by The Bioplastics Market is estimated to be valued at US$ 1344.26 Mn in 2023 and is expected to exhibit a CAGR of 14.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Bioplastics are plastics derived from renewable biomass sources such as vegetable fats and oils, corn starch, agricultural waste, and used food waste rather than fossil fuel. They are used in a variety of applications like packaging films, bottles, fibers and shopping bags. Key advantages of bioplastics include biodegradability, renewability, and sustainability.
Market Dynamics:
Increasing awareness about environmental protection is the major driver fueling the growth of the bioplastics market. Plastics produced from fossil fuels like petroleum are non-biodegradable and contribute to more than 85% of marine pollution. Bioplastic usage aims to reduce carbon emission and dependence on crude oil and natural gas. Another key factor propelling the demand is supportive government regulations regarding the use of eco-friendly materials. Many countries and states have either banned or levied heavy taxes on single-use plastic bags and cutlery. This motivates manufacturers to switch to green alternatives like bioplastics to comply with sustainable practices.
Segment Analysis
The global bioplastics market is dominated by the packaging sub-segment which accounts for over 50% market share. Packaging is the dominating sub-segment as bioplastics find widespread application in the packaging of food and beverages, which is the biggest end-use industry for bioplastics due to increasing awareness about environmental protection.
PEST Analysis
Political: Governments across the world are supporting bioplastics through various policies and initiatives in order to reduce plastic pollution and dependence on fossil fuels.
Economic: The bioplastics market is witnessing high growth due to increasing public and private investments in R&D to develop novel and cost-effective bioplastics.
Social: Rising awareness among customers about environmental protection and sustainability is driving the demand for biodegradable and eco-friendly bioplastics from end-use industries.
Technological: Significant innovations are taking place in terms of developing bioplastics from advanced bio-feedstock and improving their properties to match conventional plastics.
Key Takeaways
The Global Bioplastics Market Size is expected to witness high growth, exhibiting 14% CAGR over the forecast period 2023 to 2030, due to increasing concerns towards environmental pollution coupled with supportive regulatory norms for bioplastics usage. Regionally, Europe dominated the global bioplastics market in 2023 with a share of over 30%, owing to stringent environmental regulations for plastic usage and waste management in the region. Key players like BASF SE, Braskem S.A., Koninklijke DSM N.V., Arkema S.A., Innovia Films. Ltd., and Metabolix, Inc. collectively accounted for over 50% of the global bioplastics market share in 2023. Key players operating in the bioplastics market are BASF SE, Braskem S.A., Koninklijke DSM N.V., Arkema S.A., Innovia Films. Ltd., and Metabolix, Inc.
