The bioplastics market size is projected to reach US$ 19.43 billion by 2031 from US$ 7.20 billion in 2023. The market is expected to register a CAGR of 13.2% in 2023–2031. The increasing focus on innovation and technological advancement is likely to remain key bioplastics market trends.
The growing environmental concerns and a global endeavor to lessen pollution is driving the demand for biodegradable plastics in the packaging sector across the globe. In addition, the demand for bioplastics in the packaging industry is expected to grow due to the rising need for different healthcare products. Further, it’s easy for manufacturers to manufacture bioplastic packaging because packaging produced from biopolymers can usually be produced employing standard plastics processing technology. The growing demand for eco-friendly plastics in the packaging sector is a major factor expected to boost the bioplastics market growth across the globe over the forecast period.
Bioplastics are plastic materials that are made up of renewable biomass sources, which include vegetable fats and oils, corn starch, straw, woodchips, sawdust, and recycled food wastes, among others. Bioplastics are being increasingly used to reduce the problem of plastic waste that is suffocating the planet and contaminating the environment; along with this, the production of bioplastic requires 65% less energy than conventional petroleum plastic.
The rising demand for bioplastics in various application fields is an important driver for the bioplastics market. Bioplastics are used in numerous end-use industries such as medical, automotive, and transportation, packaging, agriculture, consumer goods, textiles, building and construction, and others. In the medical sector, bioplastics have comprehensive applications in wound management, tissue engineering, drug delivery, orthopedic devices, and manufacturing of fibrous and porous scaffolds. In the automotive sector, bioplastics offer reduced dependency on fossil resources, reduction in the cost of manufacturing, and significantly reduced carbon footprint. Further, bioplastics are utilized for cosmetics rigid packaging of compact powders, creams, lipsticks, and beverage bottles.
Numerous countries across the globe have implemented plastic-related laws and regulations. Various countries are making efforts to ban single-use plastic and promote sustainable alternatives to it. This will help in mitigating the ill effects on human life and the environment. Hence, the stringent government laws and regulations on traditional plastic use are expected to offer more lucrative opportunities for the bioplastics market growth.
Key segments that contributed to the derivation of the bioplastics market analysis are type and application.
The geographic scope of the bioplastics market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
The global market was dominated by Asia Pacific. Europe is a second major contributor to the global bioplastics market share. In North America, bioplastics are widely consumed in the packaging sector in the form of plastic bottles and bags. Production and consumption of bioplastics are expected to grow in the region, primarily in food packaging applications. Unlike traditional plastics, bioplastics are obtained from renewable sources. The automotive industry in this region is one of the most advanced industries globally due to substantial investments in infrastructure, R&D activities, and new production facilities. Bio-polyamides (Bio-PA), polylactic acid (PLA), and bio-based polypropylene (Bio-PP) are bioplastics that are highly used in automotive manufacturing. These factors are driving the automotive bioplastics market growth.
The regional trends and factors influencing the Bioplastics Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Bioplastics Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 7.20 Billion |
| Market Size by 2031 | US$ 19.43 Billion |
| Global CAGR (2023 - 2031) | 13.2% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Bioplastics Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Bioplastics Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The bioplastics market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for speech and language disorders and strategies:
The “Bioplastics Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas: