Bioplastics Market Research Report - Forecast till 2030

Bioplastics Market Research Report Information by Type (Biodegradable, Non-Biodegradable), Application (Rigid Packaging, Flexible Packaging, Textile, Agriculture and Horticulture, Consumer Goods, Automotive, Electronics, Building and Construction and Others)- Forecast till 2027

ID: MRFR/CnM/1432-HCR | 140 Pages | Author: Priya Nagrale | May 2023         

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Bioplastics Market

Bioplastics Market is expected to grow USD 6.48 billion at a 10% during the forecast period (2021-2027).

Segmentation
By Type Biodegradable Non-Biodegradable
Application Rigid Packaging Flexible Packaging Textile Agriculture & Horticulture Consumer Goods Automotive Electronics Building & Construction Others
Key Players
Companies Profiled   Teijin Limited - Japan   Toray Industries - Japan   Toyota Tsusho - Japan   M&G Chemicals - USA   PTT Global Chemical Public Company Limited - Thailand   Showa Denko KK - Japan   Natureworks LLC - USA
Drivers
Market Driving Forces   Low production & labor cost   Rapid industrialization in emerging economies   Growing awareness regarding the advantages of bio-based chemicals
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Bioplastics Market Overview


Bioplastics Market is expected to grow USD 6.48 billion at a 10% during the forecast period, says market research future (MRFR). Environmental issues encouraging a paradigm change and increased demand for bioplastics in flexible packaging are two major factors driving the market examined. One of the primary drivers for the bioplastic industry is the environmental issue posed by excessive levels of greenhouse gas emissions in the atmosphere, as bioplastics serve to reduce reliance on fossil resources, reduce greenhouse gas (GHG) emissions, and boost resource efficiency. During the projected period, the flexible packaging application is expected to lead the global market in terms of volume. Alternatives to petroleum-based plastics and government regulations on existing plastics are anticipated to present future opportunities.


COVID-19 analysis


COVID-19 has a short history in the world but it has changed the course of world history and destiny far more than any other pandemic preceding it did. The virus is dangerous and somewhat contagious. It killed more than a few people, left many people seriously ill, and caused long-term health complications in those who recovered.


Governments realized this early on that’s why they imposed lockdowns and quarantines in an attempt to stop the spread of the virus. They were temporary because they weren’t very effective. In any case, most companies in a variety of industries suffered because they were either forced to halt production at least temporarily or dramatically scale back their operations.


The companies in the bio-plastics industry were no exception. The demand for all types of plastics products declined dramatically because people were staying in more often. They didn’t want to be exposed to COVID-19. This disrupted the supply chain operations for most bio-plastics companies and it’s taking them a long time to recover from this.


Competitive landscape


The bioplastics industry is highly competitive and somewhat fragmented. The reasons for this are:



  • The lucrative market

  • The high short and long-term CAGR

  • The few barriers to entry


Companies are finding that they can remain profitable only if they create a sustainable competitive advantage through intensive research and development. This allows them to develop and market newer and better products before the competition can. They can enter new markets and solidify their positions in existing markets. They can also create a name for themselves in new and old markets. Finally, they can justify charging higher prices for these bioplastics.


Companies are also responding by merging their production of raw materials and their distribution operations. The result is the introduction of better quality products on the market. Incidentally, these companies also expand their regional presence.


Teijin Limited is a Japanese company. It has managed to remain profitable in the super-competitive bioplastics industry by creating a sustainable competitive advantage. The company has done so by investing heavily in research and development. This allowed it to develop and market superior and unique products.


List of companies



  • Teijin Limited - Japan

  • Toray Industries - Japan

  • Toyota Tsusho - Japan

  • M&G Chemicals - USA

  • PTT Global Chemical Public Company Limited - Thailand

  • Showa Denko KK - Japan

  • Natureworks LLC - USA


Market dynamics


Drivers


The world is preferring to use products from renewable and natural sources. Bio-plastics are no exception. Many companies in many industries and the general public prefer to use plastics that have the same qualities as traditional plastics but decompose easily and are don’t harm the environment when they do so.


