The Global Bioplastics Market is estimated to be valued at USD 10.94 Billion in 2024 and is expected to exhibit a CAGR of 20.3% over the forecast period 2024-2031. Stringent regulations pertaining to the use of conventional plastics along with supportive policies by regulatory bodies to promote adoption of bioplastics are fueling the market growth.
The global bioplastics market growth is driven by the growing need for sustainable packaging solutions and rising environmental concerns pertaining to effective waste management of conventional plastics. Bioplastics help address both the issues by providing recyclable and biodegradable alternatives to petroleum-based plastics. Various brands and retailers have been actively supporting the use of bioplastics to meet their sustainability goals, which has boosted their demand over the years. Secondly, the implementation of regulations prohibiting or restricting use of specific conventional plastics has promoted shift towards bioplastics adoption. For instance, the ban on single-use plastics by various governments worldwide is creating more growth opportunities for bioplastics.
Growing-concerns-over-environmental-pollution-due-to-plastic-waste
One of the major drivers for the global bioplastics market is the growing concerns over environmental pollution due to plastic waste. Conventional plastics are derived from petroleum and take hundreds of years to degrade. This creates a huge problem of plastic pollution in oceans, rivers and lands. Plastic wastes in oceans are killing marine life and entering the food chain. Bioplastics offer a sustainable alternative as they are manufactured from renewable biomass sources like corn, cassava etc. and can degrade completely when disposed of properly. This key environmental benefit is driving many companies and consumers to shift to bioplastics.
Stringent-government-regulations-on-use-of-conventional-plastics
Many governments across the world are implementing stringent regulations to curb the use of conventional plastics and promote sustainable alternatives like bioplastics. For example, countries in the European Union have banned certain single-use plastic items and enforced minimum quotas of bioplastics in packaging. Canada and some states in the U.S. have also implemented plastic bag bans or taxes. Such regulatory push is a major driver for bioplastics companies to cater to the growing market demand. Manufacturers are diversifying their product portfolios to offer bioplastic alternatives for regulated plastic products.
Higher-production-cost-compared-to-conventional-plastics
One of the key restraints for the bioplastics market is the higher production cost compared to conventional plastics which are produced from crude oil, a very cheap raw material. Production of bioplastics involves using agricultural feedstocks like corn, wheat, etc. which have relatively higher costs. Developing low-cost technologies for large-scale production of bioplastics from economical feedstocks remains a challenge. This price differential makes bioplastics less competitive against petroleum-based plastics in price-sensitive applications.
Limited-range-of-bioplastics-with-desired-properties
Currently only a limited range of bioplastics are commercially available that can match the performance properties of commonly used petroleum-based plastics. Bioplastics suitable for all applications with desired qualities like strength, durability, melt stability etc. are yet to be developed. This limited product range restricts complete substitution of conventional plastics. Considerable R&D investments are still needed to engineer bioplastics mimicking the entire spectrum of plastic types with superior properties required for different end-use industries.
Scope-for-diversification-into-new-applications
With ongoing advancements, the range of bioplastics is expanding into newer application areas that were traditionally served only by fossil fuel-based plastics. There is a vast scope for diversifying bioplastics into applications in sectors like packaging, textiles, automotive and construction which offer huge addressable markets. Flexible packaging, 3D printing filaments, composite materials, and insulation are some emerging application segments driving innovation. This opens up significant growth opportunities for bioplastics producers.
Partnerships-with-brand-owners-and-retailers
Brand owners and retailers across industries are actively exploring sustainable alternatives and making commitments towards circular economy. Bioplastics producers can leverage this momentum by forging strategic partnerships for product development and supply chain integration. Collaborating with end-users enables understanding application requirements better and validating new product pipelines. It also facilitates marketing and promotions through brand associations. This opportunity, if tapped, can help boost commercialization and uptake of bioplastics solutions worldwide.
Link - https://www.coherentmarketinsights.com/market-insight/bioplastics-market-4098
Key Developments
- In 2023, Sulzer introduces a novel biodegradable polymer designed specifically for use in bioplastics. Alternatively, Sulzer unveils an innovative biopolymer in 2023 that is environmentally friendly and can be used as a sustainable alternative to traditional plastics.
- In 2022, CJ BIO introduces a new line of bioplastic products.
- In 2022, Trinseo Launches MAGNUM™ BIO ABS for Automotive Applications
- In March 2022, ABB announced a partnership with NatureWorks to automate their new bioplastics plant in Thailand. The plant will convert sugar cane into Ingeo, a polylactic acid (PLA) biopolymer
Key Players
Teijin Limited, Toray Industries, Inc., Toyota Tsusho Corporation, Avantium, PTT MCC Biochem Co., Ltd., An Phat Holdings, NatureWorks LLC, SABIC, BASF SE, Futerro, Trinseo S.A., Braskem, Total Corbion PLAIR, SUPLA (JIANGSU SUPLA BIOPLASTICS CO., LTD.), Solvay, Shenzhen Ecomann Biotechnology Co. Ltd., Biome Bioplastics, and FKuR
