NEW
YORK, Aug. 9, 2024 /PRNewswire/ -- The global
bioplastics market size is estimated to grow by USD 253.98 billion from 2024-2028, according to
Technavio. The market is estimated to grow at a CAGR of
about 39.04% during the forecast period. Emergence
of bio-based and renewable raw materials is driving market
growth, with a trend towards consumption of bioplastics
in novel applications. However, cost-effectiveness of
conventional plastic over bioplastics poses a challenge. Key
market players include Arkema Group, BASF SE, Biome Bioplastics
Ltd., Braskem SA, Cargill Inc., Corbion nv, DuPont de Nemours Inc.,
Evonik Industries AG, Finasucre SA, Fkur Kunststoff GmbH, Futerro
SA, Koninklijke DSM NV, KURARAY Co. Ltd., Novamont S.p.A., Resonac
Holdings Corp., Saudi Basic Industries Corp., Solvay SA, Sulzer
Ltd., Teijin Ltd., Toray Industries Inc., Toyota Motor Corp., and
Trinseo PLC.
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Forecast
period
|
2024-2028
|
Base Year
|
2023
|
Historic
Data
|
2018 - 2022
|
Segment
Covered
|
Type (Non-biodegradable
and Biodegradable), Application (Packaging and food service,
Agriculture and horticulture, CG and HA, Automotive, and Others),
and Geography (Europe, North America, APAC, Middle East and Africa,
and South America)
|
Region
Covered
|
Europe, North America,
APAC, Middle East and Africa, and South America
|
Key companies
profiled
|
Arkema Group, BASF SE,
Biome Bioplastics Ltd., Braskem SA, Cargill Inc., Corbion nv,
DuPont de Nemours Inc., Evonik Industries AG, Finasucre SA, Fkur
Kunststoff GmbH, Futerro SA, Koninklijke DSM NV, KURARAY Co. Ltd.,
Novamont S.p.A., Resonac Holdings Corp., Saudi Basic Industries
Corp., Solvay SA, Sulzer Ltd., Teijin Ltd., Toray Industries Inc.,
Toyota Motor Corp., and Trinseo PLC
|
Key Market Trends Fueling Growth
The global bioplastics market is experiencing growth due to
increasing sustainability focus and favorable regulations for green
procurement policies. The packaging sector, particularly in food
and services, is a significant contributor to this growth.
Compostable waste bags improve composting processes and reduce
landfill waste, while biodegradable mulch films reduce labor and
disposal costs in agriculture. Bioplastics have expanded into
various industries, including food and beverage, automotive, and
medical, with applications such as trays, cutlery, cups, dishes,
stitching materials, screws, implants, and tires. Toyota's
Environmental Challenge 2050 aims to reduce plastic consumption by
40-50%, creating opportunities for bioplastics. Initially high-cost
niche products, bioplastics are expected to become more economical
with increased economies of scale and improved performance.
Companies like Dell have already started using recycled plastic in
manufacturing, potentially saving USD700
million annually in environmental costs if the industry
adopts closed-loop recycling. These developments and innovations
will positively impact the bioplastics market.
The bioplastics market is witnessing significant growth with key
players like Braskem and Arkema leading the charge. Bioplastics,
made from renewable feedstocks such as cellulose acetate,
sugarcane, corn, and castor oil, offer eco-friendly properties and
biodegradability. Notable bioplastics include Polyethylene
Furanoate, Polytrimethylene Terephthalate, and Polyethylene
Terephthalate. Major applications include packaging, particularly
in films and sheets, jars, containers, and bottles for fresh food.
Bioplastics are also used in agriculture for mulch films and as
shopping bags, refuse bags, and in hygiene applications. Companies
like Danone and Nestlé are adopting bioplastics for their
sustainable packaging initiatives. The market trends towards
circular economy and reducing carbon dioxide emissions. Hybrid
material innovations are also gaining traction, combining the best
properties of traditional plastics and bioplastics. However, the
market faces challenges such as lead time, international borders,
and competition from traditional plastics like Polyethylene,
Polypropylene, Polyamide, and Polyvinyl Chloride. Despite these
challenges, the future of bioplastics looks bright as more
businesses embrace the shift towards sustainable and biodegradable
products.
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Market Challenges
- The bioplastics market faces several challenges that
hinder its growth. Production costs for bioplastics are
significantly higher than conventional plastics, ranging from 25%
to 75% more. This is primarily due to the high polymerization costs
and the fact that most bioplastic production processes are still in
the development stage, lacking economy of scale. Additionally, the
required supply chain network is not yet established at upcoming
capacity locations. The production technology for bioplastics is
also unconvincing as it is still in its infancy, with various raw
materials being tested for optimal production. The cost of
bioplastics currently ranges from USD2.65 to USD6.68
per kilogram, compared to USD1.65 per
kilogram for conventional plastics. Vendors' high production costs,
substantial R&D expenses, and the significant price difference
between petroleum-based plastics and bioplastics are other reasons
for the low demand for bioplastics. These factors are expected to
impede the growth of the bioplastics market during the forecast
period.
