According to Custom Market Insights (CMI), the global bioplastics market size was estimated at USD 10.35 billion in 2021 and is projected to cross around USD 29.79 billion by 2030, with a healthy compound annual growth rate (CAGR) of 17.56% from 2022 to 2030.
The bioplastic material is derived from renewable feedstock that includes feedstock, peat moss, prolactin acid, and others. It is an alternative to petroleum-based plastics and has the capacity to reduce 30-70% of carbon dioxide emissions. The production of bioplastic requires 65% less energy than conventional petroleum plastic.
The global bioplastics market is evolving, and companies are now focusing more on strengthening and consolidating R&D activities; thereby, increasing production capacity. It has a wide range of applications in various end-use industries such as agriculture, textile, automotive, transportation, consumer goods, and others.
Browse the full “Bioplastics Market Size, Trends and Insights By Type (Biodegradable and Non-biodegradable), By Application (Packaging, Automotive, Agriculture, Textile, Consumer Durables, Horticulture, and Others), and By Region – Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2022–2030” report at https://www.custommarketinsights.com/report/bioplastics-market/
Regional Snapshots
The Europe region has captured to dominate the market during the forecast period 2022-2031. Owing to growing trends of using biodegradable plastic in the food packaging industry. In addition, the remarkable increase in the production of bioplastic has boosted market growth. For instance, according to an article published by European Bioplastics e.V.in the year April 2022, the European bioplastics in cooperation with the nova-Institute, global bioplastics production capacities are set to increase from around 2.42 million tonnes in 2021 to approximately 7.59 million tonnes in 2026.
In the Asia-Pacific region, the growing textile sector has increased the demand for bioplastic products. Furthermore, the growth of the bioplastics market is fueled by an increase in urbanization, improvement in the standard of living, an increase in the fashion consciousness among people, and the adoption of western culture has boosted the textile industry where biodegradable plastics are used extensively. This is projected to have a major impact on the growth of the market in the Asia-Pacific region.
Market Dynamics
Growth Drivers
Factors such as changes in lifestyle, and busy schedules of people make them more inclined for purchasing ready-to-eat packaged food. Several manufacturers such as BASF SE, Toray Inc., Solvay Company and others are actively engaged in the manufacturing of bioplastics that are safe and inert for packaged food items.
Furthermore, the rapid shift of consumers toward eco-friendly plastic products has boosted market growth. For instance, bioplastics break down 60% and more within 180 days or less as compared with traditional plastics. Moreover, the Increasing landfills and waste piles have emerged as serious environmental hazards and resulted in numerous adverse effects on the flora and fauna of the ecosystem. To overcome such problems the demand for biodegradable plastics is most preferred. This is anticipated to increase the growth of the bioplastics market during the forecast period.
Restraints
However, the production cost of biodegradable plastics is higher than that of traditional plastics which may restrain the market growth. For instance, the production of cost of bio-based plastic is 20% to 100% higher than that of synthetic plastics. Furthermore, the lack of technological advancement and complicated polymerization processes has hindered market growth. In response to this, bio=-based plastics are in the development process and not yet commercialized across the globe which may act as one of the restraining factors for the growth of the bioplastic market.
Opportunities
The increasing demand for sustainable plastics from the packaging industry has escalated market growth. Biodegradable plastics are portraying the same properties as conventional plastic owns. In addition, the government initiation and investment in the plastic industry are escalating the growth of the global bioplastics market during the forecast period. In response to this, the market is anticipated to be driven by the increasing acceptance of bioplastics in key end-use industries such as packaging, textiles, consumer goods, automotive & transportation, and medical devices among others. These factors are anticipating increasing market growth; thus, creating remunerative opportunities for the market in the upcoming years.
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Challenges
Over the forecast period, rising prices of biodegradable plastics will change the preference of manufacturers. In addition, the lack of awareness about the benefits of biodegradable plastic in rural areas may hinder market growth. Stringent regulations related to packaging and waste management are required in rural countries. These all factors act as a challenging factor for the growth of the market during the forecast period.
Report Highlights
On the basis of type, the segment includes biodegradable and non-biodegradable. This is attributed to the fact that the proliferating demand from textile, agriculture, horticulture, packaging, and other end-use sector has escalated the market growth.
The biodegradable plastic comprises polylactic acid (PLA), starch, peat moss, PBAT, PBS, and others. Among them, polylactic acid holds the highest share in the biodegradable segment owing to the ease of availability and benefit associated with has contributed to the growth of the biodegradable segment. For instance, according to a report published by Greenpeace East Asia in the year December 2020, the global production capacity for bioplastics reached 2.11 million tonnes in 2019, of which 55.5% is biodegradable plastics, roughly 1.17 million tonnes. These factors are responsible for the growth of the bioplastics market.
On the basis of application, the segment includes packaging, automotive, agriculture, textile, consumer durables, horticulture, and others. The packaging segment is expected to proliferate during the forecast period 2022-2031. Furthermore, the rise in population, improvement in the standard of living, and the busy schedule of people have made them become more linear towards purchasing ready-to-eat packaged food due to such factors the demand for bioplastic has increased in the packaging industry. In response to this, bioplastics are predominantly utilized in the manufacturing of bottles, jars, Containers and others.
Table of Contents: https://www.custommarketinsights.com/report/bioplastics-market/#table-of-contents
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