PUBLISHER: The Business Research Company | PRODUCT CODE: 1425289
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425289
Bioplastics And Biopolymers Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on bioplastics and biopolymers market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for bioplastics and biopolymers? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The bioplastics and biopolymers market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Bioplastics refer to moldable plastic substances composed of chemical compounds produced or synthesized by microorganisms like bacteria or plants, often through genetic engineering. Biopolymers, on the other hand, are polymers naturally found in living organisms, including cellulose in wood, silkworm silk, and mammalian collagen.
The primary types of bioplastics and biopolymers include non-biodegradable or biobased, biodegradable, and others made from biomass, natural or genetically modified organisms, bio-based monomers, and petrochemicals. Bio-based plastic is a type of plastic containing organic carbon of renewable origin, derived from plant biomass either partially or entirely. Non-biodegradable bioplastics are typically crafted from renewable resources like corn, sugarcane, and biomass. These non-biodegradable variants leverage microbial decomposition persistence to reduce carbon emissions during production, enhancing resource efficiency. Bioplastics and biopolymers find applications in various industries, including packaging, consumer goods, automotive and transportation, textiles, agriculture and horticulture, and other end-use sectors.
The bioplastics and biopolymers market research report is one of a series of new reports from The Business Research Company that provides bioplastics and biopolymers market statistics, including bioplastics and biopolymers industry global market size, regional shares, competitors with a bioplastics and biopolymers market share, detailed bioplastics and biopolymers market segments, market trends and opportunities, and any further data you may need to thrive in the bioplastics and biopolymers industry. This bioplastics and biopolymers market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The bioplastics and biopolymers market size has grown rapidly in recent years. It will grow from $10.05 billion in 2023 to $11.88 billion in 2024 at a compound annual growth rate (CAGR) of 18.1%. The growth observed in the historical period can be attributed to several key factors. Firstly, there was a notable reduction in dependency on fossil fuels, aligning with global efforts to shift towards more sustainable practices. Government regulations and policies played a crucial role in shaping the landscape, encouraging businesses and consumers alike to adopt environmentally friendly approaches. Increased environmental awareness among the public contributed to a growing preference for sustainable products. The rising concerns about waste management further fueled the demand for alternatives that are more ecologically responsible. The utilization of renewable resources gained prominence, supported by corporate sustainability initiatives and public awareness campaigns. These combined factors fostered the growth of the bioplastics and biopolymers industry.
The bioplastics and biopolymers market size is expected to see rapid growth in the next few years. It will grow to $22.74 billion in 2028 at a compound annual growth rate (CAGR) of 17.6%. The anticipated growth in the forecast period can be attributed to various factors. Firstly, the escalating global plastic pollution crisis has heightened awareness and driven the need for sustainable alternatives, contributing to the growth of bioplastics and biopolymers. Increasing consumer demand for sustainable packaging solutions is another significant driver. The application of bio-based materials in textiles and fibers is gaining traction, aligning with the broader trend of environmentally friendly materials. Government funding for bioplastic research is expected to accelerate innovation in the field. The replacement of single-use plastics with more sustainable options is becoming a priority. The emergence of advanced biodegradable polymers and the development of infrastructure for bioplastic processing are further propelling market growth. Major trends in the forecast period include a focus on biodegradability and compostability, the utilization of renewable feedstocks, ongoing technological advancements, the exploration of hybrid materials, and the development of waste-to-bioplastics technologies. The adoption of bio-based PET (polyethylene terephthalate) is also a notable trend. Life cycle assessments (LCAs) are increasingly being considered in product development, and collaborations and partnerships are expected to play a key role in advancing the industry.
The bioplastics and biopolymers market is experiencing robust growth, primarily driven by the escalating demand for packaged food. Packaged food and beverages, shielded by impermeable or permeable bioplastic and biopolymer materials, exhibit prolonged freshness, protection from external elements, and an extended shelf life. Notably, the Consumer Price Index (CPI) for restaurant purchases in the U.S. surged by 7.2% year-on-year in April 2022, influencing the increased utilization of packing materials. Similarly, the Indian packaged food market is anticipated to quadruple, reaching $70 billion within the next five to ten years, further propelling the growth of the bioplastics and biopolymers market.
The bioplastics and biopolymers market is poised for growth due to the escalating demand arising from environmental concerns. These concerns are rooted in challenges related to the well-being of the natural environment. Bioplastics and biopolymers, derived from renewable sources, are positioned as environmentally friendly alternatives to traditional plastics, offering biodegradability and lower energy consumption during production. The UK, witnessing a 2% increase in greenhouse gas emissions per resident in 2022, exemplifies the growing importance of environmental considerations, contributing to the upward trajectory of the bioplastics and biopolymers market.
In the bioplastics and biopolymers market, key trends are being shaped by innovative product developments. Major industry players are focusing on groundbreaking methods, such as the production of bioplastics and biopolymers from algae, to maintain a competitive edge. An example is Green Science Alliance's introduction of 100% biomass-based biodegradable plastic from Sargassum, a seaweed found in the Caribbean Sea. By converting Sargassum waste into biomass biodegradable resin pellets, the company pioneers sustainable and environmentally friendly products, emphasizing cost-effectiveness through the utilization of freely available raw materials.
Major companies in the bioplastics and biopolymers market are leveraging technological innovations, such as the development of new websites, to bolster profitability. The launch of dedicated online platforms serves as a strategic move to disseminate information, showcase technologies, and enhance market presence. CJ Biomaterials Inc.'s introduction of cjbiomaterials.com exemplifies this approach, providing comprehensive information on their PHA technology, applications, and commitment to sustainable alternatives. Websites play a pivotal role in advancing corporate goals and contributing to a more sustainable future.
In January 2021, Novamont, a prominent Italian provider of biodegradable thermoplastic materials catering to industrial, catering, and agriculture sectors, successfully completed the acquisition of BioBag International AS. The transaction, executed for an undisclosed amount, marked a strategic move by Novamont to fortify its leadership position and enhance its global presence. The acquisition aimed to leverage the specialized expertise of BioBag International AS, a Norway-based company known for its proficiency in low-impact waste collection and innovative packaging solutions.
Major companies operating in the bioplastics and biopolymers market report are NatureWorks LLC, Odbinv S.A., BASF SE, TotalEnergies Corbion Ltd., Novamont S.P.A, Biome Bioplastics Limited, Mitsubishi Chemical Holding Corporation, Toray Industries Inc., Plantic Technologies Ltd., Bio-on Plants S.r.l., Eastman Chemical Company, Futamura Group, Danimer Scientific Inc., Corbion NV, Arkema SA, Cardia Bioplastics Limited, Eni S.p.A., FKuR Kunststoff GmbH, CCL Industries Inc., Kaneka Corporation, Metabolix Inc., NaturePlast, Newlight Technologies Inc., PTT MCC Biochem Company Limited, Rodenburg Biopolymers BV, Shenzhen Ecomann Biotechnology Co. Ltd., Showa Denko KK, Solanyl Biopolymers Inc., Solegear Bioplastic Technologies Inc., and Stora Enso Oyj.
North America was the largest region in the bioplastics and biopolymers market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global bioplastics and biopolymers market share during the forecast period. The regions covered in the bioplastics and biopolymers market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the bioplastics and biopolymers market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The bioplastics and biopolymers market consists of sales of biodegradables including PLA, starch blends, PHA, PBS, PCL, and PBAT, and non-biodegradables including BIO-PET, BIO-PABIO-PE, BIO-PTT, and BIO-PP. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.