Bioplastics Market Size, Share & Trends Analysis Report By Product (Biodegradable, Non-biodegradable), By Application, By Region, And Segment Forecasts, 2023 - 2030

Report Overview

The global bioplastics market size was estimated at USD 11,610.5 million in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 18.8% from 2023 to 2030. An increase in health-related awareness, combined with an increasing population in Asia Pacific's emerging markets, is expected to benefit end-use industries, resulting in increased demand for bioplastics over the forecast period. The market is moderately consolidated, with large companies such as NatureWorks LLC, Total Corbion PLA, BASF SE, Biome Technologies plc present, PTT MCC Biochem Co., Ltd., as well as some small and medium-sized global and regional businesses.

The U.S. bioplastics market is expected to rise significantly over the forecast period on account of the growing demand for bio-based packaging in various sectors including consumer goods and food & beverages sectors. Bio-based plastics and bags have several attributes higher tensile strength and are eco-friendly. Thus, the demand for bioplastics is further projected to propel during the forecast period.

Moreover, expanding composting infrastructure and rising governmental efforts to reduce landfilling, such as the U.S. 2030 Food Loss and Waste Reduction Goal, are anticipated to augment the demand for bio-based bags or compostable bags used in the collection of food leftovers and other organic waste material over the forecast period.

Product Insights

The biodegradable plastics segment held a share of more than 52.0% in 2022 and is expected to maintain a healthy growth rate over the forecast period. Biodegradable plastics include polylactic acid, starch blends, PBS, PBAT, PHA, polycaprolactone, and cellulose acetate. Among them, starch blends were the largest biodegradable product segment, in terms of revenue, in 2022. Starch-based plastics are produced from widely available natural resources such as potatoes, tapioca, wheat, rice, and corn. The abundant availability of resources makes starch blends an ideal alternative to conventional plastics.

Non-biodegradable plastics include polyethylene, polypropylene, polyamide, polytrimethylene terephthalate, polyethylene terephthalate, polyethylene furanoate, and polyvinyl chloride. These plastics are derived from sustainable raw materials such as sugarcane, corn, castor oil, and others.

Non-biodegradable bioplastics are majorly used in applications such as disposables, bottles, food packaging, carry bags, shopping bags, films, automotive interiors, consumer goods, and electronics. The growing inclination of major players toward sustainable products owing to rising demand from end-users and the rising need to reduce dependency on petroleum-based products are projected to drive the growth of the segment over the forecast period. Braskem; TORAY INDUSTRIES, INC.; Arkema; and BASF SE are some of the manufacturers engaged in offering the above-mentioned products.

Application Insights

With a revenue share of more than 62.0% in 2022, the packaging application topped the market. Bioplastics are widely used in packaging applications such as personal care packaging, films & sheets, food & beverage packaging, and household care products among others. Starch blends, PLA, PBAT, PET, PE, and PBS are some of the major bioplastics used for packaging. The inclination of consumers toward sustainable packaging and the rising landfill issue across the globe is compelling manufacturers to use bioplastics for packaging.

In the packaging industry, bioplastics are majorly used in food packaging applications. Bioplastics are widely utilized for manufacturing jars, containers, and bottles as well as for fresh food packaging. In comparison to petroleum-based products, polylactic acid does not generate harmful gases during cremation and is easily compostable. Thus, their demand for packaging is expected to remain significantly high over the forecast period.

Regional Insights

In 2022, Europe led the global market with a revenue share of more than 43.0%. Bioplastics are broadly used in various essential applications such as agricultural mulch films, shopping bags, refuge bags, loose packaging, and bottles among others. Approximately, 100 billion bags are used per year in the European Union. The general consumer acceptability of bioplastics is witnessing a rise across all European countries. The market is further anticipated to be driven by the increasing usage of bioplastics in key end-use industries such as consumer goods, packaging, textiles, automotive & transportation, and medical devices among others.

The growth of the market in North America is expected to be driven by the growing demand for bioplastics. Additionally, the regional industry is characterized by the demand for sustainability, which has led to strong demand for sustainability in packaging as well. The overall demand for bioplastics in North America is also expected to be spurred by initiatives for promoting environmentally-friendly products by the U.S. Department of Agriculture.

Key Companies & Market Share Insights

The global bioplastics industry is highly competitive owing to the presence of major industries across the world as these companies are comparatively concentrated and fiercely competitive. Some prominent players in the global bioplastics market include:

• TEIJIN LIMITED

• TORAY INDUSTRIES, INC.

• Toyota Tsusho Corporation

• Avantium

• PTT MCC Biochem Co., Ltd.

• An Phat Holdings

• NatureWorks LLC

• SABIC

• BASF SE

• Futerro

• Trinseo S.A.

• Braskem

• Total Corbion PLAIR

• SUPLA (JIANGSU SUPLA BIOPLASTICS CO., LTD.)

• Solvay

Bioplastics Market Report Scope

Global Bioplastics Market Report Segmentation

This report forecasts volume growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2030. Forthis study, Grand View Research has segmented the global bioplastics market report based on product, application, and region:

• Product Outlook (Revenue, USD Billion, 2018 - 2030)

  • Biodegradable

    • Polylactic Acid

    • Starch Blends

    • Polybutylene Adipate Terephthalate (PBAT)

    • Polybutylene Succinate (PBS)

    • Others

  • Non-biodegradable

    • Polyethylene

    • Polyethylene Terephthalate

    • Polyamide

    • Polytrimethylene Terephthalate

    • Others

• Application Outlook (Revenue, USD Billion, 2018 - 2030)

  • Packaging

  • Agriculture

  • Consumer goods

  • Textile

  • Automotive & Transportation

  • Building & Construction

  • Others

• Regional Outlook (Revenue, USD Billion, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • U.K.

    • France

  • Asia Pacific

    • China

    • India

    • Japan

  • Central & South America

    • Brazil

  • Middle East and Africa