The report “Bioplastics & Biopolymers Market by Type (Biodegradable, Non-Biodegradable/ Bio-Based), End-Use Industry (Packaging, Consumer Goods, Textiles, Agriculture & Horticulture, Automotive & Transport, Coatings & Adhesives), & Region – Global Forecast to 2027″, size of bioplastics & biopolymers was USD 11.5 billion in 2022 and is projected to reach USD 27.3 billion by 2027, at a CAGR of 18.9%, between 2022 and 2027. Bioplastics are plastics derived from renewable sources such as corn, potatoes, rice, soy, sugarcane, wheat, and vegetable oil, while biopolymers are naturally occurring polymers. Bioplastics may or may not be biodegradable. They are mainly segmented into biodegradable and non-biodegradable plastics for various applications in packaging, consumer goods, automotive & transportation, agriculture & horticulture, medical, and other end-use industries.
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- 244 Market data Tables
- 42 Figures
- 283 Pages and in-depth TOC on “Bioplastics & Biopolymers Market – Global Forecast to 2027”
Some of the prominent key players are:
· BASF (Germany)
· NatureWorks LLC (US)
· Braskem (Brazil)
· TotalEnergies Corbion (Netherlands)
· Novamont S.P.A (Italy)
· Biome Bioplastics Limited (UK)
· Mitsubishi Chemical Group Corporation (Japan)
· Biotec Biologische Naturverpackungen GmbH & Co. (Germany)
· Plantic Technologies Limited (Australia)
· Toray Industries, Inc. (Japan)
Driver: Shift in consumer preference toward bio-based plastics
As awareness of sustainable plastic solutions and efforts to eliminate the use of non-biodegradable conventional plastics grows, the bioplastics market is growing too. Traditional plastics, which are typically based on petroleum, take decades to break down or degrade and can end up in landfills for a long time. Biodegradable plastics break down faster when they are discarded and can be absorbed back into the natural system, while the rate of decomposition of biodegradable plastics by the activities of microorganisms is much faster than that of traditional plastics. This growing consumer awareness is encouraging more people to switch to bioplastics and biopolymers.
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Agriculture & Horticulture end-use industry to register highest CAGR during the forecast period
Biopolymers offer specific advantages, such as biodegradability and biobased content, making them a preferable choice in agriculture. Farmers have been using PBAT and PBS mulch films to improve crop productivity and soil quality. These polymers are also used in the cultivation, harvesting, and processing of agricultural products. Agricultural films can also be used in making plant pots. Biopolymers, such as starch-based plastics, PBAT, and PBS, are used for many applications, including agricultural mulch films, seeding strips, tape planters, planting pots, and covering films. When the mulch films were incorporated into the soil, biodegradability and water-solubility of bioplastics increased. This led to an increased demand for bioplastics in agriculture.
Asia Pacific to register highest CAGR during the forecast period
Government regulations in the Asia Pacific region regarding plastic bags ban and global warming initiatives help in market growth. Prices of bioplastics & biopolymers are higher than conventional, petroleum-based resins, which act as a major restraint for the market growth in the region. The lower living standards and low disposable income of the people in Asia Pacific will result in a price reduction of bioplastics & biopolymers in the region.
Moreover, the increasing regulations in the plastics industry and focus on sustainable development provide opportunities for the replacement of plastics with bioplastics in this region. Consumer awareness regarding sustainable plastics and the pressure from retailers contribute to the rising demand for bioplastics.