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Bioplastics Market To Reach USD 74.51 Billion By Year 2032

Bioplastics Market Size Was Valued at USD 7.48 Billion in 2023 and is Projected to Reach USD 74.51 Billion by 2032, Growing at a CAGR of 29.1% From 2024-2032.

08-07-2024
Vishal Panchmukh
Chemical and Materials
Pristine Intelligence LLP

According to a new report published by Pristine Intelligence, titled, “Bioplastics Market by Application and Packaging Type: Global Opportunity Analysis and Industry Forecast, 2024–2032,” the global Bioplastics Market Size Was Valued at USD 7.48 Billion in 2023 and is Projected to Reach USD 74.51 Billion by 2032, Growing at a CAGR of 29.1% From 2023-2032. Made from plant starch, cellulose, and natural sugars, bioplastics are a desirable solution in the fight against plastic waste. These abundant and renewable resources offer a practical alternative to conventional plastics, which are made primarily from finite fossil fuels. All bioplastics are naturally biodegradable, many have the advantage of breaking down faster in nature than conventional plastics.

This feature is particularly important in solving environmental problems related to plastic pollution because bioplastics can shorten the life of plastic waste in ecosystems. The growing demand for bioplastics is due to stricter regulations aimed at reducing the use of non-renewable plastics. The packaging, textile, electronics, auto parts and furniture industries are switching to biodegradable alternatives due to regulatory pressure.

According to the global Bioplastics Market is segmented into Type, Application, and region. By Type, the market is categorized into Biodegradable {Starch blends, Polylactic acid, Polybutylene Adipate Terephthalate, Polybutylene Succinate} & Non-Biodegradable {Bio- Polyethylene Terephthalate, Bio-Polyamide, Bio-Polyethylene, Bio-Polytrimethylene Terephthalate}. By Application, the market is categorized into Rigid Packaging {Bottles & Jars, Trays}, Flexible Packaging {Pouches, Shopping/Waste Bags}, Textiles, Automotive & Transportation. By region, it is analyzed across North America (U.S.; Canada; Mexico), Eastern Europe (Bulgaria; The Czech Republic; Hungary; Poland; Romania; Rest of Eastern Europe), Western Europe (Germany; UK; France; Netherlands; Italy; Russia; Spain; Rest of Western Europe), Asia-Pacific (China; India; Japan; Southeast Asia, etc.), South America (Brazil; Argentina, etc.), Middle East & Africa (Saudi Arabia; South Africa, etc.).

The growing trend towards sustainable practices worldwide has led to a growing demand for products made from renewable and natural materials, and bioplastics are a significant step forward in this movement. Unlike traditional plastics, bioplastics are designed to break down easily without harming the environment, making them increasingly preferred by industry and consumers. These materials retain the key properties of traditional plastics, such as strength and flexibility, and also offer the significant advantage of being biodegradable. This activity focuses on pressing environmental issues related to plastic waste, especially in industries that use a lot of single-use products and packaging.

Bioplastic is rapidly gaining popularity as a viable substitute in various industries due to its improved physical properties and cost effectiveness. Their development foresees significant opportunities, especially in areas such as the automotive industry and construction. In the automotive industry, bioplastics offer an attractive opportunity to reduce vehicle weight, which can improve fuel efficiency and reduce carbon dioxide emissions. Bioplast is an attractive option for manufacturers seeking to meet strict environmental standards and consumer sustainability preferences driven by industry regulatory pressures.

Global Bioplastics Market, Segmentation

The Bioplastics market is segmented based on type, application, and region.

Type:

The type segment is further classified into Biodegradable {Starch blends, Polylactic acid, Polybutylene Adipate Terephthalate, Polybutylene Succinate} & Non-Biodegradable {Bio- Polyethylene Terephthalate, Bio-Polyamide, Bio-Polyethylene, Bio-Polytrimethylene Terephthalate}. Among these, the Biodegradable sub-segment accounted for the highest market share in 2023. The bioplastics market is growing, particularly driven by the biodegradable sector in industries such as textiles, packaging, consumer goods and agriculture and horticulture. The reason this industry is so powerful is that there is a great need for ecological solutions that are as effective as conventional plastics and have environmental benefits. Biodegradable plastics are preferred by companies due to their natural decomposition process, which helps minimize environmental impact and tackle plastic pollution. Increased environmental awareness among customers and strict regulations to reduce single-use plastics has boosted the growth of biodegradable alternatives. Together, these factors are fueling the growth of the biodegradable bioplastics market and making it an important player in the transition to sustainable materials. Non-biodegradable plastics still have a strong market position, especially in the consumer goods, food and automotive industries.