- The bioplastics market is experiencing significant growth
in various industries such as consumer goods, textiles,
construction, electronics, medical devices, and more. However,
challenges persist in the form of consumer acceptance, production
costs, and infrastructure development. In the consumer goods
sector, bioplastics face competition from conventional plastics and
natural fibers. In the electronics industry, nanoparticles and
polymer plant construction pose challenges. Production halts due to
environmental issues and the need for a paradigm shift towards
sustainable alternatives add to the complexity. Cheaper
alternatives like starch blends, PBS, PBAT, and PHA are gaining
traction. The market for bioplastics in packaging, particularly in
food items, beverages, and non-food products, is expanding.
However, the lack of composting infrastructure remains a concern.
Cornstarch, polylactic acid, bio polyethylene terephthalate, bio
polyethylene, and bio polypropylene are key bioplastics used in
various applications. The automotive industry and bio-based
packaging are also showing potential. Overall, the bioplastics
market is evolving, with nature providing the raw materials for a
more sustainable future.
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challenges - Download a Sample Report
Segment Overview
This bioplastics market report extensively covers market
segmentation by
- Type
- 1.1 Non-biodegradable
- 1.2 Biodegradable
- Application
- 2.1 Packaging and food service
- 2.2 Agriculture and horticulture
- 2.3 CG and HA
- 2.4 Automotive
- 2.5 Others
- Geography
- 3.1 Europe
- 3.2 North America
- 3.3 APAC
- 3.4 Middle East and
Africa
- 3.5 South America
1.1 Non-biodegradable- The non-biodegradable
bioplastics market is experiencing notable growth due to increasing
efforts to reduce the carbon footprint of products. These plastics,
such as bio-PET and bio-PE, offer similar durability to their
fossil counterparts but can be mechanically recycled. The market
for non-biodegradable bioplastics will expand substantially during
the forecast period, driven by the shift away from conventional
plastics. Despite this growth, the non-biodegradable bioplastics
segment will grow at a slower rate than the biodegradable
bioplastics market. Notably, the residential and commercial sectors
are embracing non-biodegradable bioplastics as a sustainable
alternative. This trend toward reduced conventional plastic usage
is fueling the expansion of the non-biodegradable bioplastics
segment, contributing to the overall growth of the global
bioplastics market.
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analysis including forecast (2024-2028) and historic data (2018 -
2022) - Download a Sample Report
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reports
The global bioplastics and biopolymers market is experiencing
robust growth, driven by increasing demand for sustainable
alternatives to traditional plastics. With applications spanning
packaging, agriculture, and automotive industries, the market is
poised to expand significantly. Key factors include rising
environmental concerns, government regulations, and advancements in
biopolymer technology. Major players are investing in research and
development to innovate eco-friendly solutions. The market's growth
is also fueled by consumer preference for biodegradable products,
positioning bioplastics as a crucial component of the circular
economy.
Research Analysis
Bioplastics, also known as biodegradable plastics, are
eco-friendly alternatives to traditional fossil fuel-based
plastics. Made from renewable feedstocks like corn starch,
sugarcane, and cellulose, they offer significant environmental
benefits, including reduced carbon dioxide emissions and
biodegradability in nature. The market for bioplastics is growing
rapidly, driven by the circular economy and the need for
sustainable solutions. Hybrid material innovations, such as starch
blends, PBS, PBAT, PHA, and Polycaprolactone, are gaining
popularity in various industries, including flexible packaging,
food items, and electronics. However, production halts and
environmental issues have posed challenges to the industry.
Biodegradable plastics are now replacing traditional plastics in
packaging films, and Danone is one of the leading companies
adopting this trend. The degradable nature of bioplastics makes
them ideal for composting infrastructure, but the lack of
standardization and infrastructure remains a barrier to widespread
adoption. The paradigm shift towards bioplastics is driven by the
need for cheaper alternatives to fossil fuel-based plastics, as
well as the growing concern for the environment. The future of
bioplastics lies in the continued innovation and development of
eco-friendly properties, such as biodegradability and
compostability, to meet the demands of various industries.
Market Research Overview
Bioplastics, derived from renewable feedstocks, offer
eco-friendly properties and are biodegradable, addressing carbon
dioxide emission concerns in the circular economy. Innovations
include hybrid materials and biodegradable plastics in various
sectors like flexible packaging, food items, beverages, and
non-food products. Companies in consumer goods, textiles,
construction, electronics, and medical devices are adopting
bioplastics for their sustainability and biodegradability.
Bioplastics are used in packaging films, napkins, tissues, toilet
paper, nappies, sanitary towels, cardboard, coat paper, cups,
plates, and jars. Cornstarch, polylactic acid, bio polyethylene
terephthalate, bio polyethylene, bio polypropylene, and various
biopolymers like PBS, PBAT, PHA, Polycaprolactone, cellulose
acetate, and PET are used in bioplastic production. Sugarcane,
corn, and castor oil are common feedstocks. Bioplastics face
challenges such as lead time, production halts due to environmental
issues, and competition from cheaper alternatives. The electronics
industry and nature are exploring degradable solutions for
electronic components and packaging. The paradigm shift towards
bioplastics is driven by consumer demand and international borders'
regulations.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Type
-
- Non-biodegradable
- Biodegradable
- Application
-
- Packaging And Food Service
- Agriculture And Horticulture
- CG And HA
- Automotive
- Others
- Geography
-
- Europe
- North America
- APAC
- Middle East And Africa
- South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
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