The global Bioplastics Market is estimated to be valued at US$ 1,020 million in 2021 and is expected to exhibit a CAGR of 14.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Bioplastics are biodegradable plastics that are derived from renewable sources such as plants and microorganisms. These plastics offer numerous advantages over conventional plastics, including lower carbon footprint, reduced dependence on fossil fuels, and decreased environmental pollution. The increasing awareness regarding the adverse effects of conventional plastics on the environment has led to the growing demand for bioplastics. Additionally, the implementation of stringent government regulations and policies supporting the use of sustainable materials further boosts the market growth for bioplastics.
Market Key Trends:
One of the key trends driving the bioplastics market is the growing consumer preference for sustainable and eco-friendly products. With the increasing awareness about environmental issues, consumers are actively seeking alternative materials that reduce their impact on the planet. Bioplastics, being biodegradable and made from renewable sources, fulfill this requirement and are gaining popularity. Furthermore, the rising demand for bioplastics in packaging applications, such as food and beverages, personal care, and automotive, is expected to fuel the market growth. The superior properties of bioplastics, such as durability, flexibility, and resistance to moisture, make them suitable for a wide range of applications, thereby driving the market expansion. Major players in the bioplastics market include BASF SE, Braskem S.A., Koninklijke DSM N.V., Arkema S.A., Innovia Films. Ltd., Metabolix, Inc., NatureWorks, LLC,
The bioplastics market can be segmented based on type, application, and region. In terms of type, the market can be categorized into bio-based and biodegradable plastics. The bio-based plastics segment dominates the market and is expected to continue its dominance over the forecast period. This can be attributed to the increasing demand for sustainable and eco-friendly packaging solutions.
Bio-based plastics are derived from renewable sources such as corn, sugarcane, and cellulose. They offer advantages such as reduced carbon footprint, lower dependence on fossil fuels, and recyclability. These factors have led to their widespread adoption in various industries such as packaging, automotive, and consumer goods.
The Global Bioplastics Market Demand is expected to witness high growth, exhibiting a CAGR of 14.8% over the forecast period from 2023 to 2030. This growth can be attributed to several factors. Firstly, there is a growing consumer preference for sustainable and biodegradable packaging solutions. As awareness regarding environmental issues increases, there is a shift towards eco-friendly alternatives to conventional plastics.
Regional analysis suggests that Europe is the fastest-growing and dominating region in the bioplastics market. This can be attributed to the stringent regulations and initiatives promoting the use of bioplastics in the region. For instance, the European Union has set a target of recycling 50% of plastic packaging waste by 2025, which has led to an increased demand for bioplastics.
Key players operating in the bioplastics market include BASF SE, Braskem S.A., Koninklijke DSM N.V., Arkema S.A., Innovia Films Ltd., Metabolix, Inc., NatureWorks, LLC, Novamont S.p.A., and The Dow Chemical Company. These players are focusing on research and development activities to expand their product portfolios and meet the growing demand for bioplastics.
Overall, the bioplastics market is witnessing significant growth due to increasing consumer awareness and regulatory support for sustainable packaging solutions. The dominance of bio-based plastics and the growing demand in Europe make the market highly lucrative for key players in the industry.