The bioplastics market size is projected to reach US$ 19.43 billion by 2031 from US$ 7.20 billion in 2023. The market is expected to register a CAGR of 13.2% in 2023–2031. The increasing focus on innovation and technological advancement is likely to remain key bioplastics market trends.
Bioplastics Market Analysis
The growing environmental concerns and a global endeavor 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. Further, it’s easy for manufacturers to manufacture bioplastic packaging because packaging produced from biopolymers can usually be produced employing standard plastics processing technology. 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.
Bioplastics Market Overview
Bioplastics are plastic materials that are made up of renewable biomass sources, which include vegetable fats and oils, corn starch, straw, woodchips, sawdust, and 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.
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Bioplastics Market: Strategic Insights
Market Size Value in US$ 5,799.8 million in 2021 Market Size Value by US$ 13,806.1 million by 2028 Growth rate CAGR of 13.2% from 2021 to 2028 Forecast Period 2021- 2028 Base Year 2021
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Bioplastics Market: Strategic Insights
| Market Size Value in | US$ 5,799.8 million in 2021 |
| Market Size Value by | US$ 13,806.1 million by 2028 |
| Growth rate | CAGR of 13.2% from 2021 to 2028 |
| Forecast Period | 2021- 2028 |
| Base Year | 2021 |
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Bioplastics Market Drivers and Opportunities
Rising Demand for Bioplastics in Various Application Fields
The rising demand for bioplastics in various application fields is an important driver for the bioplastics market. Bioplastics are used in numerous end-use industries such as medical, automotive, and transportation, packaging, agriculture, consumer goods, textiles, building and construction, and others. In the medical sector, bioplastics have comprehensive applications in wound management, tissue engineering, drug delivery, orthopedic devices, and manufacturing of fibrous and porous scaffolds. In the automotive sector, bioplastics offer reduced dependency on fossil resources, reduction in the cost of manufacturing, and significantly reduced carbon footprint. Further, bioplastics are utilized for cosmetics rigid packaging of compact powders, creams, lipsticks, and beverage bottles.
Stringent Government Laws and Regulations on Traditional Plastic Use
Numerous countries across the globe have implemented plastic-related laws and regulations. Various countries are making efforts to ban single-use plastic and promote sustainable alternatives to it. This will help in mitigating the ill effects on human life and the environment. Hence, the stringent government laws and regulations on traditional plastic use are expected to offer more lucrative opportunities for the bioplastics market growth.
Bioplastics Market Report Segmentation Analysis
Key segments that contributed to the derivation of the bioplastics market analysis are type and application.
- Based on type, the market is segmented into biodegradable and non-biodegradable. The biodegradable segment held a larger market share in 2023.
- By application, the market is segmented into packaging, agriculture, consumer goods, automotive & transportation, textiles, building & construction, and others. The packaging segment held the largest share of the market in 2023.
Bioplastics Market Share Analysis by Geography
The geographic scope of the bioplastics market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
The global market was dominated by Asia Pacific. Europe is a second major contributor to the global bioplastics market share. 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 that are highly used in automotive manufacturing. These factors are driving the automotive bioplastics market growth.
Bioplastics Market Report Scope
Bioplastics Market News and Recent Developments
The bioplastics market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for speech and language disorders and strategies:
- SABIC, a global leader in the chemical industry, launched today a new portfolio of bio-based ULTEM™ resins that offer sustainability benefits while delivering exactly the same high performance and processability as incumbent ULTEM materials. These breakthrough polyetherimide (PEI) materials are the first certified renewable, high-performance, amorphous polymers available in the industry. (Source: SABIC, News and Media/Latest News/October 2021)
- Toray Industries, Inc., announced today that it has developed a nylon 510 (N510) fiber that incorporates 100% ‘biobased synthetic polymer content’ as defined under section 3.1.5 of ISO 16620-1: 2015, the international standard for the biobased content of plastics. Ecodear N510 will be the first 100% plant-based nylon fiber in Toray’s Ecodear lineup. (Source: TORAY INDUSTRIES, INC., Newsroom/ January 2022)
Bioplastics Market Report Coverage and Deliverables
The “Bioplastics Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type and Application
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
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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