Bioplastics Market Analysis and Industry Forecast, 2021-2030

Bioplastics Market 2030

The global bioplastics market size was valued at USD 5.8 Billion in 2020 and is projected to reach USD 16.8 Billion by 2030, growing at a CAGR of 11.5% from 2021 to 2030.

Bioplastics are plastics produced using renewable raw materials like cellulose, sugarcane, and corn. Manufacturers can use bio-based plastics because of elements including their environmental friendliness, the availability of renewable feedstocks, and helpful regulatory regulations.

The bioplastics market is expanding as a result of the increased use of biodegradable products and expanded applications for bioplastics across end-user industries. However, the bioplastics market expansion is somewhat constrained by high production costs and relatively low-performance standards when compared to conventional plastics.

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Bioplastics Market Trends Analysis

To lessen reliance on traditional plastics, industry trends are moving toward bio-based goods. The need for bioplastics has grown as a result of these considerations. In addition, renewable resources can be used to produce bioplastics. Corn, wheat, mastic, and sugarcane are some of the common feedstocks used to make bioplastics. Nearly all geographical areas of the world have easy access to these. As a result, the global market's fluctuation in crude oil prices has no impact on the development of the bioplastics sector. The bioplastics market may expand as a result of these factors.

With customer concern over the environment growing, businesses are turning to sustainable and environmentally friendly solutions to build and strengthen their brand image. For instance, top businesses like Coca-Cola and PepsiCo concentrate on using PET, nylon, and polyethylene with bio-based materials for beverage packaging. Additionally, businesses like NEC Corporation incorporate bioplastics into a variety of their products, including LCD projectors and POS terminals. The expansion of these companies corporate social responsibility (CSR) initiatives are anticipated to boost investor interest in the bioplastic industry and fuel demand for the material. This is expected to boost the bioplastics market profitability by increasing the sales of bioplastics.

However, one of the main problems with the global bioplastics market is the high cost of the product. Currently, bioplastics are more than twice as expensive as traditional plastics made from petroleum. This is primarily caused by the expensive R&D, building a polymer plant, and raw material costs while the production scale is still small. This factor might slow the bioplastics market expansion for bioplastics.

Bioplastics Market Share Analysis

Non-biodegradable bioplastics held the largest market share in 2017. The market is expected to develop as a result of the rising demand for non-biodegradable polymers made of polyethylene terephthalate. Bottle wrapping frequently makes use of PET. The world's industry for sustainable packaging is expanding quickly, and this, together with the fluctuating price of crude oil, is boosting the market for Bio-PET.

Bio-PET is significantly lighter than traditional PET in terms of weight. Additionally, Bio-PET is anticipated to meet the growing demand for lightweight materials in the automotive industry. Additionally, it is anticipated that favorable government policies will fuel demand for Bio-PET as an eco-friendly replacement.

The bioplastics market in Europe brought in the most money in 2017. The main factors driving the growth of the bioplastics market in the region are the enactment of pro-bioplastics policies by European policymakers and the rise in the adoption of bioplastics in Germany, Italy, and the UK.

2017 saw the highest usage of bioplastics in rigid packaging, and this trend is anticipated to remain through 2024. Gloss, barrier effect, antistatic behavior, printability, and other qualities of bioplastics make them appropriate for use in rigid packaging. Bottles, cups, cans, corrugated cases, boxes, and other rigid packaging items made of bioplastic are included.

Bioplastics Market Key Segments:

By Type

Biodegradable Bioplastic
Polylactic Acid (PLA)
Polyhydroxyalkanoate (PHA)
Starch Blend
Polyester (PBAT & PBS)
Cellulose Acetate
Non-biodegradable Bioplastic
Epoxy
Polyurethane
Polyethylene Terephthalate
Others (PA, PE, EPDM, and PTT)
By Application

Rigid Packaging
Flexible Packaging
Textile
Agriculture & Horticulture
Consumer Good
Automotive
Electronic
Building & Construction
Others

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By Region
North America
U.S.
Canada
Mexico
Europe
UK
Germany
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
LAMEA
Brazil
Argentina
South Africa
Saudi Arabia
UAE
Rest of LAMEA

SIMILAR REPORT

https://reports.valuates.com/market-reports/QYRE-Auto-28U8772/global-plastic-compounding

https://reports.valuates.com/market-reports/QYRE-Auto-20X11632/global-confectionery-flexible-packaging

https://reports.valuates.com/market-reports/QYRE-Auto-28P6635/global-plastic-bags-sacks

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This release was published on openPR.