Bio-Plastics Market Trend, Share, Growth and Forecast 2032

Bio-Plastics Market Insights

Zion Market Research has published a report on the global Bio-Plastics Market, estimating its value at USD 12.86 Billion in 2023, with projections indicating that it will reach USD 59.89 Billion by 2032. The market is expected to expand at a compound annual growth rate (CAGR) of 18.64% over the forecast period 2024-2032. The report explores the factors fueling market growth, the hitches that could hamper this expansion, and the opportunities that may arise in the Bio-Plastics Market industry. Additionally, it offers a detailed analysis of how these elements will affect market demand dynamics and market performance throughout the forecast period.

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Bio-Plastics Market: Overview

Bio-plastics are the degradable polymers that are obtained from a renewable feedstock including agricultural wastes, vegetable fats & oils, cornstarch and others ingredients. They are used as a substitute for conventional plastics materials. Comparatively, bio-plastics emit less carbon and are highly biodegradable. Thus, it has broad range of applications viz., grocery bags, food containers, electronics casings, disposable cutlery, etc.

Bioplastics are used in various application such as agriculture automotive & transportation, consumer goods, textile, and building & construction. This factor is anticipated to spur the market growth. It possesses a unique potential and thus, can help reduce Greenhouse Gas (GHG) emissions effectively.

Bio-Plastics Market: Growth Factors

Factors responsible for the growth of the market are Environmentally Friendly Properties, High Consumer Acceptance, Favorable Government Policy, and Renewable Raw Material Sources. On the contrary, High Cost to End User, and Limited Performance are the factors which hinders the market growth.

Decrease in Dependency on Petroleum Resource & Advancement in R&D, and Growth in Corporate Social Responsibility (CSR) are the factors which create lucrative opportunities in the market.

Bio-Plastics Market: Segmentation

Based on product segmentation, the global bio-plastics market is bifurcated into bio-PET, starch blends, PLA, bio-PA, bio-PE, and others. Among these products, Bio-PET was the largest product segment of global bio-plastics market in 2016. The starch blend was a second largest segment of the global bio-plastics market in the same year.

Based on diverse application, the global bio-plastics market is segmented into packaging, consumer goods, automotive, construction, electronics and other applications. 

Bio-Plastics Market: Report Scope

Bio-Plastics Market: Regional Landscape

In terms of geography, Europe was the dominating market of bio-plastics in 2016. Surging demand for bio-plastics in rigid packaging is likely to bolster the market growth in the region over the years to come. Europe was followed by North America in the same year. The stringent rules and regulations are expected to boost the demand for bio-plastics globally in the near future. Moreover, Asia Pacific is predicted to be the fastest growing market of bio-plastics within the forecast period owing to the increasing demand for starch-based and PLA based plastics in food and beverages industry in the region.

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Key Market Players & Competitive Landscape

Some of the major players of the global bio-plastics market include

• Cardia Bioplastics
• BASF SE
• Toray Industries Inc
• Braskem
• Natureworks LLC
• E.I. du Pont de Nemours, and Company
• Corbion NV
• Dow Plastics
• Solvay SA
• Evonik Industries
• Novamont SPA

The global Bio-Plastics Market is segmented as follows:

By Products

• Bio-PET
• Starch Blends
• PLA
• Bio-PA

By Applications

• Automotive
• Construction
• Packaging
• Consumer Goods
• Electrical & Electronics
• Others
• Biosensors

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa