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Bioplastics And Biopolymers Market Estimated Growth Curve, Trends, Size, Share, and Analysis Report 2024-2033
Bioplastics And Biopolymers Market Estimated Growth
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According to The Business Research Company's, The bioplastics and biopolymers market size has grown rapidly in recent years. It will grow from $10.05 billion in 2023 to $11.88 billion in 2024 at a compound annual growth rate (CAGR) of 18.1%. The growth in the historic period can be attributed to reduced dependency on fossil fuels, government regulations and policies, environmental awareness, consumer preference for sustainable products, waste management concerns, renewable resource utilization, corporate sustainability initiatives, public awareness campaigns.
The bioplastics and biopolymers market size is expected to see rapid growth in the next few years. It will grow to $22.74 billion in 2028 at a compound annual growth rate (CAGR) of 17.6%. The growth in the forecast period can be attributed to growing global plastic pollution crisis, increasing consumer demand for sustainable packaging, bio-based materials for textiles and fibers, government funding for bioplastic research, replacement of single-use plastics, emergence of advanced biodegradable polymers, infrastructure development for bioplastic processing. Major trends in the forecast period include biodegradability and compostability, renewable feedstocks, technological advancements, hybrid materials, waste-to-bioplastics technologies, bio-based pet (polyethylene terephthalate), life cycle assessments (lcas), collaborations and partnerships.
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Market Drivers and Trends:
The growing demand for environmental concerns is expected to propel the growth of the bioplastics and biopolymers market going forward. Environmental concerns refer to issues, challenges, or worries related to the state and well-being of the natural environment. Bioplastics and biopolymers are materials derived from renewable resources that are often touted as a more environmentally friendly alternative to conventional plastics, as they are biodegradable and can be produced using less energy and fewer greenhouse gas emissions. For instance, in October 2023, according to the Office for National Statistics, a UK-based government body, the greenhouse gas (GHG) emissions of the United Kingdom per resident rose by 2% in 2022 compared to 2021. Therefore, the growing demand for environmental concerns is driving the growth of the bioplastics and biopolymers market.
Product innovations are the key trends gaining popularity in the bioplastics and biopolymers market. Major companies operating in the market are developing innovative methods of producing bioplastics and biopolymers from algae to sustain their position in the market. Algae-based bioplastics and biopolymers are made from plants that grow in water or on wet surfaces but have no stems or leaves. For instance, in December 2021, Green Science Alliance Co., Ltd., a Japan-based company specializing in the research and development of materials in energy and environmental science launched 100% biomass-based biodegradable plastic from Sargassum. Sargassum is a type of seaweed found in the Caribbean Sea. Green Science Alliance has successfully converted this sargassum waste into biomass biodegradable resin pellets and its molding products, such as sustainable and environmentally friendly spoons. Since they partially employ waste from Sargassum, which is provided for free, as raw material, it is anticipated that plastic made from Sargassum will be inexpensive.
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Major Key Players of the Market:
NatureWorks LLC, Odbinv S.A., BASF SE, TotalEnergies Corbion Ltd., Novamont S.P.A, Biome Bioplastics Limited, Mitsubishi Chemical Holding Corporation, Toray Industries Inc., Plantic Technologies Ltd., Bio-on Plants S.r.l., Eastman Chemical Company, Futamura Group, Danimer Scientific Inc., Corbion NV, Arkema SA, Cardia Bioplastics Limited, Eni S.p.A., FKuR Kunststoff GmbH, CCL Industries Inc., Kaneka Corporation, Metabolix Inc., NaturePlast, Newlight Technologies Inc., PTT MCC Biochem Company Limited, Rodenburg Biopolymers BV, Shenzhen Ecomann Biotechnology Co. Ltd., Showa Denko KK, Solanyl Biopolymers Inc., Solegear Bioplastic Technologies Inc., Stora Enso Oyj
Bioplastics And Biopolymers Market 2024 Key Insights:
• The bioplastics and biopolymers market size is expected to see rapid growth in the next few years. It will grow to $22.74 billion in 2028 at a compound annual growth rate (CAGR) of 17.6%.
• Surging Demand For Packaged Food Drives Growth In The Bioplastics And Biopolymers Market
• Algae-Based Bioplastics And Biopolymers Spearhead Product Innovations In The Market
• North America was the largest region in the bioplastics and biopolymers market in 2023
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