Many companies prefer to use bio-plastics when they make plastic bags, packaging for various foodstuffs, disposable items, and general packaging. This is also a major bio-based chemicals market growth driver.


Opportunities


Many companies in the bio-plastics industry are seeing that the market is lucrative. They are investing heavily in research and development in the attempt to develop better quality bio-plastics that are friendlier for the environment.


Restraints


What’s holding back growth in the bioplastics industry is that bio-plastics tend to be more expensive. Therefore, a lot of companies in many industries can’t afford them.


Challenges


One of the biggest challenges that companies in the bioplastics industry face lies in continuing to make superior bioplastics products at lower price points that end users can afford. They also have to educate the general global public on the many benefits of bioplastics.


Cumulative growth analysis


The CAGR for the global bioplastics industry is 10%. The overall bioplastics market value is projected to be USD 11.68 billion by 2027.


Technology analysis


Newer advancements in technology have made it possible for plastics manufacturers to make plastics out of natural and renewable crops like sugarcane, corn, and vegetable oil. This is making it possible for companies to make friendlier plastics that last longer and don’t release harsh and dangerous chemicals into the ground as they decompose. With the advent of newer technologies, the bioplastic market is expecting to see a huge growth in the upcoming years as per the mentioned forecasted data in the report.


Segment overview


By type


The global bioplastics industry can be grouped into the following sub-segments based on type:



  • Biodegradable plastics

    • Starch blends

    • PBS

    • PBAT

    • Polyhydroxyalkanoate

    • Polylactic acid

    • Others



  • Partially degradable bioplastics

    • PA

    • PE

    • PET

    • Others




Partially degradable plastics are popular because they are made from natural ingredients. Therefore, they decompose safely into the ground. Many companies in the film, carry bags, sheets, and other industries use this type of plastic.


By application


The global bioplastics industry can be grouped into the following sub-segments based on application:



  • Flexible packaging

  • Rigid packaging

  • Textile

  • Horticulture

  • Agriculture

  • Automotive

  • Consumer goods

  • Electronics

  • Construction

  • Building

  • Others


Regional analysis


The global bioplastics industry can be grouped into the following regions:



  • Asia-Pacific

  • North America

  • The European Union

  • Latin America

  • The Middle East

  • Africa


The European Union had the greatest bioplastics market share in 2019 at 33.7%. This was because the European Union has strict standards regarding the production and usage of plastics. It also has a large concentration of bioplastic companies.


The European Union as a whole has passed many laws and rules that make it much harder for companies and individuals to use plastics that have to be thrown away after only one use. Most companies in the European Union are also investing much more in the technologies that are needed to make bioplastics. These factors are also driving growth in this region. The European masses, in general, are aware of the bad effects that plastics have on the environment as they decompose and they are taking steps to try to discourage the production and usage of traditional plastics as much as possible.


The Asia-Pacific region had a bioplastics industry share of 34.4% in 2018. This made it the region with the largest market share and size for that year. There were many factors that accounted for this. They were:



  • Lower production and labor costs

  • Fast industrialization and urbanization

  • Growing awareness of bioplastics, their many uses, and their many benefits.


The North American region has the third-highest bioplastics market. What accounts for this is the passage of new laws and legislation that makes using traditional plastics illegal.


The Latin American, Middle Eastern, and African markets are trailing in terms of market growth and share largely because of a lack of awareness of the many benefits of bioplastics.


Recent developments



  • March 2022: A research team led by Jingjing Li and Yawei Liu (Chinese Academy of Sciences, Changchun, China), as well as Bo Wei (First Medical Center of PLA General Hospital), has published a new method for producing protein-based plastics that are easily processable, biodegradable, and biocompatible, as well as having favorable mechanical properties, in the journal Angewandte Chemie. The qualities of the revolutionary bioplastics market can be customized to meet specific requirements. To accomplish so, they created two lysine-rich proteins and grew them in bacterial cultures: "ELP" is a polypeptide that looks like elastin, a connective tissue protein. It lacks distinct folding, resulting in hardness and flexibility.

