Bioplastics market is projected to grow at a CAGR of 20.5% by 2033: Visiongain Reports Ltd
Visiongain has published a new report entitled Bioplastics Market 2023-2033. It includes profiles of Bioplastic Manufacturers and Forecasts Market Segment by Product Type (Bio-based / non-biodegradable and Biodegradable), Market Segment by Bio-based / non-biodegradable Type (Polytrimethylene Terephthalate (PTT), Polypropylene (PP), Polyamide (PA), Polyethylene Terephthalate (PET), Polyethylene (PE), and Others), Market Segment by Biodegradable Type (Polybutyrate Adipate Terephthalate (PBAT), Polybutylene Succinate (PBS), Polylactic Acid (PLA), Polyhydroxyalkanoate (PHA), Starch blends, and Regenerated Cellulose films), Market Segment by Application (flexible packaging, rigid packaging, consumer goods, fibers (incl. woven & non-woven), agriculture & horticulture, automotive & transport, coatings & adhesives, building & construction, electrics & electronics, and others), plus COVID-19 Impact Analysis and Recovery Pattern Analysis (“V”-shaped, “W”-shaped, “U”-shaped, “L”-shaped), Profiles of Leading Companies, Region and Country.
The Bioplastics market is forecasted to reach a value of US$8.05 billion in 2023 and is projected to grow at a CAGR of 20.5% during the forecast period 2023-2033.
Technological advancements have played a significant role in driving the growth of the bioplastics market
The development of new and improved bioplastics materials, processing methods, and production technologies has enabled the bioplastics industry to expand and compete with traditional plastics. The increasing demand for more sustainable and environmentally-friendly products has also driven innovation in the bioplastics market, leading to the development of new and improved bioplastics materials.
One of the key technological advancements in the bioplastics market has been the development of biodegradable and compostable bioplastics materials. These materials are made from renewable resources such as corn starch, sugarcane, and potato starch, and are designed to break down in the environment without causing harm. This has enabled the bioplastics industry to provide a more sustainable alternative to traditional plastics, which persist in the environment for hundreds of years and cause long-term damage.
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How has COVID-19 had a Significant Negative Impact on the Bioplastics Market?
The COVID-19 pandemic has had a significant negative impact on the bioplastics market. One of the main reasons for this is the global economic slowdown caused by the pandemic. The reduced economic activity has led to a decline in demand for bioplastics products in various industries, including packaging, automotive, and construction.
In addition, the restrictions on travel and trade have disrupted supply chains, making it difficult for bioplastics manufacturers to access raw materials and deliver products to customers. The pandemic has also led to delays in research and development projects, as many companies have had to divert resources to address more immediate challenges.
Another factor that has negatively impacted the bioplastics market is the reduced use of single-use plastics due to hygiene concerns. During the pandemic, there has been a significant increase in the use of personal protective equipment (PPE), such as masks and gloves, which are made from traditional plastics. This has led to a shift away from bioplastics, which are not suitable for use in PPE.
How will this Report Benefit you?
Visiongain’s 444-page report provides 173 tables and 273 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the bioplastics market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Bioplastics. Get financial analysis of the overall market and different segments including product type, bio-based / non-biodegradable type, biodegradable type, application and capture higher market share. We believe that there are strong opportunities in this fast-growing bioplastics market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Increasing Application of Bioplastics
The use of bioplastics is rapidly expanding into new areas and industries, driven by growing consumer demand for sustainable materials. Bioplastics are made from renewable resources such as corn starch, sugarcane, and vegetable oils, and are biodegradable and compostable. This makes them an attractive alternative to traditional plastics, which are made from non-renewable resources and can take hundreds of years to degrade.:
- One of the new areas where bioplastics are being increasingly used is in the construction industry. Bioplastics can be used as insulation materials, roofing, and even structural elements, reducing the environmental impact of building projects. In addition, bioplastics are being used in 3D printing, where they offer a sustainable alternative to traditional plastic filaments.
