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 register a CAGR of 10.5% from 2022 to 2030.
MARKET ANALYSIS
Bioplastics and biopolymers are produced or derived from living organisms, such as plants and microbes. The primary sources of biopolymers are renewable. Most of the biopolymers are biodegradable, which means they are capable of decomposing into carbon dioxide, methane, water, and inorganic compounds by the enzymatic action of microorganisms. The demand for bioplastics and biopolymers is growing due to the wide application of bioplastics, along with the rising demand for eco-friendly plastics in the packaging industry across the world.
GROWTH DRIVERS AND CHALLENGES
The increasing regulations and policies against traditional plastics has aided the bioplastics and biopolymers market growth. Government regulations and policies have shaped the bioplastics and biopolymers market. Recognizing the environmental impact of conventional plastics, many governments worldwide have implemented stringent measures to promote the production and use of sustainable alternatives. Several countries have introduced bans or restrictions on single-use plastics, such as plastic bags, straws, and cutlery. These policies aim to reduce plastic waste and encourage the adoption of bioplastics and biopolymers that are biodegradable and have a lower environmental footprint. In addition to bans, governments offer various incentives such as tax breaks, subsidies, grants, and research funding, as well as support mechanisms to promote the growth of the bioplastics industry. These incentives help reduce the cost of bioplastics, making them more competitive with conventional plastics. Thus, all these benefits have encouraged companies operating in the market to invest in research and development, scale up production, and bring innovative bioplastic products to the market. Governments are increasingly incorporating sustainability criteria into public procurement policies by prioritizing the use of biobased materials, including bioplastics and biopolymers, in government-funded projects, thus creating a significant demand for these materials. Further, regulatory frameworks are being established to ensure the quality and safety standards of bioplastics and biopolymers. Governments collaborate with industry associations and regulatory bodies to establish certification systems and standards for biodegradability, compostability, and environmental performance. These standards guarantee consumers, businesses, and industries that the plastics they use meet a certain criteria. Unlike conventional plastics, bioplastics require specialized collection, sorting, and processing systems due to their different properties and degradation characteristics. The existing waste management infrastructure is predominantly designed for traditional plastics, which often results in the availability of limited options for the proper disposal and recycling of bioplastics. Thus, these challenges are hindering the market expansion for bioplastics and biopolymers.
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Bioplastics and Biopolymers Market: Strategic Insights
Market Size Value in US$ 6,703.53 million in 2022 Market Size Value by US$ 14,639.14 million by 2030 Growth rate CAGR of 10.5% from 2022 to 2030 Forecast Period 2022-2030 Base Year 2022
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Bioplastics and Biopolymers Market: Strategic Insights
| Market Size Value in | US$ 6,703.53 million in 2022 |
| Market Size Value by | US$ 14,639.14 million by 2030 |
| Growth rate | CAGR of 10.5% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
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REPORT SEGMENTATION AND SCOPE
The "Global Bioplastics and Biopolymers Market Analysis to 2030" is a specialized and in-depth study with a major focus on the global bioplastics and biopolymers market trends and growth opportunities. The report aims to provide an overview of the global bioplastics and biopolymers market with detailed market segmentation by product type, end-use industry, and geography. The global bioplastics and biopolymers market has been witnessing high growth over the recent past and is expected to continue with this trend over the coming years. The report provides key statistics on the consumption of bioplastics and biopolymers worldwide along with their demand in major regions and countries. In addition, the report provides the qualitative assessment of various factors affecting the bioplastics and biopolymers market performance in major regions and countries. The report also includes a comprehensive analysis of the leading players in the bioplastics and biopolymers market and their key strategic developments. Several analyses on the market dynamics are also included to help identify the key driving factors, market trends, and lucrative bioplastics and biopolymers market opportunities that would, in turn, aid in identifying the major revenue pockets.
Ecosystem analysis and Porter’s five forces analysis further provide a 360-degree view of the global bioplastics and biopolymers market, which helps understand the entire supply chain and various factors affecting the market growth.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
SEGMENTAL ANALYSIS
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
The global bioplastics and biopolymers market is segmented based on product type and end-use industry. Based on product type, the bioplastics and biopolymers market is segregated into polyethylene, polyethylene terephthalate, polylactic acid, polytrimethylene terephthalate, polybutylene adipate terephthalate, polybutylene succinate, cellulose, blends, and others. By end-use industry, the market is segmented as packaging, consumer goods, automotive, textile, building and construction, medical, agriculture, and others.
