The global Bioplastics Market is estimated to be valued at US$ 1344.26 Mn in 2023 and is expected to exhibit a CAGR of 14.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Bioplastics are produced from renewable biomass sources such as corn starch, vegetable oils, and microbiota instead of petroleum. They are compostable, biodegradable and reduce carbon footprint making them an eco-friendly alternative to conventional plastics.
Market key trends:
One of the key trends in the bioplastics market is the increasing adoption of bioplastics for packaging applications. According to European Bioplastics, around 60% of bioplastics produced globally are used for packaging purposes. The use of bioplastics for packaging helps in reducing carbon footprint, fossil resource depletion and plastic waste. They are suitable for various packaging applications such as food packaging, agricultural films, and shopping bags. This is expected to drive the growth of the market during the forecast period.
SWOT Analysis
Strength: Bioplastics are renewable and biodegradable alternatives to traditional plastics. They reduce dependence on fossil fuels and help lower carbon footprint.
Weakness: Bioplastics have higher production costs than traditional plastics. Their properties such as durability, heat resistance is still lower than petroleum-based plastics.
Opportunity: Growing awareness about environment protection and sustainability is driving demand for eco-friendly products. Strict regulations on use of single-use plastics offer opportunities for bioplastics producers.
Threats: Volatility in raw material prices can increase bioplastic prices. Traditional plastics producers are increasingly adopting advanced recycling technologies to produce recycled plastics.
Key Takeaways
The Global Bioplastics Market Size is expected to witness high growth, exhibiting CAGR of 14.8% over the forecast period, due to increasing regulations on use of single-use plastics and awareness about environment protection. The market size for 2023 is US$ 1344.26 Mn.
Regional analysis: Asia Pacific dominates the global bioplastics market and is expected to grow at fastest pace due to large consumer base, rapid industrialization and strict government policies in countries like China and India against single-use plastic products. North America and Europe are other major markets for bioplastics.
Key players operating in the bioplastics market are BASF SE, Braskem S.A., Koninklijke DSM N.V., Arkema S.A., Innovia Films. Ltd., Metabolix, Inc., NatureWorks, LLC, Novamont S.p.A., and The Dow Chemical Company. Key players are focusing on developing newer bioplastic grades with improved properties and reducing their production costs to drive market growth.
