Bioplastic Composites Market Size, Industry Analysis, Business Outlook and Growth Forecast to 2030

The global bioplastic composites market is witnessing robust growth, driven by the rising use of petroleum-based plastics, growing consumer preference for sustainable materials, and the eco-friendly properties of bioplastics.

According to a report published by Allied Market Research, titled "Bioplastic Composites Market By Fiber Type, Polymer, End-use Industry: Global Opportunity Analysis and Industry Forecast, 2020-2030", the market generated $27.3 billion in 2020 and is projected to reach $73.9 billion by 2030, registering a CAGR of 10.5% from 2021 to 2030.

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Key Growth Drivers and Challenges:-

Growth Drivers:

- Increasing dependence on petroleum-based plastics
- Rising consumer awareness and preference for sustainable products
- Favorable properties of bioplastic composites such as biodegradability and reduced carbon footprint

Market Restraint:

- High cost associated with fossil fuel extraction and production

Opportunity:

- Surge in government initiatives and regulations supporting sustainable materials

Segment Highlights:

- Wood Fiber Composites Lead the Market
- Accounted for nearly 90% of market share in 2020
- Expected to maintain dominance through 2030
- Projected to grow at the highest CAGR of 10.6%
- Strong demand from automotive, construction, packaging, and consumer goods industries

Synthetic Polymer Dominates, Natural Polymer Grows Faster:

Synthetic polymer segment held nearly 87% share in 2020:

- Widely used in products such as Nordic walking poles, spectacles, and sunglasses

Natural polymer segment expected to grow at the fastest CAGR of 10.9%:

- Driven by environmental awareness and rising petrochemical prices

Regional Outlook:-

North America:

- Held nearly two-fifths of global revenue in 2020
- Supported by new manufacturing facilities and favorable sustainability policies

Asia-Pacific:

- Expected to register the fastest CAGR of 11.8%

- Growth fueled by rising environmental consciousness, large-scale PLA production, and supportive government initiatives

Key Market Players:

- Mitsubishi Chemical Holdings Group
- NatureWorks LLC
- Corbion NV
- Braskem
- Owens Corning
- Arkema S.A.
- BASF SE
- Dow
- Solvay
- Toray Industries, Inc.

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Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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