The global Bioplastic Composites Market For Injection Molding is estimated to be valued at US$ 40.23 Bn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Bioplastic composites are engineered materials made by combining biodegradable polymers with natural fibers or other biomass fillers. These materials offer various advantages over conventional plastics such as bio-based content, recyclability, and renewability. They provide similar properties to traditional plastics but have lower density and higher specific strength. Bioplastic composites find wide use in various injection molded consumer goods, automotive parts, building and construction materials, and electronics components due to their customizable strength and eco-friendly characteristics.
Market key trends:
One of the key trends in the bioplastic composites market is the growing demand for biodegradable and sustainable materials. Rising environmental concerns about plastic pollution and focus on reducing dependence on petroleum-based plastics is driving demand for bioplastic alternatives. Another major trend is the development of advanced bioplastic composite formulations with enhanced mechanical and physical properties. Market players are focusing on research & development to expand the application scope of bioplastic composites in high-performance industries. Growing investments in bio-based economy and favorable government regulations supporting bioplastics adoption are also expected to support the market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The threat of new entrants in the Bioplastic Composites Market For Injection Molding is low due to high capital requirements and technical expertise required for production.
Bargaining power of buyers: The bargaining power of buyers is moderate due to presence of several options however, buyer prefer quality and eco friendly bioplastic composite materials.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are number of suppliers providing various raw materials required for production however quality certifications play major role.
Threat of new substitutes: The threat of new substitutes is moderate as there are alternative eco friendly materials available but bioplastic composites have advantages of renewability and biodegradability.
Competitive rivalry: High due to presence of many global players investing in R&D to develop new products and applications.
Key Takeaways
The Global Bioplastic Composites Market Size For Injection Molding is expected to witness high growth at a CAGR of 11% over the forecast period, due to increasing demand for environment friendly products.
The North America region is expected to dominate the market owing to stringent government regulations regarding use of plastics and presence of major players in the region. The Asia Pacific region is expected to witness fastest growth during the forecast period driving by increasing production and use of bioplastics in various applications especially in packaging industry in countries like China, India etc.
Key players operating in the Bioplastic Composites Market For Injection Molding are BASF SE, Braskem S.A., Compagnie de Saint-Gobain S.A. (CertainTeed Corporation), Corbion Purac, FKuR Kunststoff GmbH, Green Matters Mexico, Indorama Ventures Public Company Limited, Natureworks LLC, Trex Company, Inc., and UPM. These players are focusing on expanding their production facilities as well as engaging in new product development activities to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it