Biopolymers and Bioplastics Market to Rise from USD 22.029 billion in 2023 to USD 32.29 billion by 2032, at a rate of 4.90%

Biopolymers & Bioplastics Market Research Report Information By Type (Biodegradable (Polylactic Acid (PLA), Starch Blends, Polybutylene Adipate Terephthalate (PBAT), Polyhydroxyalkanoate (PHA)), By Non-Biodegradable (Bio-PE, Bio-PA, Bio-PET, Bio-PTT, Other), By End Use (Packaging, Consumer Goods, Automotive & Transportation, Textiles, Agriculture & Horticulture, Other) And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) –Market Forecast Till 2032.

New York (US), June 06, 2023 (GLOBE NEWSWIRE) -- Biopolymers and Bioplastics Market Overview

According to a Comprehensive Report by MRFR/Market Research Future (MRFR), "Biopolymers and Bioplastics Market Information by Type, Non-Biodegradable, End-Use, and Region - Forecast till 2030", The market for biopolymers and bioplastics can anticipate touching USD 32.29 billion by 2032 after touching USD 22.029 billion in 2023, at a rate of 4.90% between 2023 and 2032.

Market Synopsis

Using bio-based components like sugar, kelp, and starch, bioplastics are thermoplastics that are made. The term "biopolymers" refers to a broad category of materials that includes both bioplastics and conventional polymers including silk, chitosan, and fleece. A polysaccharide is a straight or stretched polymeric sugar, and examples include starch, alginate, and cellulose. Biopolymers include natural rubber, melanin, suberin and lignin, cutin and cutan, and suberin and lignin. By using cutting-edge technology, bio-plastics made from animal and human waste, plant materials, and agricultural waste are reused and made into new products.

Utilizing biomass, leftover starch, and other environmentally friendly feedstock, biopolymers are created. A few easily available polymers are used in the hardware and automotive industries, including polylactic corrosive, bio-nano composites, poly-hydroxy-alkanoate, and others.

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Market Competitive Landscape:

The renowned firms in the biopolymers and bioplastics industry are

BASF SE (Germany)

Arkema (France)

Braskem (Brazil)

Biome Bioplastics Limited (US)

Covestro (Germany)

Kaneka Corporation (Japan)

Mitsubishi Chemical Corporation (Japan)

United Biopolymers (US)

NatureWorks Inc. (US)

Plantic Technologies Limited (Australia)

Among others.

Report Scope:

Report Attribute

Details

Market Size 2032

USD 32.29 billion

Compound Annual Growth Rate (CAGR)

4.90% (2023-2032)

Base Year

2022

Market Forecast Period

2023-2032

Historical Data

2018- 2022

Forecast Units

Value (USD billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

By Type, Application, and Region

Geographies Covered

North America, Europe, Asia-Pacific, and Rest of the World (RoW)

Key Market Dynamics

Increased demand for environmental-friendly feedstocks across industries

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Market USP Covered:

Market Drivers:

The commercial development of bioplastics is being aided by consumer knowledge of sustainable plastic options and inescapable efforts to eliminate the use of conventional, non-biodegradable plastics. Conventional plastics, which are primarily made of oil, take a very long time to separate or degrade and spend a considerable amount of time in landfills. When discarded, biodegradable plastics dissociate more quickly and are reincorporated into the environment's regular structure. Additionally, biodegradable polymers degrade far more quickly than conventional plastics do through the actions of microbes.

Compared to traditional plastics, which take around 1,000 years to separate, biodegradable plastics separate 60% or more in as little as 180 days. Growing landfills and trash piles pose severe ecological dangers and have a number of negative effects on the biological system's verdure.

The use of biodegradable plastics is becoming more popular as consumers become more aware of these negative effects (resulting from the use of conventional plastics). Additionally, the use of ordinary polymers could be harmful to human security and health due to their toxic composition. For instance, PVC may result in genetic problems, ulcers, hearing loss, and poor vision. The risks of using conventional polymers and plastics are listed in the table below. The demand for products that are safe for human health grows as a result of these elevated risks. Therefore, rising consumer awareness and administrative regulation are encouraging the use of bio-based products such as biodegradable and bio-based plastics.

Market Restraints:

The growth of the product demand is being stifled in several application segments due to bioplastics' higher cost compared to conventional polymers. Generally speaking, the cost of producing bio-based polymers is 20% to 100% more expensive than that of conventional polymers. The main reason for this is that bio-based polymers have high polymerization costs since the vast majority of their cycles are still in their infancy and have not yet reached economies of scale. PHAs, for example, have high production costs, poor yields, and limited availability despite having several uses in fasteners, made papers, therapeutic devices, electronic parts, food packaging, and agribusiness. Even while PLAs are produced at a far lower cost than PHAs, they are still more expensive than PE and PP made from oil.

COVID 19 Analysis

As a result of the COVID-19 outbreak, which has prompted stock market volatility, strict border controls, and a global lockdown, the polymers sector, along with big businesses and governments, have been forced to replenish supply chains. The COVID-19 pandemic is having a serious impact on social and financial sectors around the world, and it is challenging all international enterprises. The coronavirus pandemic has had a conflicting effect on the bio-based industry. While some businesses have helped with technological solutions to curb the outbreak, others seem to be experiencing greater demand for biodegradable takeaway containers

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Market Segmentation

By Type

The types are biodegradable polybutylene adipate terephthalate (PBAT), starch blends, polyhydroxyalkanoate (PHA), and polybutylene adipate terephthalate (PBAT) market segments are included in the worldwide biopolymers & bioplastics market. Because businesses and customers rely heavily on environmentally friendly solutions to satisfy their everyday demands, the biodegradable (Polylactic Acid (PLA)) segment has dominated the market.

By Non-Biodegradable

According to non-biodegradable, the Bio-PE, Bio-PA, Bio-PET, Bio-PTT, and others, market segments are included in the worldwide Biopolymers & Bioplastics market. The market was led by the Bio-PE category, and it is predicted that this segment would continue to expand as market factors change, such as customer perceptions of the need for environmentally friendly alternatives and consumer lifestyles.

By End-Use

Packaging, consumer goods, automotive & transportation, textiles, agriculture & horticulture, and others are the end-users of biopolymers & bioplastics. The market was led by the packaging sector, and it is projected that rising e-commerce dependence among consumers worldwide will lead to increased demand for rigid and flexible packaging made of bioplastics and other biopolymer-based materials.

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Regional Insights

The worldwide market is headed by the Asia Pacific, in part because the region's market serves as a significant global manufacturing hub for plastic and plastic compound producers and is home to several important key industry players. In addition, the Asia-Pacific region's Biopolymers & Bioplastics market in China had the greatest market share while the market in India had the quickest rate of growth.

The market for biopolymers and bioplastics in Europe holds the second-largest market share as a result of an increase in governmental interventions like REACH and EPA. Additionally, the UK market for biopolymers and bioplastics grew at the quickest rate in the region, while the German market had the largest market share.

From 2023 to 2032, North America will experience the fastest growth in the next few years. The presence of multinational corporations in the region, who are heavily investing in research and development operations to develop high-quality, long-lasting, and affordable bio-based plastic products, is largely responsible for the expansion of the regional markets.

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