Bioplastics Market to Surpass $56.36 Billion by 2031 | SkyQuest Technology
Westford, USA, July 23, 2024 (GLOBE NEWSWIRE) — Global Bioplastics Market size was valued at USD 11.6 Billion in 2022 and is poised to grow from USD 13.83 Billion in 2023 to USD 56.36 Billion by 2031, growing at a CAGR of 19.20% during the forecast period (2024-2031).
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SkyQuest projects that the bioplastics market will attain a value of $56.36 Billion by 2031, with a CAGR of 19.20% over the forecast period (2024-2031). Bioplastic creation includes insects, seaweed, and mammals. Polymers made from biomass can take the place of traditional plastics in applications such as furniture, textiles, automobile parts, electrical components, and packaging.
The bioplastics market is driven by rise in demand for sustainable plastics by the packaging industry. Biodegradable polymers are used for several applications, but most importantly they are used in the packaging sector. With the rise in the commercial industry, packaging has become the most essential part. The use of bio-based polymers can reduce plastic pollution. Moreover, surge in demand for compostable plastics to improve soil quality drives the market forward. Plastics are used in broad applications, including agriculture and horticulture. They are used to produce greenhouses, silos, and storage bags.
Browse in-depth TOC on “Bioplastics Market”
- Pages – 184
- Tables – 65
- Figures – 77
Bioplastics Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $13.83 Billion |
| Estimated Value by 2031 | $56.36 Billion |
| Growth Rate | Poised to grow at a CAGR of 19.20% |
| Forecast Period | 2024-2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Raw Material, Product Type, End-Use Industry |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the world |
| Report Highlights | Updated financial information/Product portfolio of players |
| Key Market Opportunities | Innovations in processing |
| Key Market Drivers | Rise in sustainability, Surge in compostable plastics |
Packaging Segment Held the Highest Share in the Market Due to Rise in Demand for Sustainable Packaging
The packaging segment was the largest shareholder in the bioplastics market and reported approximately 61.7% of revenue share. Bioplastics is used for several packaging products, including films & sheets, household care products, and personal care products. Bioplastics such as PLA, PE, PBAT, and PBS are used for packaging. Manufacturers are focusing on using bioplastics for packaging purposes due to rise in consumer preferences toward sustainable packaging and increase in the global garbage problem. Moreover, the use of bio-based plastics is in high demand in the automotive sector. They are ideal to use, especially to reduce vehicle’s weight and fuel consumption.
Non-biodegradable segment is the Fastest Growing Segment due to rise in End-user Demand
The non-biodegradable segment is expected to grow during the projection period. Non-biodegradable products include polypropylene, polyethylene, polyvinyl chloride, polytrimethylene terephthalate, and polypropylene. These polymers are formulated from basic ingredients that are sustainable such as sugarcane, castor oil, and corn. This segment is growing due to end-user demand for sustainable alternatives. Non-biodegradable bioplastics are perceived as more sustainable than traditional plastics. These are used in electronics, shopping bags, carry bags, food packaging, and vehicle interiors.
Europe Dominated the Bioplastics Market Due to Growing Application of Bioplastics in End-use Industries
Shopping bags, loose packaging, bottles, refuge bags, and agricultural mulch films are a few crucial uses for bioplastics. Every year, almost 100 billion bags are used in the European Union. Europe’s consumers are beginning to accept bioplastics more easily. The growing application of bioplastics in important end-use industries such as consumer products, packaging, textiles, automotive & transportation, and medical devices is also expected to help the market.
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North America is Anticipated to Maintain its Dominance During the Forecast Period due to rise in the Focus Toward Sustainability
However, North America is witnessing the fastest pace of expansion in the global bioplastics market. The rising demand for bioplastics is anticipated to have a major impact on the market’s growth in North America. The area sector is distinguished by its strong dedication to sustainability, which has created a significant need for sustainable packaging. With the US Department of Agriculture pushing more ecologically friendly products, more bioplastics are anticipated to be offered in North America.
Bioplastics Market Insights
Drivers:
- Rise in demand toward sustainable packaging
- Regulatory support
- Renewable raw materials
Restraints:
- Higher R&D requirements
- High production costs
- Lack of feedstock availability
Leading players in the bioplastics market:
The following are the Top Bioplastics Companies
- Innovia Films Ltd. (UK)
- Plantic Technologies Ltd. (Australia)
- Kaneka Corporation (Japan)
- Arkema S.A. (France)
- BASF SE (Germany)
- Braskem (Brazil)
- Corbion N.V. (Netherlands)
- API S.P.A. (Italy)
- Cardia Bioplastics (Australia)
- Toray Industries Inc. (Japan)
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Key Questions Covered in the Bioplastics Market Report
- What factors are restricting the growth of the market?
- What is the forecast period of the report?
- What segments are covered in this report?
This report provides the following insights:
Drivers, challenges
- Analysis of key drivers (rise in demand for sustainable packaging, and government initiatives), restraints (higher R&D requirements), opportunities (innovations in processing), and challenges (high production costs) influencing the growth of the bioplastics market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the bioplastics market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the bioplastics market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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