- Another area where bioplastics are gaining ground is in the electronics industry. Bioplastics can be used in the manufacturing of electronic devices such as smartphones and laptops, reducing the amount of e-waste generated by these products. Bioplastics are also being used in the production of circuit boards, which are essential components of electronic devices.
- The automotive industry is another area where bioplastics are increasingly being used. Bioplastics can be used to make interior components such as dashboards and door panels, reducing the weight of vehicles and improving fuel efficiency. Bioplastics are also being used to make exterior components such as bumpers and spoilers, reducing the environmental impact of vehicle manufacturing.
Increasing Concerns About Plastic Waste and the Environmental Impact of Traditional Plastics
Traditional plastics are made from non-renewable resources such as oil and gas and can take hundreds of years to degrade. As a result, they contribute to the global plastic waste crisis and have a significant impact on the environment. The negative impact of traditional plastics on the environment is well documented. Plastics can release toxic chemicals into the environment when they break down, and they can harm wildlife when they are ingested or entangled. Furthermore, the accumulation of plastic waste in the ocean is a major concern, as it can have a devastating impact on marine ecosystems.
As a result of these concerns, there is a growing demand for sustainable alternatives to traditional plastics. Bioplastics, which are made from renewable resources and are biodegradable and compostable, offer a promising solution to this problem. Bioplastics have the potential to significantly reduce the amount of plastic waste generated and the negative impact of plastics on the environment. Research in the field of bioplastics is rapidly expanding, with new materials and manufacturing processes being developed.
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Where are the Market Opportunities?
Growing Adoption of Bioplastics in Emerging Markets
Expansion in emerging markets is a significant opportunity for the bioplastics market. As countries in these regions continue to develop and grow, the demand for bioplastics is expected to increase, driven by several factors such as rising consumer awareness of environmental issues, increasing adoption of sustainable products and packaging, and government support for the industry.
In emerging markets, there is a growing need for more sustainable packaging solutions, as consumer preferences shift towards environmentally-friendly products. Bioplastics offer a more sustainable alternative to traditional petroleum-based plastics, and as consumer demand for these products grows, the demand for bioplastics is also expected to grow in these regions.
In addition, governments in emerging markets are becoming more aware of the environmental impact of traditional plastics and are implementing policies and regulations to promote the use of bioplastics. This includes tax incentives, grants, and subsidies for bioplastics producers, as well as mandatory requirements for the use of bioplastics in certain applications. This government support is expected to drive the growth of the bioplastics market in these regions.
Competitive Landscape
The major players operating in the bioplastics market are Novamont S.P.A., NatureWorks LLC, BASF SE, Braskem S.A., TotalEnergies Corbion, Danimer Scientific Inc., Röchling Group, FKuR Kunststoff GmbH, Biome Technologies plc, PTT MCC Biochem Company Limited, Kaneka Corporation, Futerro S.A., Trinseo PLC, BIO-FED, and BIOTEC Biologische Naturverpackungen GmbH & Co. KG. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
Recent Developments
- On 1st December 2022, Formerra, entered into a new relationship with Danimer Scientific, a leading next generation bioplastics company, to distribute Danimer's sustainable polymer materials.
- On 11th November 2022, Be Good Friends (BGF) and TotalEnergies Corbion have entered into a long-term collaboration agreement for the development and supply of Luminy® PLA.
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Visiongain is one of the fastest-growing and most innovative independent market intelligence providers around, the company publishes hundreds of market research reports which it adds to its extensive portfolio each year. These reports offer in-depth analysis across 18 industries worldwide. The reports, which cover 10-year forecasts, are hundreds of pages long, with in-depth market analysis and valuable competitive intelligence data. Visiongain works across a range of vertical markets with a lot of synergies. These markets include automotive, aviation, chemicals, cyber, defence, energy, food & drink, materials, packaging, pharmaceutical and utilities sectors. Our customised and syndicated market research reports offer a bespoke piece of market intelligence customised to your very own business needs.
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Visiongain Reports Limited
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Email: oliver.davison@visiongain.com
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