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  • Published In : Oct 2022
  • Code : CMI4098
  • Pages :120
  • Formats :
      Excel and PDF
  • Industry : Advanced Materials

Bioplastics are derived from renewable sources such as sugarcane, corn, cellulose, and other grains. They are environmental friendly and are gaining huge demand from various industries. Bioplastic is widely used across food packaging, disposables, containers, pouches, shopping bags, etc. application.

Global bioplastics market was valued at US$ 1,020.00 Million in 2021 in terms of revenue, exhibiting a CAGR of 14.8 % during the forecast period (2022 to 2030).

Drivers

Increasing initiatives for reducing global warming by the government is projected to foster the market growth of the bioplastic. Growing need for reducing reliance on fossil fuels coupled with the easy availability of bio-based raw materials is also expected to propel the market growth of the bioplastic. Moreover, shifting preferences towards non-petroleum-based plastics is again creating demand for plastic over the forecast period.

Growing demand for green products, healthier lifestyle and environmental sustainability is projected to propel the market growth of the bioplastic. Increasing demand for organic-based material for packaging of food products is also driving demand for bioplastic. Moreover, consumers are willing to pay extra for eco-friendly packaging products in order to reduce the environmental impact. Thus, growing demand for the green product is expected to foster the market growth of bioplastic. 

The bioplastics market is facing a likelihood of a deep hindrance caused by the effect of lockdowns across the globe to slow the spread of Covid-19 pandemic. The demand for bioplastics has declined among various end-use industries such as construction, paints & coatings, automotive industries, construction, and electronics. The utilization of crude oil for fuel has marked its lowest since World War 2 and has lowered the prices of conventional plastics, which the primary reason for the decrease in growth of the global bioplastics market.  This is expected to hamper the growth of bioplastics market in next few years till end of the 2021.

Figure 1. Global Bioplastics Market Value Share (%), By Region, 2021

BIOPLASTICS MARKET

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Market Restraints

The premium price of bioplastic due to high production cost is affecting the demand for bioplastic. Also, the limited performance of bioplastic is also expected to hinder the market growth over the forecast period.

Even though bioiplatics has many advantages, most of the bioplastic grades require highly specific industrial composting processes to disintegrate and only a harmful of economies have the required infrastructure for production of these products. As a result, they may either enter landfills or contaminate the recycling feedback, thus harming the environment. Hence, a separate mechanism  is required to discard such plastic and results in higher product costing.

Bioplastics Market Report Coverage

Report Coverage Details
Base Year: 2021 Market Size in 2021: US$ 1,020.00 Mn
Historical Data for: 2017-2020 Estimated Year: 2022
Forecast Period 2022 to 2030 CAGR: 14.8% Forecast Period: 2022-2030
Geographies covered:
  • Region: North America, Latin America, Europe, Asia Pacific, Middle East & Africa
Segments covered:
  • By Application: Bottles, Other packaging, Automotive, Consumer Products, Food Services, Agriculture, Others
  • By Product Type: Bio-PET, Bio-PE, PLA and PLA Blends, Biodegradable Polyester, Starch Blends, Bio-PA, PHA, Others 
Companies covered:

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

Growth Drivers:
  • Growing need for reducing reliance on fossil fuels
  • Easy availability of bio-based raw materials
  • Rising demand for green products, healthier lifestyle, and environmental sustainability
Restraints & Challenges:
  • Lack of awareness regarding the bioplastic among consumers

Market Trends

Nowadays, bioplastic such as polyamide and polylactic acid is majorly used in the production of textile products such as clothes and shoes. Moreover, bioplastics are also used in the production of wall mountings, containers, and sculptures which is again expected to augment the market growth of bioplastic.

Partnership and agreements among manufacturers for expanding business presence on a global level is a key trend in the market. For instance, in May 2020, Neste and Covestro entered into strategic cooperation in Europe to promote the use of sustainable raw materials in plastics production. In this partnership, Covestro will be supplied with material from renewable sources for the production of polycarbonates from Neste’s renewable hydrocarbons.

Figure 2. . Global Bioplastics Market Value Share (%), By Application, 2021

BIOPLASTICS MARKET

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On the basis of application, bottles accounted the global bioplastics market in 2021 with around 44% of market share in terms of revenue, followed by packaging and automotive, respectively.

Recent Developments

  • In February 2020, BASF, a German-based multinational chemical company and the largest chemical producer in the world and Fabbri Group, an Italian company engaged in manufacturing of amusement rides have partnered to develop a new cling film for fresh food packaging. As part of the partnership, Fabbri Group has developed the stretch film Nature Fresh using certified compostable and biobased bioplastic BASF’s ecovio.
  • In January 2021, Novamont acquired the Biobag Group, a Norway based company producing low impact solutions for packaging. This acquisition will allow Novamont expand its packaging market and offer more suitable and wider range of packaging solutions in the market in untapped regions.
  • In July 2021, Solvay, a Belgian-French multinational chemical company acquired Bayer’s global coating engaged in seed coating business having facilities in Mereville, France aand tolling operations in Brazil and the U.S After this acquisition, the company is now able to offer improved variety of bio-based and sustainable packaging solutions to agricultural consumers.

Competitive Section

Major players are operating in the global 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.

Frequently Asked Questions

Global bioplastics market was valued at around US$ 1,020.00 Million in 2021.

Growing need for reducing reliance on fossil fuels and easy availability of bio-based raw materials are expected to fuelling the growth of the market in the region.

Growing fashion trends among consumers are creating demand for highly fashionable apparel is expected to drive the market growth over the forecast period.

Lack of awareness regarding the bioplastics among consumers is expected to hamper the growth the market during the forecast period.

Key players are operating in the 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. 

The market is estimated to grow at around 14.8% CAGR in the forecast period (2022-2030).

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