Global Bioplastics Market
As stated in our extensive report, the Global Bioplastics Market accounted for USD 8.4 Billion in 2022 and is projected to reach a value of USD 19.2 Billion by 2030.
Bioplastics are made from renewable feedstocks such as corn, sugarcane, and cellulose. Bioplastic has the potential to cut CO2 emissions. During the decomposition process, it emits very little greenhouse gas. These upgraded eco-friendly characteristics and capabilities are expected to boost Bioplastics market expansion throughout the forecast period. Additionally, industry trends are changing toward bio-based goods to lessen reliance on traditional plastics. These reasons have all contributed to increased demand for Bioplastics.
Furthermore, bioplastic can be made from renewable resources. Corn, wheat, maize, and sugarcane are prominent feedstocks used in producing Bioplastics. These are readily available in almost every geographical location of the world. As a result, fluctuations in the global crude oil price do not affect the expansion of the bioplastic sector. These reasons could boost the Bioplastics industry forward.
Key Factors Influencing Global Bioplastics Market Growth
The growth of the global Bioplastics market can be attributable to the following:
- With growing concerns over plastic pollution and its negative impacts on the environment, there is a rising awareness among consumers, governments, and industries about the need for sustainable alternatives. Bioplastics, derived from renewable sources, offer an eco-friendly alternative to conventional plastics.
- The increasing focus on reducing plastic waste in the beverage industry has led to adoption of Bioplastics for packaging. For instance, Coca-Cola introduced PlantBottle, made partially from plants, and has helped reduce the company’s carbon footprint.
- Governments all across the world are enacting stronger rules and providing incentives to encourage the usage of Bioplastics. These measures aim to reduce plastic waste, lower greenhouse gas emissions, and encourage the transition toward a circular economy.
- The European Union has imposed single-use plastic limitations and implemented the European Plastics Strategy, which seeks to make all plastic packaging recyclable or reused by 2030. These regulations have boosted the demand for Bioplastics in the region.
- There is an increasing demand for Bioplastics from various sectors, including packaging, consumer goods, automotive, and agriculture. Bioplastics offer unique properties such as biodegradability, compostability, and lower carbon footprint, making them suitable for various applications.
- The packaging industry is one of the largest consumers of Bioplastics. Companies like NatureWorks produce Bioplastics such as Ingeo, used in various packaging applications, including food and beverage containers, flexible films, and personal care products.
- Developing advanced technologies and innovative solutions in Bioplastics manufacturing has contributed to the market growth. These advancements have led to improved performance, increased versatility, and reduced production costs of Bioplastics, making them more competitive with conventional plastics.
- The emergence of new bioplastic materials, such as polylactic acid (PLA) and polyhydroxyalkanoates (PHA), has expanded the range of bioplastic applications. PLA, for instance, is widely used in 3D printing, disposable cutlery, and food packaging due to its biodegradability and renewable attributes.
Europe Region to Express the Largest Market Growth
The Europe market is accounted to have the most significant market growth in 2022. The global Bioplastics market was controlled by Europe, with Germany, France, Italy, and the United Kingdom accounting for the majority of demand. Over 6,000 small and medium-sized enterprises distinguish Germany’s food and beverage business. In 2021, the food and beverage market is expected to generate USD 3,222 million in revenue. During the projected period, the market is expected to increase by 6.83% per year, propelling the country’s flexible and rigid packaging industries and bioplastic usage. Germany’s agricultural GDP increased to EUR 7.64 billion (USD 8.88 billion) in the fourth quarter of 2021, up from EUR 7.41 billion (USD 8.61 billion) in the third quarter, according to the Federal Statistical Office.
France has the most extensive agricultural sector in Europe. It is a prominent agricultural producer in the globe, producing sugar beets, wine, milk, cattle and veal, cereals, and oilseeds. However, the country was hit by severe droughts. According to the FNSEA, France’s major agricultural trade organization, 14,000 farms out of 440,000 filed compensation claims due to the spring and summer’s high heat and lack of rain. France produced around 13,51,308 vehicles in 2021, a 3% increase over the previous year.
The Bioplastics market is expected to grow steadily in the coming years, driven by increased demand for sustainable alternatives to traditional plastics. Advancements in technology, government support, and consumer awareness are likely to propel market growth further.
Some of the key players in the Global Bioplastics Market include- Novamont S.P.A. (Italy), Teijin Limited (Japan), Toray Industries Inc. (Japan), Toyota Tsusho Corporation (Japan), Avantium (Netherlands), PTT MCC Biochem Co. Ltd. (Thailand), An-Phat Holdings (Vietnam), NatureWorks LLC (U.S.) and others.