Bioplastics Market Overview:
According to the USD Analytics published latest research report, the global “Bioplastics Market” is expected to grow at a tremendous CAGR of 12.6% during the forecast period 2023-2030.
The bioplastics market is a fast-growing segment of the global plastics industry. It is now mostly sourced from renewable biomass sources such as maize, sugarcane, starch, vegetable oil, and animal fats. They are rapidly being utilized to replace conventional petroleum-based polymers in various sectors, including packaging, automotive, and medical. Bioplastics are becoming more popular due to their biodegradable and compostable qualities and their cost-effectiveness and sustainability.
Market Drivers:
Increasing Application of Bioplastics
Bioplastics usage quickly spreads into new fields and industries, spurred by rising consumer demand for environmentally friendly materials. Bioplastics are biodegradable and compostable and are created from renewable materials such as maize starch, sugarcane, and vegetable oils. As a result, they are an appealing alternative to conventional plastics, which are created from nonrenewable resources and may take hundreds of years to disintegrate.
Traditional plastics are created from nonrenewable resources such as oil and gas, and decomposing them may take hundreds of years. Consequently, they contribute to the worldwide plastic waste issue and have a substantial environmental effect. Traditional plastics have a well-documented harmful effect on the environment. When plastics degrade, they may leak hazardous compounds into the environment and damage animals when consumed or entangled. Furthermore, the buildup of plastic debris in the water is a big worry since it can potentially devastate marine ecosystems.
Increasing Concerns About Plastic Waste and the Environmental Impact of Traditional Plastics
Consequently, there is an increasing need for environmentally friendly alternatives to standard plastics. Bioplastics, which are biodegradable and compostable and are manufactured from renewable materials, provide a viable answer to this issue. Bioplastics have the potential to drastically decrease the quantity of plastic waste created as well as the negative environmental effect of plastics. Bioplastics research is rapidly developing, with novel materials and production techniques being produced.
Market Opportunities:
Growing Adoption of Bioplastics in Emerging Markets
The expansion of the bioplastics business in developing nations represents considerable potential. Demand for bioplastics will likely rise as these nations develop and flourish, owing to greater consumer awareness of environmental problems, increased adoption of sustainable goods and packaging, and government support for the sector.
As consumer tastes move toward environmentally friendly goods, there is a rising need for more sustainable packaging solutions in developing economies. Bioplastics are a more sustainable alternative to conventional petroleum-based plastics, and as consumer demand for these goods increases, so will the need for bioplastics in these countries.
Covid-19 Impact Analysis:
The pandemic of COVID-19 has had a substantial detrimental influence on the bioplastics business. The worldwide economic downturn induced by the epidemic is one of the primary causes behind this. Reduced economic activity has decreased demand for bioplastics in various sectors, including packaging, automotive, and construction.
Furthermore, travel and trade restrictions have disrupted supply chains, making it harder for bioplastics producers to get raw materials and deliver goods to consumers. The epidemic has also caused delays in R&D efforts, as many corporations have had to redirect resources to address more pressing issues.
Recent Industry Developments:
- BASF Venture Capital GmbH, the corporate venture firm of BASF SE, Germany, and Aqua-Spark, a Dutch investment fund, invested in Sea6 Energy Pvt. Ltd. in August 2022. Sea6 Energy is a market leader in tropical red seaweed harvesting and processing. Sea6 Energy is also working on red seaweed-based bioplastics and biofuels.
- Trinseo introduced MAGNUM BIO ABS for automotive applications in April 2022. The introduction of MAGNUM BIO ABS expands the company’s sustainably-advantaged portfolio and supports efforts to provide clients with sustainable, innovative solutions that help them reach their sustainability objectives.
- ABB technology automated NatureWorks’ new bioplastics factory in Thailand in March 2022, assisting in meeting the growing worldwide demand for sustainable materials. The new facility will manufacture 75,000 tons of Ingeo PLA biopolymer per year, with an integrated process from fermentation through polymerization improving supply chain dependability. ABB technology will aid in improving energy and production efficiency in bioplastic manufacturing, which is predicted to rise by more than 260% by 2026.
Segmentation Analysis:
As per the research an analysis, the global bioplastics market is segmented by product type into non-biodegradable, biodegradable. by Application into Packaging, Agriculture, Consumer goods, Textile, Automotive & Transportation, Building & Construction, Others, and others.
Flexible Packaging is Expected to Dominate the Market
Bioplastics are utilized in flexible packaging because they are environmentally friendly and readily degradable. They are used in food packaging films, medications, beverage bottles, and packaging films. Non-food packaging includes napkins and tissues, toilet paper, diapers, sanitary towels, cardboard and coat paper for food wrapping paper, and coated cardboard for cups and plates. They are also utilized in flexible and loose-fill packaging.
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Geographical Analysis:
The global bioplastics market is segmented into North America, Europe, South America, Asia Pacific, and Middle East & Africa.
North America Bioplastics Market:
The bioplastic market in North America has expanded significantly. The area is expected to account for more than 16% of market revenue. This expansion may be ascribed to various causes, including increased government restrictions and consumer demand for environmentally friendly products. However, Asia Pacific will likely maintain its lead during the prediction period.
The rising number of rules aimed at decreasing the usage of conventional plastics is a primary driver of growth in the North American bioplastic industry. Many cities and municipalities in the United cities have banned or restricted single-use plastics, increasing demand for bioplastics as an alternative. Furthermore, as part of their sustainability goals, several firms in the area are willingly transitioning to bioplastics, which is also helping to market development.
Competitive Landscape:
The major companies included in the global bioplstics market are Novamont S.P.A., NatureWorks LLC, BASF SE, Braskem S.A., TotalEnergies Corbion, Danimer Scientific Inc., Röchling Group, FKuR Kunststoff GmbH, Biome Technologies plc, PTT MCC Biochem Company Limited, Kaneka Corporation, Futerro S.A., Trinseo PLC, BIO-FED, and BIOTEC Biologische Naturverpackungen GmbH & Co. KG.
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