Bioplastics & Biopolymers Market Growth Analysis | 2023-2028

Market Insights

The bioplastics & biopolymers market was estimated at USD 13.11 billion in 2022 and is likely to grow at a CAGR of 22.1% during 2023-2028 to reach USD 43.72 billion in 2028.

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What are bioplastics?

Plastic materials produced from renewable biomass sources are known as bioplastics. They are generally made up of corn starch, straw, woodchips, sawdust, vegetable fats and oils, and recycled food waste and have vast applications in the packaging industry.

COVID-19 IMPACT

Covid-19 had resulted in lockdowns and restrictions, stricter border controls. This made big businesses, the government, and the plastics industry to renew supply chains. The pandemic had a major impact on the social and financial sectors across the globe, and all the major industries suffered. However, the need for bioplastic and biopolymer biodegradable takeaway containers saw an increase in demand. Still, the pandemic had an uneven effect on the bioplastics & biopolymers market.

Market Dynamics

The growth of the bioplastics & biopolymers market is primarily driven by-

• The rise in environmental consciousness and the implementation of regulations: The escalating recognition of environmental problems, encompassing plastic pollution and carbon emissions, has engendered a heightened need for sustainable alternatives to conventional plastics. Bioplastics and biopolymers, sourced from renewable materials like biomass and agricultural waste, present a more ecologically sound choice. Additionally, government regulations and initiatives aimed at curbing plastic waste and fostering sustainability have played a significant role in driving market expansion.
• The need for a circular economy: The idea of a circular economy, which promotes the reuse and recycling of resources, has gained considerable momentum over time. Bioplastics and biopolymers are in line with this concept, as they can be biodegradable or compostable, facilitating the reduction of plastic waste and the establishment of a closed-loop system.
• Technological progress and innovative breakthroughs: Continuous research and development endeavors have yielded the exploration of novel and enhanced bioplastics and biopolymers. Advancements in biotechnology, including genetic engineering and fermentation processes, have enabled the production of bioplastics that exhibit improved properties, performance, and cost-effectiveness. These innovations have broadened the range of applications for bioplastics, establishing them as viable substitutes for conventional petroleum-based plastics.
• Enabling government policies and incentivization: Governments worldwide have proactively enacted comprehensive policies and regulations to foster the widespread adoption of bioplastics and biopolymers. Such measures encompass a range of financial incentives, tax benefits, grants, and subsidies, specifically tailored to drive research and development, production, and uptake of sustainable materials. These strategic initiatives have not only galvanized market expansion but have also cultivated an environment conducive to the proliferation of bioplastics and biopolymers.
• Expanding industrial utilization: The versatile adoption of bioplastics and biopolymers is permeating diverse industry sectors, including packaging, agriculture, electronics, automotive, and textiles. Surging awareness among enterprises to use cleaner alternatives has steered the demand for bioplastics and biopolymers further, propelling market expansion.

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Segments Analysis

By Type

Based on the type, the market is segmented as non-biodegradable/bio-based and biodegradable. The bio-based segment is expected to register the larger share of the market, during the forecast period, driven by the increasing environmental concerns and stringent rules by the government to encourage the use of bio-based bioplastics.

By End-Use Industry Type

Based on the end-use industry type, the market is segmented as packaging, consumer goods, automotive & transportation, textiles, agriculture & horticulture, and others. The packaging industry is expected to occupy the largest share of the market, during the forecast period, owing to the increasing demand to replace conventional plastics in the packaging industry to address environmental concerns.

Regional Insights

In terms of regions, Asia-Pacific is estimated to be the fastest-growing market during the forecast period. Increasing population, purchasing power, and increasing preference of customers towards eco-friendly plastic products generate huge demand for bioplastics & biopolymers in the region, which is driving the growth of the region’s market.

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Market Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The market is segmented into the following categories.

By Type

• Non-Biodegradable/Bio-Based
• Biodegradable

By End-Use Industry Type

• Packaging
• Consumer Goods
• Automotive & Transportation
• Textile
• Agriculture & Horticulture
• Others

By Region

• North America (Country Analysis: the USA, Canada, and Mexico) 
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and the Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and the Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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Key Players

Some of the major players in the market are-

• NatureWorks
• Braskem
• BASF
• Total Corbion
• Novamont
• Biome Bioplastics
• Mitsubishi Chemical Holding Corporation
• Biotec
• Toray Industries
• Plantic Technologies

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the types and by end-use industry type.

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.