Based on product type, the blends segment accounted for a significant bioplastics and biopolymers market share. Polymer blending is an efficient and economical method utilized in the biopolymers industry to develop new materials with improved properties. The physical and mechanical properties of blends can be tuned by choosing the suitable polymers, varying the composition of the blend, and preparation conditions. In terms of end0use industry, the packaging segment led the bioplastics and biopolymers market with the largest market share. Bioplastics and biopolymers have various applications in the food service and catering sectors as a packaging material. Bioplastic packaging options include bags for agricultural foils, nursery products, horticultural products, wrappings, loose-fill foam, food containers, and film wrappings. Additionally, bioplastics are utilized as alternatives to conventional fossil fuel-based plastics and are widely used in food contact materials. Common biopolymers utilized for packaging purposes include cellulose, starch, chitosan, PHA, PCL, and PLA.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
REGIONAL ANALYSIS
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
The report provides a detailed overview of the global bioplastics and biopolymers market with respect to five major regions—North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America. Asia Pacific accounted for a significant share of the market and was valued at more than US$ 2,500 million in 2022. Factors such as the growth of the packaging industry, governments’ policies encouraging the adoption of environment-friendly products, rising environmental concerns, and growing investments by key market players are driving the bioplastics and biopolymers market growth in the region. Europe is also expected to witness considerable growth valued at over US$ 3,500 million by 2030, owing to the increasing consumer preference to use bioplastics and biopolymers packaging material over synthetic plastic packaging as it can be decomposed with food. Furthermore, in North America, there has been a widespread usage of bioplastics primarily in food packaging applications. This has created lucrative opportunities in bioplastics and biopolymers market. The bioplastics and biopolymers market in North America is augmented to grow at CAGR of around 10% during the forecast period.
INDUSTRY DEVELOPMENTS AND FUTURE OPPORTUNITIES
Partnership, acquisitions, and new product launches were found to be the major strategies adopted by the players operating in the global bioplastics and biopolymers market.
- In April 2023, BASF SE announced to establish compounding capacities for its certified compostable biopolymer ecovio in Shanghai, China.
- In March 2023, Saudi Basic Industries Corp partnered with Stella McCartney Beauty and three renowned French plastic converters companies (Texen, Leygatech, and STTP Emballage) to create cosmetics containers using its renewable polymers.
IMPACT OF COVID/IMPACT OF GEOPOLITICAL SCENARIO/IMPACT OF RECESSION
Lockdowns, travel restrictions, and business shutdowns due to the COVID-19 pandemic adversely affected economies and industries in various countries of North America, Europe, Asia Pacific (APAC), South & Central America, and the Middle East & Africa (MEA). The crisis disturbed global supply chains, manufacturing activities, delivery schedules, and essential and nonessential product sales. Various companies announced possible delays in product deliveries and a slump in future sales of their products in 2020. Further, the international travel bans imposed by various governments in Europe, Asia Pacific, and North America forced several companies to discontinue their collaboration and partnership plans. All these factors hampered the chemicals & materials industry in 2020 and early 2021, thereby restraining the growth of various markets related to this industry, including the bioplastics and biopolymers market.
Before the COVID-19 outbreak, the bioplastics and biopolymers market was mainly driven by the rising demand from packaging, consumer goods, automotive, and building & construction industries. However, in 2020, various industries had to slow down their operations due to disruptions in value chains caused by the shutdown of national and international boundaries. The COVID-19 pandemic disrupted the supply chain of key raw materials and disturbed manufacturing processes due to restrictions imposed by government authorities in various countries. However, the economies revived their operations. The previously postponed manufacturing projects were resumed, further providing an opportunity for the biocomposite market players to regain normalcy.
COMPETITIVE LANDSCAPE AND KEY COMPANIES
Arkema SA, BASF SE, Mitsui Chemicals Inc, Cardia Bioplastics Australia Pty Ltd, Braskem SA, Saudi Basic Industries Corp, Corbion NV, Mitsubishi Chemical Holdings Corp, Novamont SpA, and Eastman Chemical Co. are among the key players operating in the bioplastics and biopolymers market.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product Type, and End Use Industry
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
In 2022, Asia Pacific held the largest revenue share of the global bioplastics and biopolymers market. The bioplastics and biopolymers market in Asia Pacific is divided into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Factors such as the growth of the packaging industry, governments’ policies encouraging the adoption of environment-friendly products, rising environmental concerns, and growing investments by key market players are driving the bioplastics and biopolymers market growth in the region.
The packaging segment is estimated to register the fastest CAGR in the global bioplastics and biopolymers market over the forecast period. The growing use of bioplastics in food packaging is predicted to propel the bioplastics and biopolymers market growth for the packaging segment during the forecast period.
The major players operating in the global bioplastics and biopolymers market are Arkema SA, BASF SE, Mitsui Chemicals Inc, Cardia Bioplastics Australia Pty Ltd, Braskem SA, Saudi Basic Industries Corp, Corbion NV, Mitsubishi Chemical Holdings Corp, Novamont SpA, and Eastman Chemical Co.
The packaging segment held the largest share of the market in 2022. Plastics are superior choices for packaging owing to their easy processability, low cost, lightweight, good resistance to oil and chemicals, exceptional gas and water vapor barrier properties, and reusability and recyclability in terms of sustainability.
Asia Pacific is estimated to register the fastest CAGR in the global bioplastics and biopolymers market over the forecast period. The growth in packaging, construction, and automotive sector in the region will bolster the demand for bioplastics and during the forecast period.
The blends segment held the largest market share. Polymer blending is an efficient and economical method utilized in the biopolymers industry to develop new materials with improved properties. The potential applications of biopolymer blends are in packaging and biomedical fields such as tissue engineering, drug delivery systems, wound healing, and gene therapy.
The List of Companies - Bioplastics and Biopolymers Market
- Arkema SA
- BASF SE
- Mitsui Chemicals Inc
- Cardia Bioplastics Australia Pty Ltd
- Braskem SA
- Saudi Basic Industries Corp,
- Mitsubishi Chemical Holdings Corp
- Corbion NV
- Novamont SpA
- Eastman Chemical Co.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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