Application:

The application segment is further classified into Rigid Packaging {Bottles & Jars, Trays}, Flexible Packaging {Pouches, Shopping/Waste Bags}, Textiles, Automotive & Transportation. Among these, the Rigid Packaging sub-segment is anticipated to show the fastest growth by 2032. The rigid packaging industry is also expected to be a major driver in the coming season. Bio-based plastics are becoming increasingly popular in rigid packaging as shipping companies look for durable and sustainable packaging options. The use of bioplastic in rigid packaging protects against external factors and keeps the contents safe during transportation and storage. The need for sustainability in the market encourages innovation and encourages manufacturers to use ecological materials and models to reduce environmental impact. During the forecast period, the global market is expected to experience significant growth opportunities due to the increasing popularity of flexible packaging in the food and pharmaceutical industries.

Region:

The Bioplastics market in Europe is projected to show the fastest growth by 2032. The European Union has established strict regulations and laws to reduce the use of single-use plastics, which greatly encourages the transition to more environmentally friendly practices. These regulations have placed strict limits on the use of single-use plastics, forcing companies and individuals to look for other options. At the same time, funding for technologies supporting the growth and production of bioplastics has increased significantly across the EU. This proactive strategy is driven not only by regulatory compliance, but also by growing social recognition of the harmful environmental effects of traditional plastics. European companies are therefore forced to come up with new ideas and adapt, leading to a growing trend in the bioplastics industry. Europeans are more aware of the harmful effects of plastic pollution on the environment and human well-being.

Some of The Leading/Active Market Players Are-

  • Novamont S.p.A. (Italy)
  • Arkema S.A. (France)
  • Matrìca S.p.A. (Italy)
  • NatureWorks LLC (U.S.)
  • TotalEnergies Corbion (Netherlands)
  • PTT MCC Biochem Co., Ltd. (Thailand)
  • Roquette Frères (France)
  • Biofase (Mexico)
  • Genecis (Canada)
  • Trifilon (Sweden) and Other Active Players

Key Industry Developments

  • In May 2023, TotalEnergies Corbion announced its partnership with the Changsu Industrial to advance adoption of sustainable biobased BOPLA films. This partnership will strengthen TotalEnergies Corbion’s revenue generation from the biobased products.
  • In April 2023, Solvay declared its strategic collaboration with Ginkgo Bioworks to expand its R&I footprint in the U.S. The purpose of the collaboration is to develop new sustainable biopolymers and establish its presence in North America.

Key Findings of the Study 

  • The global bioplastics market was valued at USD 7.48 billion in 2023 and is projected to reach USD 74.51 billion by 2032, growing at a CAGR of 29.1% from 2023 to 2032. This growth is driven by increasing demand for sustainable alternatives to traditional plastics amid stricter environmental regulations globally.
  • Bioplastics are categorized into biodegradable (such as starch blends, and polylactic acid) and non-biodegradable types (including bio-polyethylene terephthalate). Biodegradable bioplastics, favored for their natural decomposition process, currently hold a significant market share, particularly in industries like textiles, packaging, and consumer goods
  • Rigid packaging (including bottles & jars, trays) and flexible packaging (such as pouches, and shopping bags) are key application segments driving growth. The demand for bioplastics in rigid packaging, which ensures durability and sustainability, is anticipated to grow significantly, supported by innovations in packaging solutions.
  • Europe is expected to exhibit the fastest growth in the bioplastics market by 2032. This growth is attributed to stringent regulations in the European Union aimed at reducing single-use plastics, coupled with increasing investments in bioplastic technologies and production.
Pristine Intelligence LLP

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