PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1477122
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1477122
Bioplastics & Biopolymers Market size was valued at USD 12,900.12 million in 2023, expanding at a CAGR of 19.87% from 2024 to 2032.
Bioplastics are a type of thermoplastics that are derived from bio-based sources, such as sugar, seaweed, or starch. Biopolymers, on the other hand, encompass a broader range of materials, including bioplastics as well as natural polymers like silk, chitosan, and wool. Bioplastics, also known as biopolymer plastics, fall into a specific category within the larger group of biopolymers. This means that all bioplastics are considered biopolymers, but not all biopolymers can be classified as bioplastics. Both bioplastics and biopolymers are gaining increasing attention as environmentally friendly alternatives to traditional plastics, especially due to growing concerns about plastic pollution and climate change.
Bioplastics & Biopolymers Market- Market Dynamics
The Rise in environmental consciousness and Rising demand for plastic convenience are projected to drive market growth
Consumers are becoming increasingly aware of the environmental impact of their purchasing decisions, leading to greater demand for eco-friendly products and packaging. Despite growing environmental concerns, there remains a high demand for plastic convenience due to its versatility, durability, and affordability. Bioplastics and biopolymers offer a sustainable solution to meet this demand while addressing environmental issues. Better Future Factory predicted that The global scale of plastic production is staggering, with over 400 million tonnes produced each year a figure that is on the rise. Furthermore, Ongoing research and development efforts are leading to technological advancements in bioplastic and biopolymer production. Moreover, Infrastructure, and Supply Chain Challenges may hamper the market growth
Bioplastics & Biopolymers Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 19.87% over the forecast period (2024-2032)
Based on product type segmentation, Biodegradable was predicted to show maximum market share in the year 2023
Based on End-User segmentation, Packaging was the leading type in 2023
Based on region, Europe was the leading revenue generator in 2023
The Global Bioplastics & Biopolymers Market is segmented based on Product Type, End-User, and Region.
The market is categorized into two segments according to the type of product: Biodegradable and Non-Biodegradable/Biobased. The dominant segment in the market is the biodegradable one. The growth of the biodegradable plastics market has been remarkable, mainly because these materials can address plastic pollution and decrease dependence on fossil fuels. They find extensive applications in packaging, agriculture, consumer goods, and automotive industries.
The market is segmented into five sectors according to End-user: Packaging, Consumer Goods, Automotive & Transportation, Textiles, Agriculture & Horticulture, and Others. The packaging sector holds the largest share of the market. The packaging industry is instrumental in stimulating the demand for and acceptance of bioplastics and biopolymers as eco-friendly packaging alternatives. With rising consumer consciousness and regulatory demands, the utilization of bioplastics in packaging is projected to rise, leading to more advancements and market growth in the future.
Bioplastics & Biopolymers Market- Geographical Insights
The market is geographically spread across North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided based on the countries involved in business activities. Europe is projected to be the dominant force in market growth, primarily due to the expansion of industrial utilization and concerns for environmental sustainability. The well-established industrial infrastructure and manufacturing capabilities in the region facilitate the adoption of these materials across various sectors, thereby driving market growth. In the UK economy, the infrastructure sector's total net stock was estimated at USD342.6 billion in constant prices in 2020, showing a 0.9% increase since 2019. European consumers and businesses are highly aware of environmental issues, such as plastic pollution and climate change. This has led to a growing preference for eco-friendly alternatives to traditional plastics, resulting in increased demand for bioplastics and biopolymers that offer a more sustainable option. European companies are actively responding to this demand by investing in research, development, and production of bio-based materials. Following Europe, North America stands as the second-largest region for market growth, driven by consumer demand for sustainable products.
In the bioplastics and biopolymers market, competition is driven by innovation, sustainability, and market penetration strategies. Various key players strive to gain market share by differentiating themselves through factors like product quality, performance, cost-effectiveness, and environmental credentials. These companies aim to stand out by developing bioplastic materials with improved properties such as strength, flexibility, transparency, and barrier performance. To maintain competitiveness, manufacturers focus on strategic alliances, partnerships, and acquisitions, which allow them to access new technologies, expand their product portfolios, and enter new markets.
In October of 2023, a new member joins the VerdessenceTM product line: BASF's Care Creations from Ludwigshafen, Germany, is introducing the new biopolymer Verdessence RiceTouch to the worldwide market.
GLOBAL BIOPLASTICS & BIOPOLYMERS MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
BASF SE
Arkema
Braskem
Biome Bioplastics Limited
Covestro
Kaneka Corporation
Mitsubishi Chemical Corporation
United Biopolymers
NatureWorks Inc.
Plantic Technologies Limited
Others