New York, Dec. 12, 2022 (GLOBE NEWSWIRE) -- The global bio-based plastics market is set to reach a valuation of US$ 26.22 Bn by the end of 2032. Growing focus on sustainable alternatives to conventional petroleum-based plastic and substantial application of plastic in various end-use industries such as packaging, construction, automotive, etc., will remain key influencing factors for the growth of the market.
With high application coverage of plastic (annual consumption of 372 million tons), the market for bioplastics has significant potential for growth. Increase in the adoption of bio-based plastics in several applications will fuel demand. With current coverage of 0.7% of the global conventional plastics market, consumption of bioplastics is set to rise at a CAGR of 11.3% over the forecast period of 2022 to 2032.
Bio-degradable plastics are gaining traction in the global market as compared to their counterparts owing to their decomposable nature. Further, significant growth in the packaging industry is bolstering the demand for bio-degradable plastics as these are highly flexible. Emerging new applications of bio-based plastics and expansion of installed capacity by suppliers will add to market growth.
“Key market players are focusing on green plastics and recycling plastics to attain their sustainability goals and shift to a circular economy with minimal carbon footprint,” says a Persistence Market Research analyst.
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Key Takeaways from Market Study
- Bioplastics market estimated to be valued at US$ 8.98 Bn in 2022.
- Packaging to remain prominent application of bioplastics and account for 46% of the demand in East Asia bioplastic.
- Bio-degradable plastic to gain 150 BPS by the end of the forecast period.
- East Asia and Europe to remain key markets for bio-based plastic suppliers accounting for around 60% of global volume consumption.
- The market will get consolidated over the coming years with an increase in investments by leading manufacturers. It is also expected to see a rise in the entry of new players owing to the high potential of the market.
- Significant investments are expected in South Asia Pacific with key players setting up production units and strengthening their supply chain networks.
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Competitive Landscape
Key bioplastic manufacturers are BASF SE, Evonik AG, Toray Industries, SABIC, Teijin Ltd., Toyota Tsusho, M& G Chemicals, PTT Global Chemical Public Company Ltd., Showa Denko K.K., NatureWorks LLC, Futerro SA, E. I. du Pont de Nemours and Company, Braskem S.A., Corbion N.V., Galactic, Solvay SA, DSM N.V., and Arkema.
Market players are focusing on expanding of their production capacity and geographical presence to cater to the growing demand from end-use industries. Further, to reduce the dependency of conventional plastics, market participants are adopting bio-based plastic manufacturing to sustain themselves in the longer run. To remain competitive in the market, major market players are investing heavily in research and development.
For instance
- In March 2022, to fulfil the rising need for alternatives to fossil-based materials across the world, ABB Technology (ABB) automated its NatureWorks' greenfield bioplastics facility in Thailand. This new facility will produce 75,000 metric tonnes of Ingeo PLA (polylactic acid) biopolymer per year.
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