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Bioplastics Market to Exhibit a CAGR of 29.0% from 2024 to 2032; Toray Industries Developed Bio-based Adipic Acid to Enhance its Position

May 30, 2024 | Chemicals & Materials

The global bioplastics market size stood at USD 7.49 billion in 2023. The market value is slated to rise from USD 7.41 billion in 2024 to USD 56.99 billion by 2032 at a CAGR of 29.0% during 2024-2032. Fortune Business Insights™ presents this information in its report titled “Bioplastics Market Size, Share & Industry Analysis, By Type (Biodegradable {Starch blends, Polylactic acid (PLA), Polybutylene Adipate Terephthalate (PBAT), Polybutylene Succinate (PBS), Polyhydroxyalkanoates (PHA), and Other Biodegradables} and Non-Biodegradable {Bio- Polyethylene Terephthalate (PET), Bio-Polyamide (PA), Bio-Polyethylene (PE), Bio-Polytrimethylene Terephthalate (PTT), and Other Non-Biodegradables}), By Application (Rigid Packaging {Bottles & Jars, Trays, and Others}, Flexible Packaging {Pouches, Shopping/Waste Bags, and Others}, Textiles, Automotive & Transportation, Agriculture & Horticulture, Consumer Goods, and Others), and Regional Forecast, 2024-2032”


Bioplastics, which come from renewable sources, work as a promising solution to prevent plastic waste. The rise in the demand from the automotive industry is expediting the market growth. The high demand for the product in automotive applications owing to their superior attributes is poised to generate favorable growth prospects for market players.


Moreover, the COVID-19 pandemic asserted a significant influence on market expansion owing to restrictions on raw material transportation. In spite of problems experienced by the market on its growth due to the influence of the pandemic and the prohibitive cost than conventional plastics, the market is witnessing a surging demand for the product from many industries, which can be attributed to concerns pertaining to the environment.


Toray Industries Released Bio-based Adipic Acid to Strengthen Its Position


In August 2022, Toray Industries announced the release of the first-ever 100% bio-based adipic acid, a raw material for nylon 66 (polyamide 66). Moreover, it is obtained from sugars extracted from inedible biomass. This product was launched by deploying a proprietary synthesis method merging microbial fermentation technology and chemical purification technology.


Market Value to Grow Owing to Surging Demand for Eco-friendly Plastics from the Packaging Industry


The bioplastics market growth is driven by a rise in the demand for eco-friendly plastics from the packaging industry. Several players with expertise in agricultural plastics are shifting toward biodegradable options made from sustainable and renewable sources. Both economic viability and technical feasibility are provided by these polymers.


Despite an expanding scope for the adoption of the product, the limited infrastructure for composting facilities may impede the market growth.


Leading Companies Emphasize Partnerships to Increase Their Footprint


Novamont is one of the prominent companies in the market. Two research centers, a distribution network spanning 25 nations, and four production sites are operated by the company. In addition, more than 1800 patent applications have been filed and five proprietary technologies have been innovated by the company. A wide array of companies are forging partnerships to boost their footprint.


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 Key Players Profiled:



  • 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)


Key Industry Development



  • April 2023 - Solvay announced its strategic collaboration with Ginkgo Bioworks for the expansion of its R&I footprint in the U.S. This move is aimed at building its presence in North America while creating new sustainable biopolymers.


Further Report Findings



  • Europe market for bioplastics witnesses the largest share. This is on the back of the strong automotive industry in the region.

  • The Asia Pacific is poised to expand rapidly during the forecast period owing to the emphasis of China on implementation of its foreign investment law, which was delayed due to the pandemic.

  • The rest of the world market is impacted by the growing demand for products for horticulture & agriculture.

  • By application, the bioplastics market is classified into automotive & transportation, rigid packaging, textiles, flexible packaging, consumer goods, agriculture & horticulture, and others. The rigid packaging segment is anticipated to observe the largest bioplastics market share during the forecast period. The surging preference of shipping companies for sustainable and sturdy packaging products, which has led to the growing traction of bio-based plastics in rigid packaging applications, is driving the segment growth.

  • The growing deployment of flexible packaging in industries, including pharmaceuticals and food, is poised to offer growth opportunities during the forecast period.


Table of Segmentation










































ATTRIBUTE



DETAILS



Study Period



2019-2032



Base Year



2023



Estimated Year



2024



Forecast Period



2024-2032



Historical Period



2019-2022



Growth Rate



CAGR of 29.0% from 2024 to 2032



Unit



Value (USD Billion), Volume (Kiloton)



 Segmentation



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-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 (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 the Asia Pacific (By Type)


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


    • Brazil (By Type)

    • Argentina (By Type)

    • Others (By Type)



Bioplastics Market
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  • 2023
  • 2019-2022
  • 250

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