Bioplastics Market Growth and Industry Analysis by 2021-28

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Chemicals and Materials Bioplastics Market
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Bioplastics Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Biodegradable and Non-Biodegradable) and Application (Packaging, Agriculture, Consumer Goods, Automotive & Transportation, Textiles, Building & Construction, and Others)

Publication Month: Mar 2022 | Report Code: TIPRE00003267 | No. of Pages: 146 | Category: Chemicals and Materials | Status: Published

The bioplastics market is expected to grow from US$ 5,799.8 million in 2021 to US$ 13,806.1 million by 2028; it is estimated to grow at a CAGR of 13.2% from 2021 to 2028

Bioplastics is a substance made from organic biomass sources, unlike conventional plastics made from petroleum. Bioplastics are made through a number of different processes. Some processes include the use of a microorganism to process base materials, such as vegetable oils, cellulose, starches, acids, and alcohols.

In 2020, Asia Pacific dominated the global bioplastics market and is expected to retain its dominance during the forecast period. Consumers are increasingly shifting their preference toward bio-based plastics due to the growing environment-related regulations and rising government initiatives to encourage environmental awareness. The increased bans on traditional plastics are becoming a primary driver for the growth of the market in Asia Pacific. As countries such as India and China are environmentally concerned, companies are shifting to bioplastics, which helps them acquire a higher consumer market share. The demand for bioplastics is expected to surge in the packaging sector in the coming years due to the rising need for various healthcare products to tackle the COVID-19 pandemic. The growing demand for flexible packaging from the consumer goods industry and the adoption of various technological innovations in packaging have led to the substantial growth of the packaging sector. Europe is the second-largest region in the global market and is also expected to be the fastest-growing region during the forecast period. The growing automotive industry and the increasing demand from the packaging industry are bolstering the growth of the bioplastics market in Europe.  

Strategic Insights

Report Coverage - Bioplastics Market
Report CoverageDetails
Market Size Value inUS$ 5,799.8 million in 2021
Market Size Value byUS$ 13,806.1 million by 2028
Growth rateCAGR of 13.2% from 2021 to 2028
Forecast Period2021- 2028
Base Year2021
No. of Pages146
No. of Tables56
No. of Charts & Figures71
Historical data availableYes
Segments coveredType and Application
Regional scopeNorth America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country scopeUS, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Report coverageRevenue forecast, company ranking, competitive landscape, growth factors, and trends
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Bioplastics Market Forecast, by Region, during 2021–2028

Bioplastics Market Forecast, by Region, during 2021–2028

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Market Insights

Wide Application Scope of Bioplastics

In recent years, there has been an increase in the application of bioplastic in various end-use industries across the world. In the agriculture industry, bioplastics are being used as an alternative that decreases resource use. Superabsorbent bioplastics can be utilized as a complementary water source since they can absorb and retain a large amount of water, providing it to crops in drought times. Bioplastics are also increasingly used in various consumer products, such as food containers, biodegradable utensils, and grocery bags. In the automotive industry, it helps in reducing fuel consumption and emissions by reducing vehicles’ weight. Thus, the wide application scope of bioplastics is driving the growth of the market.

Type Insights

Based on type, the market is segmented into biodegradable and non-biodegradable. In 2020, the non-biodegradable segment dominated the market. Various non-biodegradable bioplastics, such as polyethylene (PE), polyethylene terephthalate (PET), polyamides (PA), and polytrimethylene terephthalate (PTT), are available in the market. These plastics are used for carry bags, films, and bottles.

Bioplastics Market Share, by Type – during 2020–2028

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Teijin Limited; Toray Industries, Inc.; Sabic; Basf SE; Total Corbion PLA; Braskem S.A.; Biome Bioplastics; Mitsubishi Chemical Corporation; Novamont S.P.A.; and Natureworks LLC are among the key players operating in the global market. The leading players adopt several strategies, such as mergers & acquisitions and product launches, to expand their geographic presence and consumer base.  

