BIOPLASTIC COMPOSITES MARKET FOR INJECTION MOLDING ANALYSIS

The Global bioplastic composites market for injection molding size was valued at US$ 36.21 Billion in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 11.1% from 2023 to 2030. The Global bioplastic composites market for injection molding is growing on the account of growing need for insulated products, such as door and window frames, roofs, and insulation panels. The market has also been bolstered by the rising awareness regarding environmental concerns and growing adoption of eco-friendly solutions. Other factors driving the market growth include growing investments in the construction industry, increasing demand for environmentally-friendly building materials, and the need to reduce dependency on petroleum-based plastics.

Global bioplastic composites market for injection molding: Regional Insights

Based on geography, the Global bioplastic composites market for injection molding is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Regionally, North America is expected to dominate the Global bioplastic composites market for injection molding over the forecast period owing to the increasing government initiatives promoting sustainable products and growing awareness among consumers. The growing use of bioplastics in automotive and electronics industries is also boosting the regional market growth.

Asia Pacific is another key region and is expected to witness fastest growth in the coming years owing to the increasing demand for injection-molded bioplastics from various industries for packaging, consumer goods, and medical equipment. Additionally, boosting packaging industry is again fostering regional market growth.

Figure 1. Global Bioplastic Composites Market for Injection Molding, By Region, 2023

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Global bioplastic composites market for injection molding Drivers:

Growing demand for environmental friendly and sustainable product to propel market growth

Growing consumer awareness regarding the usage of sustainable products and rising environmental concerns are the key factors that fuel the adoption of bio-based and biodegradable plastic materials among consumers. Bio-based and biodegradable polymers are the major materials that are incorporated into injection-molded bioplastics. Bio-based polymers are made from natural sources, such as cellulose and starch, while biodegradable polymers are made from plant oils or animal fats. They can be used in a wide range of industries, including food and beverage, cosmetics, chemical industry, and household cleaners. 

Growing demand from transportation sector to propel market growth

The growing demand for eco-friendly products in the transportation sector has fueled the market growth. For instance, Toyota is using polylactic acid (PLA) for producing spare wheel cover. The company launched a car in which 80% bioplastic is used for internal surface covering. It is also used for seat covers and carpet in automotive made from partially bio-based material.

Global bioplastic composites market for injection molding Opportunities:

Increasing demand from electronic sector is anticipated to provide significant market growth opportunities. The electrical and electronic appliances industry is another major sector, where bioplastics have gained popularity as a substitute for conventional materials. According to the India Brand Equity Foundation, the global electronics industry was estimated at US$ 2.9 trillion in 2020.

Growing awareness regarding the harmful effects of plastic is expected to bring bright market opportunities. Bioplastic is a type of plastic made from renewable resources such as plants and biomass feedstocks. The production of bioplastics involves the conversion of biomass into monomers such as lactic acid and polyethylene glycol (PEG), which are then turned into plastics.

Global bioplastic composites market for injection molding Trends:

Growing investment by government in bioplastic

Government of various countries are investing heavily in the development of bioplastics. For instance, in December 2020, The South Korean government has announced the investment of three billion won for three years to come in order to help small and venture firms develop and commercialize technology related to bioplastics.

Increasing number of R &D is another trend

Key players in the market are entering into partnership for increasing R &D activities in the bioplastic field. For instance, in December 2018, Finnish research centre VTT has joined the international Think Beyond Plastic’s User Facility Network. The collaboration was announced at the New Plastics Economy Investor Forum on 7th December in Frankfurt.

Global bioplastic composites market for injection molding Restraints:

High cost of bioplastic to hamper market growth

There is a huge difference in price of traditional plastic and bioplastic materials. For instance, the price of the traditional PET resin available in the market is $2.1 per kg, whereas the price of Bio-PET resin is $2.3 per kg. Thus, high price of bioplastic composites is a major key factor hampering market growth.             

Limited performance of bioplastic to hinder market growth

Due to low melting point & transparency, first-generation polylactic acid is not suitable for few packaging applications for this high temperature resistance is required. Additionally, starch- based bioplastic composites are highly brittle, because of the low tensile strength.        Hence, limited performance of bioplastic is expected to hinder the market growth.

Figure 2. Global Bioplastic Composites Market for Injection Molding, By Polymer, 2023

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Global bioplastic composites market for injection molding Segmentation:

The Global bioplastic composites market for injection molding report is segmented into polymer, fiber type, end user industry, and region

Based on polymer, the market is segmented into natural polymer and synthetic polymer. Out of which, Synthetic Polymer is expected to dominate the global market over the forecast period and this is attributed to their cost-effectiveness and easy availability.

Natural Polymer segment is also expected to witness significant growth in the near future and this is owing to the growing awareness regarding environment safety, increasing price of substitutes and raw materials of substitutes such as petrochemicals.

Based on fiber type, the market is segmented into wood fiber and non-wood fiber composites. Out of which, wood fiber composites is expected to dominate the global market over the forecast period and this is attributed to the growing demand from construction, automotive, packaging, and consumer products.

Non-wood fiber composites segment is also expected to witness significant growth in the near future and this is owing to the increased acceptability and consumer awareness regarding the greener products.

Based on end user industry, the market is segmented into Transportation, Electrical & Electronics, Building & Construction, Aerospace & Defense, Consumer Goods, and Consumer Goods. Out of which, Transportation is expected to dominate the global market over the forecast period and this is attributed to the growing demand from automotive application. They reduce the overall weight of the vehicle hence reducing fuel consumption.

Electrical & Electronics segment is also expected to witness significant growth in the near future and this is owing to the increasing use of bioplastic for manufacturing electronic components such as headphone, computer mouse, and keyboard. They are also used in, measuring and control equipment, power equipment, lighting and wiring equipment

Global bioplastic composites market for injection molding: Key Developments

In October 2022, the international Röchling Group with Röchling-BioBoom and Röchling-ReLoop has launched two new sustainable product families for bioplastics and recycled materials. The new product families aim to strengthen the Group’s own sustainability activities and to support customers in achieving their sustainability goals.

In May 2019, Eastman has launchedsustainable packaging innovations at LUXE PACK New York. Specialty plastics provider highlights new recycling innovations and Eastman TrÄ“va™ engineering bioplastic.

In December 2018, AGRANA announces the launch of its bioplastic AGENACOMP®. A 50:50 blend of thermoplastic starch and a biologically degradable polyester has given rise to an bioplastic compound which is fully compostable at home.

Global bioplastic composites market for injection molding: Key Companies Insights

The Global bioplastic composites market for injection molding is highly competitive. This is attributed to continuous launch of new technologies due to ongoing R &D and efforts by value chain participants. Moreover, key players are adopting various business growth strategies in order to expand their presence on regional as well as global basis. Some of the key players in the Global 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

*Definition: Bioplastics are a great alternative to traditional synthetic plastics due to their environmental friendliness and sustainable production processes.