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Bioplastics Market Size to Record 20.2% CAGR over 2023-2030; Rising Need for Compostable Plastics to Enhance Soil Quality will Accelerate Market Growth

August 28, 2023 | Chemicals & Materials

The global bioplastics market size touched USD 7.56 billion in 2022 and is predicted to reach USD 8.72 billion in 2023. The market is anticipated to touch USD 31.66 billion by 2030, recording a CAGR of 20.2% over 2023-2030.


Fortune Business Insights™ presents this information in its latest report titled Bioplastics Market Size, Share & COVID-19 Impact Analysis, By Type (Biodegradable and Non-Biodegradables), By Application (Rigid Packaging, Flexible Packaging, Textiles, Automotive & Transportation, Agriculture & Horticulture, Consumer Goods, and Others), and Regional Forecast, 2023-2030”.


Bioplastics have gained tremendous popularity in recent years as the demand for eco-friendly products has started increasing in many industries including packaging and automotive. These materials can play a vital role in decreasing plastic pollution and are commonly sourced from eco-friendly sources. Biodegradable plastics can be an effective alternative to traditional plastic products and used in industries such as textile, consumer electronics, and packaging. These factors are expected to boost the bioplastics market growth.


Prices of Conventional Plastics Decreased During COVID-19 Threatened Sales of Bioplastics


The COVID-19 pandemic had a negative impact on the manufacturing and transport sectors as the global supply chains had been disrupted due to the shortage of raw materials and labor. The use of crude oil was the lowest during the outbreak period since World War II, which decreased the prices of traditional plastics. Moreover, the volume of green investments declined dramatically during this period and the implementation of regulations on single-use plastics was delayed due to the outbreak. These factors had an adverse effect on the demand for biodegradable plastics, which ultimately slowed the market growth.


Rising Need for Compostable Plastics to Enhance Soil Quality will Accelerate Market Growth


Plastics are widely popular in sectors such as horticulture and agriculture. For example, plastics are majorly used to make storage bags, greenhouses, silos, and bins. Moreover, the current semi-intensive and intensive farming techniques make use of large quantities of harvest-protection bags and mulching films. These products are used to protect the crops from pests, avoid weed growth, and maintain the soil’s moisture and nutrition content. However, since plastics stay in the environment for a longer time and cause major damage, more companies are moving toward sustainable plastic products such as compostable plastics. These plastics not only accelerate plant growth but also break down naturally in the environment, thereby boosting the soil’s quality. These characteristics are predicted to boost the bioplastics market share.


Competitive Landscape


Key Market Players to Implement Crucial Growth Strategies to Expand their Operations


Key companies operating in this market are entering collaboration and production capacity expansion deals to maintain their dominance. For example, Novamont is one of the leading companies in this market that has four manufacturing sites and two research centers, with a distribution network across 25 countries. The company also promotes a bio-economy model that is based on the effective use of resources.


Notable Industry Development:


August 2022 - Toray Industries announced plans to invest in bio-based adipic acid from sugars that are derived from inedible biomass. This acid would boost the manufacturing of eco-friendly nylon 66.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/industry-reports/bioplastics-market-101940


List of the Companies Profiled in the Report:



  • Novamont S.p.A. (Italy)

  • Arkema S.A. (France)

  • Matrìca S.p.A. (Italy)

  • NatureWorks LLC (U.S.)

  • TotalEnergies Corbion (Netherlands)

  • PTT MCC Biochem Co., Ltd. (Thailand)

  • Roquette Frères (France)

  • Biofase (Mexico)

  • Genecis (Canada)

  • Trifilon (Sweden)

  • Solvay S.A. (Belgium)

  • Avantium (Netherlands)

  • Toray Industries, Inc. (Japan)

  • LyondellBasell Industries Holdings B.V. (Netherlands)

  • BASF SE (Germany)

  • BioApply (Switzerland)

  • Braskem (Brazil)

  • Kaneka Takasago (Japan)

  • Danimer Scientific (U.S.)

  • Taghleef Industries (U.A.E.)

  • Advance Bio Material P. Ltd. (India)


Further Report Findings



  • Europe captured the largest share in the global market in 2022 as the region is considered a leading hub with respect to the research & development and consumption of biodegradable plastics. According to data by European Bioplastics, Europe currently accounts for around 25% of the overall production of bioplastics. Since the region also has a vast automotive sector, the demand for biodegradable plastics is anticipated to rise considerably.

  • The market in North America is predicted to showcase steady growth in the coming years as there is a high demand for electronics and lightweight automobile components. The region’s consumer goods industry is also anticipated to contribute to the market’s growth due to the high living standards of people who invest in high-quality products.

  • The biodegradable segment has captured the largest share in the market as there is a strong demand for this type of eco-friendly plastic in industries ranging from textiles and packaging to consumer goods and agriculture.


Table of Segmentation


















































ATTRIBUTE



DETAILS



Study Period



2019-2030



Base Year



2022



Forecast Period



2023-2030



Historical Period



2019-2021



Growth Rate 



CAGR of 20.2% from 2023 to 2030



Unit



Value (USD Billion) and Volume (Kiloton)



Segmentation



By Type, Application, and Geography



By Type




  • Biodegradable

    • Starch Blends

    • Polylactic Acid (PLA)

    • Polybutylene Adipate Terephthalate (PBAT)

    • Polybutylene Succinate (PBS)

    • Polyhydroxyalkanoates (PHA)

    • Other Biodegradables



  • Non-Biodegradable

    • Bio-Polyethylene Terephthalate (Bio-PET)

    • Bio-Polyamide (Bio-PA)

    • Bio-Polyethene (Bio-PE)

    • Bio-Polypropylene (Bio-PP)

    • Bio-Polytrimethylene Terephthalate (Bio-PTT)

    • Other Non-Biodegradables





By Application




  • Rigid Packaging

    • Bottles & Jars

    • Trays

    • Others



  • Flexible Packaging

    • Pouches

    • Shopping/Waste Bags

    • Others



  • Textiles

  • Automotive & Transportation

  • Agriculture & Horticulture

  • Consumer Goods

  • Others



By Geography


 




  • North America (By Type, By Application, By Country)



      • U.S. (By Type)

      • Canada (By Type)

      • Mexico (By Type)





  • Europe (By Type, By Application, By Country)



      • Germany (By Type)

      • France (By Type)

      • U.K. (By Type)

      • Italy (By Type)

      • Spain (By Type)

      • Rest of Europe (By Type)





  • Asia Pacific (By Type, By Application, By Country)



      • China (By Type)

      • India (By Type)

      • Japan (By Type)

      • South Korea (By Type)

      • Rest of Asia Pacific (By Type)





  • Rest of the World (By Type, By Application, By Country)



      • Brazil (By Type)

      • Argentina (By Type)

      • Others (By Type)






Bioplastics Market
  • PDF
  • 2022
  • 2019-2021
  • 233

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