Pune, India, July 12, 2023 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Bioplastics Market Size Report, Share, Demand, Growth Strategy, Industry Trends and Forecast to 2028- COVID-19 Impact and Global Analysis – by Type, Application, and Geography,” the bioplastics market size is expected to grow from US$ 5.8 Billion in 2021 to US$ 13.81 Billion by 2028; it is estimated to register a CAGR of 13.2% from 2021 to 2028. The projected growth of the market is attributed to the wide application scope of bioplastics and rising demand for eco-friendly plastics in the packaging industry.
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Global Bioplastics Market: Competitive Landscape and Key Developments
A few players operating in the global bioplastics market include Teijin Limited; Toray Industries, Inc.; Sabic; BASF SE; Total Corbion PLA; Braskem S.A.; Biome Bioplastics; Mitsubishi Chemical Corporation; Novamont S.P.A.; and Natureworks LLC. Players operating in the global bioplastics market focus on providing high-quality products to fulfil customer demand.
Bioplastics Market Report Scope, Segmentations, Regional & Country Scope:
| Report Coverage | Details |
| Market Size Value in | USD 5.8 Billion in 2021 |
| Market Size Value by | USD 13.81 Billion by 2028 |
| Growth rate | CAGR of 13.2% from 2021 to 2028 |
| Forecast Period | 2021- 2028 |
| Base Year | 2021 |
| No. of Pages | 146 |
| No. of Tables | 56 |
| No. of Charts & Figures | 71 |
| Historical data available | Yes |
| Segments covered | Type and Application |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Companies Covered | Teijin Limited; Toray Industries, Inc.; Sabic; Basf SE; Total Corbion PLA; Braskem S.A.; Biome Bioplastics; Mitsubishi Chemical Corporation; Novamont S.P.A.; and Natureworks LLC |
In 2021, the global bioplastics market share for Asia Pacific was largest. Australia, China, India, Japan, South Korea, and the Rest of Asia-Pacific are the key contributors to the bioplastics market in Asia-Pacific. Factors such as the growth of the packaging industry, governments’ policies encouraging environment-friendly products, rising environmental concerns, and growing investments by key market players are the key factors anticipated to drive the bioplastics market growth in the region. Consumers are increasingly shifting towards bio-based plastics due to increasing environment-related regulations and government initiatives to encourage environmental awareness. The rising number of bans on traditional plastics proves to be the primary driver for the bioplastics market growth. With the growing consumer concern towards the environment, companies are shifting to bioplastics, which helps them acquire a higher consumer market share.
Increasing Focus on Innovations and Technology Advancement
To gain more consumer traction and increase market share, key players are investing heavily in the research and development of bioplastics. Rise in popularity of the bioplastics has motivated the manufacturers to boost the production volume and undertake investments in research and development. They are focused on investments in developing new, biodegradable polymer blends and creating greater bioplastic strength and flexibility. The innovations in biopolymers focus on biopolymer composition and structure. The biodegradable block-copolymer made by Lotte Chemical for usage in orthopaedic medical devices and the biodegradable graft polymers produced by BASF for use in washing and cleaning products are the examples of such innovations. Further, Teijin Limited offers formable gasoline-resistant film produced of PLANEXT bioplastic to replace chrome plating. The company's innovative film is developed using special metal-evaporation technology from a processing-manufacturer partner. This new film is produced with PLANEXT SN4600, an enhanced grade of Teijin's PLANEXT bioplastic, which is produced from a bio-origin chemical compound called isosorbide. Thus, the growing focus on innovations and technology advancement related to bioplastics is the key trend predicted to propel the global bioplastics market during the projection period.
Bioplastics Market: Segmental Overview
Based on type, the bioplastics market is segmented into biodegradable and non-biodegradable. The bioplastics market share for the biodegradable segment for largest in 2021. Biodegradable plastics can break down or degrade when exposed to the sun’s ultra-violet radiation, bacteria, enzymes, water, or wind. They are produced from renewable materials, plant or animal materials such as corn oil, orange peels, soybeans, switchgrass, microorganisms, or starch. Biodegradable bioplastics are perceived to be eco-friendly due to their environmental benefits. Biodegradable bioplastics are categorized as polylactic acid (PLA), starch-based, polybutylene adipate co-terephthalate (PBAT), polybutylene succinate (PBS), polyhydroxyalkanoates (PHA), and others.
Based on application, the bioplastics market is segmented into packaging, agriculture, consumer goods, automotive & transportation, textiles, building & construction, and others. The bioplastics market share for the packaging segment for largest in 2021. Plastics are superior choices for packaging given their cheapness, easy processability, lightweight, good resistance to oil and chemicals, exceptional gas and water vapor barrier properties, and reusability and recyclability in terms of sustainability. Bioplastic packaging options include bags for agricultural foils, compost, nursery products, horticultural products, toys, and textiles. Additionally, bioplastics are utilized as alternatives to conventional fossil fuel-based plastics and are widely used in food contact materials. The most popular bioplastic is polylactic acid (PLA), typically found in bags, food containers, bottles, disposable tableware, and cutlery. Further, bioplastics are used in several other food packaging applications.
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Impact of COVID-19 Pandemic on Bioplastics Market
Governments of various countries across the globe imposed country-wide lockdowns that directly impacted the growth of the industrial sector. In China, movement restrictions and related labor shortages reduced industrial activities across various industries. The significant decline in the growth of several industrial sectors significantly impacted the demand for bioplastics in the global market. The COVID-19 pandemic caused a delay in most ongoing construction projects and reduced the productivity of the construction industry. Moreover, the declining sales of automotive vehicles reduced the demand for bioplastics in different countries.
However, with the ease of lockdown measures, the various industries regained momentum, which increased the demand for bioplastics. Further, various economies began reviving with the resumption of operations in different sectors in 2021. The bioplastics market is also improving with the increasing its demand from various industries.
Key Developments
- In January 2022, Toray Industries, Inc. announced a development initiative that it has developed a nylon 510 (N510) fiber that incorporates 100% ‘biobased synthetic polymer content.
- In October 2021, Sabic introduced a new line of bio based ULTEMTM resins that provide environmental benefits while maintaining the same high performance and processability as traditional ULTEM materials.
- In June 2019, Biome bioplastics and the Biorenewables Development Centre (BDC) have collaborated to construct and install a new specialized polymerization reactor with the University of York's Green Chemistry Centre of Excellence. The new reactor, which was partially funded by the University of York's Higher education Innovation fund, will be critical in helping to scale up the expanding array of novel bioplastics.
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Biodegradable Plastics Market- The biodegradable plastics market size is expected to grow from US$ 7,331.11 million in 2022 to US$ 20,840.29 million by 2028; it is estimated to record a CAGR of 19.0% from 2022 to 2028.
Recycled Plastics Market- The recycled plastics market is projected to reach US$ 4001.37 million by 2028 from US$ 2682.21 million in 2022; it is expected to grow at a CAGR of 6.9% from 2022 to 2028.
Bioplastic Packaging Market- The bioplastic packaging market is projected to reach US$ 47,991.9 million by 2028 from US$ 13,273.9 million in 2022. It is expected to grow at a CAGR of 23.9% during 2022–2028.
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