strategic cooperation agreement that would further advance the polylactic acid (PLA) industry. They would work together in the market promotion, product development, and research and development of new technologies and applications of biaxially oriented polylactic acid (BOPLA).

 

• In April 2023, Solvay announced a strategic collaboration with Ginkgo Bioworks and expanded its R&I footprint in the United States.

 

• In April 2023, NatureWorks introduced a new Ingeo biopolymer solution for improved softness and strength in biobased nonwovens for hygiene applications.

 

• In November 2022, TotalEnergies Corbion and Be Good Friends (BGF) entered a partnership by signing a long-term collaborative agreement to develop the bio-based Luminy PLA product.

 

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global bioplastics market based on the below-mentioned segments: 

 

Global Bioplastics Market, By Type

• Biodegradable
• Non-biodegradable

 

Global Bioplastics Market, By Application

• Rigid Packaging
• Flexible Packaging
• Textiles
• Automotive & Transportation
• Agriculture & Horticulture
• Consumer Goods

 

Global Bioplastics 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 the Middle East & Africa