Bioplastics Market Size Report and Growth Analysis 2028

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

  • Report Code : TIPRE00003267
  • Category : Chemicals and Materials
  • Status : Published
  • No. of Pages : 146
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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

Market Insights and Analyst View:

Bioplastics are plastics materials that are made up of renewable biomass sources which include vegetable fats and oils, corn starch, straw, woodchips, sawdust, recycled food wastes, among others. Bioplastics are being increasingly used to reduce the problem of plastic waste that is suffocating the planet and contaminating the environment along with this the production of bioplastic requires 65% less energy than conventional petroleum plastic. Further, in 2022, the packaging segment was the dominating the global market and is also expected to be the fastest-growing segment in the bioplastics market

Growth Drivers and Challenges:

The growing environmental concerns and a global endeavour to lessen pollution is driving the demand for biodegradable plastics in the packaging sector across the globe. In addition, the demand for bioplastics in the packaging industry is expected to grow due to the rising need for different healthcare products to combat the COVID-19 pandemic. Further, it’s relatively easy for manufacturers to manufacture bioplastic packaging because packaging produced from biopolymers can usually be produced employing standard plastics processing technology. Thus, the growing demand for eco-friendly plastics in the packaging sector is a major factor expected to boost the bioplastics market growth across the globe over the forecast period. Further, the prices of bioplastics are relatively higher than conventional plastics. For instance, PLA can be 20 to 50% more costly than comparable materials because of the complex process used to convert corn or sugarcane into the building blocks for PLA. Moreover, some bioplastics have a shorter lifetime than oil-based plastics owing to weaker mechanical properties, such as superior water vapour permeability than standard plastic, easy to tear like tissue paper, or very brittle. For example, some algae-based bioplastics will break down in hours when in the water, making them very biodegradable and fragile. Thus, the higher price of bioplastics along with shorter lifetime of bioplastics is anticipated to hinder the bioplastics market growth during the forecast period.

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Bioplastics Market: Strategic Insights

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
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Report Segmentation and Scope:

The “Global Bioplastics Market” is segmented based on type, application, and geography. Based on type, the bioplastics market is segmented into biodegradable and non-biodegradable. The bioplastics market is segmented based on application, into packaging, agriculture, consumer goods, automotive & transportation, textiles, building & construction, and others. The bioplastics market based on geography is segmented into North America (US, Canada, and Mexico), Europe (Germany, France, Italy, UK, Russia, and Rest of Europe), Asia Pacific (Australia, China, Japan, India, South Korea, and Rest of Asia Pacific), Middle East & Africa (South Africa, Saudi Arabia, UAE, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America)

  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

Segmental Analysis:

Based on type, the bioplastics market is bifurcated into biodegradable and non-biodegradable. The biodegradable segment held the significant share in the bioplastics market and is expected to register the significant growth over the forecast period. Biodegradable bioplastics are anticipated to gain popularity during the forecast period due to environmental concerns, reducing waste, and negative impacts of traditional plastics on the environment, including landfill and plastic pollution. They are produced from renewable materials, plant or animal materials such as corn oil, orange peels, soybeans, switchgrass, microorganisms, or starch.

Segmental Analysis
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

Regional Analysis:

Based on geography, the bioplastics market is divided into five key regions: North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa. The global bioplastics market was dominated by Asia Pacific which accounted for US$ 2535.91 Million in 2022. Europe is a second major contributor holding more than 25% share in the global bioplastics market. North America is expected to register the considerable growth at a CAGR of over 13% over the forecast period.  In North America, bioplastics are widely consumed in the packaging sector in the form of plastic bottles and bags. Production and consumption of bioplastics are expected to grow in the region, primarily in food packaging applications. Unlike traditional plastics, bioplastics are obtained from renewable sources. The automotive industry in this region is one of the most advanced industries globally due to substantial investments in infrastructure, R&D activities, and new production facilities. Bio-polyamides (Bio-PA), polylactic acid (PLA), and bio-based polypropylene (Bio-PP) are bioplastics used in automotive manufacturing. These factors are driving the bioplastics market growth.

Industry Developments and Future Opportunities:

Various initiatives taken by the key players operating in the bioplastics market are listed below:

  • In January 2022, Toray Industries, Inc. announced a development initiative that it has developed a nylon 510 (N510) fiber that incorporates 100% ‘biobased synthetic polymer content.
  • In October 2021, Sabic introduced a new line of bio based ULTEMTM resins that provide environmental benefits while maintaining the same high performance and processability as traditional ULTEM materials.
  • In June 2019, Biome bioplastics and the Biorenewables Development Centre (BDC) have collaborated to construct and install a new specialized polymerization reactor with the University of York's Green Chemistry Centre of Excellence. The new reactor, which was partially funded by the University of York's Higher education Innovation fund, will be critical in helping to scale up the expanding array of novel bioplastics.

Covid-19 Impact:

The COVID-19 pandemic affected almost all industries in various countries. Lockdowns, travel restrictions, and business shutdowns in North America, Europe, Asia Pacific (APAC), South & Central America (SAM), and the Middle East & Africa (MEA) hampered the growth of several industries, including the chemicals and materials industry. The shutdown of manufacturing units disturbed global supply chains, manufacturing activities, delivery schedules, and essential and nonessential product sales. Various companies witnessed delays in product deliveries and a slump in sales of their products in 2020.  The construction of residential and commercial buildings was almost negligible due to the shortage of laborers and disrupted the supply chain of construction materials. In addition to this, the automotive industry was slowed down due to the lack of supply of various automotive parts and low demand for vehicles. In Asia Pacific, many bioplastics producers were operating their plants at reduced rates amid the COVID-19 pandemic. Various end-use industries, such as automotive and transportation, textiles, and building & construction have been hit hard by the pandemic, impacting bioplastics consumption in Asia Pacific. China is a leading automotive market in terms of production and consumption. Due to adverse impact of the pandemic on the automotive industry, the bioplastics market growth declined in the region.

However, various industries are coming on track after supply constraints affecting these industries are resolving gradually. Moreover, the rising demand for bioplastics across diverse industrial applications and government initiatives to combat COVID-19 is expected to substantially promote the requirement for bioplastics in the global market. The automotive sector has also begun to revive with the resumption of operations in various industries from 2021. Moreover, the demand for bioplastics is witnessing significant recovery as various countries restarted their business activities, driving the bioplastics market growth.

Competitive Landscape and Key Companies:

A few players operating in the global bioplastics market include 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. Players operating in the global bioplastics market focus on providing high-quality products to fulfil customer demand.

Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Type and Application

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
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

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.

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.

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.

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.

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.

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.

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. 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.

  1. 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:

Research Methodology

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.

  1. 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.

  1. 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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