Report Spotlights

  • Progressive trends in the bioplastics industry to help players develop effective long-term strategies
  • Business growth strategies adopted by companies to secure growth in developed and developing markets
  • Quantitative analysis of the global bioplastics market from 2019 to 2028
  • Estimation of the demand for bioplastics across various industries
  • Porters analysis to illustrate the efficacy of buyers and suppliers operating in the industry to predict the market growth
  • Recent developments to understand the competitive market scenario and the demand for the bioplastics  
  • Market trends and outlook coupled with factors driving and restraining the growth of the bioplastics market
  • Understanding regarding the strategies that underpin commercial interest with regard to the global bioplastics market growth, aiding in the decision-making process
  • Bioplastics market size at various nodes of market
  • Detailed overview and segmentation of the global bioplastics market as well as its industry dynamics
  • Bioplastics market size in various regions with promising growth opportunities

The "Global Bioplastics Market Analysis to 2028" is a specialized and in-depth study of the chemicals & materials industry, focusing on the global bioplastics market trend analysis. The report aims to provide an overview of the market with detailed market segmentation. The market is segmented on the basis of type, application, and geography. Based on type, the market is segmented into biodegradable and non-biodegradable. Based on application, the market is segmented into packaging, agriculture, consumer goods, automotive & transportation, textiles, building & construction, and others. Based on geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. Asia-Pacific is expected to be the fastest-growing regions in the bioplastics market, followed by Europe.

Company Profiles

  • Teijin Limited
  • Toray Industries, Inc.
  • Sabic
  • Basf SE
  • Total Corbion PLA
  • Braskem S.A.
  • Biome Bioplastics
  • Mitsubishi Chemical Corporation
  • Novamont S.P.A.
  • Natureworks LLC

Frequently Asked Questions

Can you list some of the major players operating in the global bioplastics market?
The major players operating in the bioplastics market are Teijin Limited, Toray Industries, Inc., Sabic, BASF SE, Total Carbion PLA, Braskem S.A., Biome Bioplastics, Mitsubishi Chemical Corporation, Novamont S.P.A., and Natureworks LLC.
In 2020, which region held the largest share of the global bioplastics market?
In 2020, Asia-Pacific accounted for the largest share of the global bioplastics market. Some of the primary market drivers for bioplastics include its environmentally favorable features, high consumer acceptance of bio-based goods, regulatory support for producing degradable packaging materials, and the availability of renewable raw material sources to manufacture bioplastics.
Which product type segment accounted for the largest share in the bioplastics market?
In 2020, the biodegradable segment held the largest market share. To reduce reliance on conventional plastics, the industry trends shifted toward adopting bio-based products. Furthermore, due to the government's strict rules, most manufacturers in industries such as packaging, textile, and agriculture are moving toward bio-based plastic. Such considerations have a significant influence on the growth of the biodegradable plastic industry.
Which application segment is expected to account for the fastest growth in the global athleisure market?
Based on application, the packaging is expected to be the fastest-growing segment during the forecast period. Bioplastic packaging is expected to increase market share because of its low environmental effect, increased emphasis on recyclability and sustainability, government attention on efficient package management, expanding consumer awareness, and increasing prohibitions on single-use plastic.
Which product type segment is expected to account for the fastest growth in the global bioplastics market?
During the forecast period, the biodegradable segment is expected to be the fastest-growing segment. Biodegradable plastic manufacturers have considerable prospects in new electronics, medical, and automotive industries due to an increased focus on sustainability and favorable government rules for green procurement strategies. Manufacturers are substantially investing in R&D operations to use biodegradable polymers in various medical applications, such as stitching materials, screws, and implants.
What is the key driver for the growth of the global bioplastics market?
Consumer awareness of sustainable plastic alternatives and widespread initiatives to minimize the use of non-biodegradable conventional plastics are driving the growth of the bioplastics market. Traditional plastics, which are often petroleum-based, take decades to break down or degrade and can be found in landfills for an extended length of time. When biodegradable plastics are discarded, they degrade faster and are incorporated back into the natural system. Furthermore, the degradation rate of biodegradable plastics by microbial activity is substantially faster than that of regular plastics.

The List of Companies - Bioplastics Market

  1. Teijin Limited
  2. Toray Industries, Inc.
  3. Sabic
  4. BASF SE
  5. Total Carbion PLA
  6. Braskem S.A.
  7. Biome Bioplastics
  8. Mitsubishi Chemical Corporation
  9. Novamont S.P.A.
  10. Natureworks LLC.
  • Highlights key business priorities to assist companies realign their business strategies.
  • Features key findings and crucial progressive industry trends in the global bioplastics market, thereby allowing players to develop effective long-term strategies.
  • Develops/modifies business expansion plans by using substantial growth offering from developed and emerging markets.
  • Scrutinizes in-depth market trends as well as key market drivers and restraints.
  • Enhances the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation, and industry verticals.
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