  • February 2022: RMIT University develops a groundbreaking material that repels dirt and liquids, similar to a lotus leaf, but breaks down swiftly once in soil. The new bioplastic, according to RMIT PhD researcher Mehran Ghasemlou, who is also the lead author of the paper published in Science of the Total Environment, is appropriate for fresh food and takeaway packaging. To disintegrate, the bulk of biodegradable or compostable polymers require industrial processes and high temperatures. Trials have shown that the new bioplastic decomposes naturally and quickly in soil without the need for industrial intervention.


Genpak recently partnered with another company to make biodegradable food containersAthletica recently partnered with another company to market green plasticsCoca-Cola recently marketed a new biodegradable plastic bottle for its Coke products.

Report overview


The CAGR for the bioplastics industry is projected to be 10% by 2027. The bioplastics market value is expected to be USD 11.68 billion by then! New advancements in technology have made it possible for companies to make plastic products out of naturally grown materials. Because they are environmentally friendly, more and more people around the world are preferring to use them every year. This is because people are becoming more aware of how sensitive the environment is and the pressing need to protect it.


What is also a major factor is the fact that governments around the world are becoming stricter regarding the ways in which companies are allowed to manufacture and use plastics. They are also severely restricting the chemicals that companies can use to make these plastics - hence the increased production, marketing, and usage of bioplastics.


The European Union has the greatest bioplastics market share. This is because most European governments are becoming much stricter about the processes that companies can use to make plastic products. They are also becoming much stricter in terms of the materials that these companies can use to make these plastics.


The Asia-Pacific region has the second-highest bioplastics market share. It has the highest bioplastics market growth rate of all of the regions in the world. There are many factors for this. One is because the masses in most Asia-Pacific nations are becoming better educated. They are becoming more aware of the environment and hence, more sensitive to it. These masses prefer to use products that are safer for the environment.



Report Scope:

Report Attribute/Metric Details
  Market Size    2027: USD 11.68 Billion 
  CAGR   CAGR of 10% (2022-2030)
  Base Year   2021
  Forecast Period   2022-2030
  Historical Data   2019 & 2020
  Forecast Units   Value (USD Billion)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   by Type, Application
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   Braskem (Brazil), Total Corbion PLA (The Netherlands), NatureWorks (US), Bio-On (Italy), Novamont (Italy), Toray Industries (Japan), Plantic Technologies (Australia), BASF (Germany), Biome Bioplastics (UK), Mitsubishi Chemical Corporation (Japan)
  Key Market Opportunities   Imposition of ban on the use of conventional plastics
  Key Market Drivers Low production and labor cost Rapid industrialization in emerging economies Growing awareness regarding the advantages of bio-based chemicals


Frequently Asked Questions (FAQ) :

The global bioplastic market is expected to register a CAGR of 10% by the end of the forecast year 2027.

The key players of Bioplastic market report BASF SE, Braskem S.A., Corbion NV, Metabolix Inc., Bio-On S.P.A., Novamont S.P.A, Toray Industries, Plantic Technologies Ltd, Natureworks LLC, Evonik Industries, and Arkema.

With a total market share of 34.4% as per the market share analysis compiled in 2018 Asia-Pacific region was the largest shareholder of the global bioplastic market in terms of size and volume of the market.

With a market share of 33.7% as per the market share analysis compiled in 2019, The European region was accounted to be the market-dominant in the global bioplastic market.

The global bioplastic market is segmented based on application as flexible packaging, rigid packaging, textile, horticulture, agriculture, automotive, consumer goods, electronics, construction, building, and others.

Key Questions Answered

  • ✅ Global Market Outlook
  • ✅ In-depth analysis of global and regional trends
  • ✅ Analyze and identify the major players in the market, their market share, key developments, etc.
  • ✅ To understand the capability of the major players based on products offered, financials, and strategies.
  • ✅ Identify disrupting products, companies, and trends.
  • ✅ To identify opportunities in the market.
  • ✅ Analyze the key challenges in the market.
  • ✅ Analyze the regional penetration of players, products, and services in the market.
  • ✅ Comparison of major players‚Äô financial performance.
  • ✅ Evaluate strategies adopted by major players.
  • ✅ Recommendations
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