The scope of our recent study on the “Bioplastics and Biopolymers Market Forecast to 2030 – COVID-19 Impact and Global Analysis – by product type, and end use industry” includes the factors fueling the market growth, revenue estimation and forecast, and market share analysis, along with the identification of significant market players and their key developments.
The bioplastics and biopolymers market was valued at US$ 6,703.53 million in 2022 and is projected to reach US$ 14,639.14 million by 2030; it is expected to grow at a CAGR of 10.5% from 2022 to 2030.
Global Bioplastics and Biopolymers Market Breakdown – by Region
Bioplastics and Biopolymers Market Forecast to 2030 - Global Analysis by Product Type (Polyethylene, Polyethylene Terephthalate, Polylactic Acid, Polytrimethylene Terephthalate, Polybutylene Adipate Terephthalate, Polybutylene Succinate, Cellulose, Blends, and Others); End Use Industry (Packaging, Consumer Goods, Automotive, Textile, Building and Construction, Medical, Agriculture, and Others)
Bioplastics and Biopolymers Market Size Report | Forecast & Analysis by 2030
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The key players operating in the market are investing heavily in the research and development of bioplastics to gain more consumer traction and increase their market share. They focus on developing new, biodegradable polymer blends and creating greater bioplastic strength and flexibility. The innovations in biopolymers focus on biopolymer composition and structure. The biodegradable block-copolymer made by Lotte Chemical, used in orthopedic medical devices, and the biodegradable graft polymers developed by BASF for use in washing and cleaning products are examples of such innovations. Further, Teijin Limited offers formable gasoline-resistant film made of PLANEXT bioplastic to replace chrome plating. This new film is developed with PLANEXT SN4600, an enhanced grade of Teijin's PLANEXT bioplastic (which is produced from a bio-origin chemical compound called isosorbide). In addition to original PLANEXT properties, such as chemical resistance, transparency, and surface hardness, polymer reforming gives PLANEXT SN4600 significant new properties—gasoline resistance, formability, and UV resistance. Thus, the growing focus on innovation and technological advancement related to bioplastics is the key trend predicted to propel the global bioplastics and biopolymers market over the coming years.
Impact of COVID-19 Pandemic on Bioplastics and Biopolymers Market
The global economy was hit hard due to the COVID-19 pandemic. Governments of various regions had taken possible steps to restrict the spread of SARS-CoV-2 by announcing country-wide lockdowns, which directly impacted the growth of manufacturing sectors. The chemical and material industry faced challenges procuring raw materials. Moreover, restrictions in the raw materials procurement activities have significantly fluctuated the prices of bioplastics and biopolymers market. The COVID-19 pandemic had significantly impacted the packaging and consumer goods industry across the globe, with a decline in the production process. However, the bioplastics and biopolymers market has recovered due to the rising demand from steel and construction industry.
The report includes the segmentation of the global bioplastics and biopolymers market as follows:
On the basis of product type the global bioplastics and biopolymers market, is segregated into polyethylene, polyethylene terephthalate, polylactic acid, polytrimethylene terephthalate, polybutylene adipate terephthalate, polybutylene succinate, cellulose, blends, and others. Based on end use industry, the bioplastics and biopolymers market is segmented into packaging, consumer goods, automotive, textile, building and construction, medical, agriculture, and others. Based on end use, the bioplastics and biopolymers market is segmented into building and construction, automotive, consumer goods, and others. By geography, the global bioplastics and biopolymers market is broadly segmented into North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. The global bioplastics and biopolymers market in North America is further segmented into the US, Canada, and Mexico. The global bioplastics and biopolymers market in Europe is sub segmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. The global bioplastics and biopolymers market in Asia Pacific is analysed on the basis of China, India, Japan, Malaysia, South Korea, and the Rest of Asia Pacific. The market in the MEA is further segmented into Iran, Saudi Arabia, the UAE, and Rest of MEA. The global bioplastics and biopolymers market in South & Central America is studied on the basis of Brazil, Argentina, and the Rest of South & Central America.
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