Bioplastics Market Set to Exceed USD 7.7 Billion by 2030 Driven by 5.9% CAGR

Posted on 2024-04-12 by MarketDigits in Energy // 0 Comments

Richmond, United States, 2024-Apr-12 — /EPR Network/ —

In 2023, the Bioplastics Market reached a valuation of USD 5.2 Billion. Projections suggest a notable increase to USD 7.7 Billion by 2030, reflecting a compound annual growth rate (CAGR) of 5.9% during the forecast period spanning from 2023 to 2030.

The Bioplastics Market stands as a beacon of sustainability in the realm of plastics, offering eco-friendly alternatives to conventional petroleum-based plastics. Derived from renewable biomass sources such as plants, starches, and agricultural residues, bioplastics mitigate environmental impact, reduce dependence on fossil fuels, and promote circular economy principles. In this blog, we delve into the significance, innovations, and market dynamics of the Bioplastics Market, shedding light on its transformative potential in the quest for a greener future.

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Major Vendors in the Global Bioplastics Market:

BASF SE
Biome Technologies Plc.
CJ CheilJedang Corp.
Corbion N.V.
Danimer Scientific
Dow Inc.
Eastman Chemical Company
LG Chem
Kuraray Co. Ltd.
Mitsubishi Chemical Holdings
Novamont S.P.A
SKC

Key Trends and Innovations:

Diverse Material Sources: Bioplastics are sourced from a diverse range of renewable feedstocks, including corn, sugarcane, cellulose, and algae. Each feedstock offers unique properties and advantages, enabling the production of bioplastics with varying degrees of biodegradability, compostability, and mechanical strength to suit different applications across industries.
Advanced Manufacturing Technologies: Innovations in manufacturing technologies, such as fermentation, polymerization, and extrusion, enable the efficient production of bioplastics with tailored properties and functionalities. Bio-based polymers, such as polylactic acid (PLA), polyhydroxyalkanoates (PHA), and starch-based polymers, are processed into bioplastics through sustainable and energy-efficient processes, minimizing environmental footprint.
Circular Economy Initiatives: The Bioplastics Market aligns with circular economy principles by promoting the use of renewable resources, designing products for recyclability and compostability, and supporting closed-loop recycling systems. Bioplastics can be recycled alongside conventional plastics in existing recycling streams or composted in industrial composting facilities, diverting organic waste from landfills and reducing greenhouse gas emissions.
Applications Across Industries: Bioplastics find applications across diverse industries, including packaging, consumer goods, automotive, and agriculture. In packaging, bioplastics are used for food containers, bags, and films, offering biodegradable and compostable alternatives to single-use plastics. In automotive applications, bioplastics contribute to lightweighting, energy efficiency, and reduced carbon footprint in vehicle components.

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Major Segmentations Are Distributed as follows:

By Type:
- Biodegradable
  - Starch Blends
  - Polylactic Acid (PLA)
  - Polybutylene Adipate Terephthalate (PBAT)
  - Polybutylene Succinate (PBS)
  - Polyhydroxyalkanoates (PHA)
  - Other Biodegradables
- Non-Biodegradable
  - Bio-Polyethylene Terephthalate (Bio-PET)
  - Bio-Polyamide (Bio-PA)
  - Bio-Polyethene (Bio-PE)
  - Bio-Polypropylene (Bio-PP)
  - Bio-Polytrimethylene Terephthalate (Bio-PTT)
  - Other Non-Biodegradables
By Application:
- Flexible Packaging
- Rigid Packaging
- Automotive and Assembly Operations
- Agriculture and Horticulture
- Construction
- Textiles
- Electrical and Electronics
- Other Applications
By Region
- North America
  - U.S.
  - Canada
- Latin America
  - Brazil
  - Mexico
  - Argentina
  - Colombia
  - Chile
  - Peru
  - Rest of Latin America
- Europe
  - Germany
  - France
  - Italy
  - Spain
  - U.K.
  - BENELUX
  - CIS & Russia
  - Nordics
  - Austria
  - Poland
  - Rest of Europe
- Asia Pacific

- China
- Japan
- South Korea
- India
- Thailand
- Indonesia
- Malaysia
- Vietnam
- Australia & New Zealand
- Rest of Asia Pacific

- Middle East & Africa

- Saudi Arabia
- UAE
- South Africa
- Nigeria
- Egypt
- Israel
- Turkey
- Rest of MEA

Recent Developments

In January 2022, Arkema announced to showcase the bio-circular material during the MIDO show in Milan. The group aims to launch several new biobased and recycled materials in the event. These materials include Unique Pebax Rnew elastomer grades and Rilsan polyamide 11 grades used in creative, unbreakable, and fashionable eyewear production with natural or mineral fillers
In April 2023 – Solvay declared its strategic collaboration with Ginkgo Bioworks to expand its R&I footprint in the U.S. The purpose of the collaboration was to develop new sustainable biopolymers and establish its presence in North America.

Market Dynamics and Opportunities:

The Bioplastics Market is driven by increasing consumer awareness of environmental issues, tightening regulations on single-use plastics, and growing demand for sustainable packaging solutions. Opportunities for market growth include expanding applications in flexible packaging, rigid containers, and disposable products, leveraging bioplastics for 3D printing and biomedical applications, and investing in research and development to enhance bioplastic properties and performance.

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Conclusion:

In conclusion, the Bioplastics Market represents a paradigm shift in the plastics industry, offering sustainable alternatives to traditional petroleum-based plastics. By embracing renewable feedstocks, advanced manufacturing technologies, and circular economy principles, stakeholders in the Bioplastics Market can drive positive environmental impact, promote resource efficiency, and contribute to a more sustainable and resilient future. As industries and consumers increasingly prioritize sustainability, the Bioplastics Market remains poised for significant growth and innovation, shaping a world where plastics coexist harmoniously with nature.

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