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Bioplastics
bioplastics market
The global bioplastics market is estimated at US$ 8.98 Bn in 2022 and is expected to reach US$ 26.2 Bn by 2032. Bioplastic demand is anticipated to surge at 11.3% CAGR from 2022 to 2032 in terms of value.
BASF SE, Braskem, Mitsubishi Chemical Corporation, Evonik Industries AG, and Corbion are key manufacturers of bioplastics, accounting for 48% market share. China, the U.S., Germany, South Korea, and Japan lead the consumption of bioplastics. Germany accounts for 24.6% share of the European market. China accounts for 21% share of the global market for bioplastics.
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Key Companies-
BASF SE Toray Industries SABIC Teijin Ltd. Toyota Tsusho M& G Chemicals PTT Global Chemical Public Company Ltd. Showa Denko K.K. NatureWorks LLC Futerro SA E. I. du Pont de Nemours and Company Braskem Corbion N.V. Galactic Solvay SA DSM N.V. Arkema Techno Polymer Co. Ltd. RTP Company Avantium and more
Growing focus on sustainable alternatives to conventional petroleum-based plastic and substantial application of plastic in various end-use industries such as packaging, construction, automotive, etc., will remain key influencing factors for the growth of the market.
With high application coverage of plastic (annual consumption of 372 million tons), the market for bioplastics has significant potential for growth. Increase in the adoption of bio-based plastics in several applications will fuel demand. With current coverage of 0.7% of the global conventional plastics market, consumption of bioplastics is set to rise at a CAGR of 11.3% over the forecast period of 2022 to 2032.
Bio-degradable plastics are gaining traction in the global market as compared to their counterparts owing to their decomposable nature. Further, significant growth in the packaging industry is bolstering the demand for bio-degradable plastics as these are highly flexible. Emerging new applications of bio-based plastics and expansion of installed capacity by suppliers will add to market growth.
“Key market players are focusing on green plastics and recycling plastics to attain their sustainability goals and shift to a circular economy with minimal carbon footprint,” says a Persistence Market Research analyst.
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Key Market Segments Covered
. Product Type
. Application
. Region
Report Coverage
. Market Forecast
. Company Share Analysis
. Competition Intelligence
. DROT Analysis
. Market Dynamics and Challenges
. Strategic Growth Initiatives
By Region:
. North America
. Latin America
. Europe
. East Asia
. South Asia & Pacific
. Middle East & Africa
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Key Takeaways from Market Study
Bioplastics market estimated to be valued at US$ 8.98 Bn in 2022. Packaging to remain prominent application of bioplastics and account for 46% of the demand in East Asia bioplastic. Bio-degradable plastic to gain 150 BPS by the end of the forecast period. East Asia and Europe to remain key markets for bio-based plastic suppliers accounting for around 60% of global volume consumption. The market will get consolidated over the coming years with an increase in investments by leading manufacturers. It is also expected to see a rise in the entry of new players owing to the high potential of the market. Significant investments are expected in South Asia Pacific with key players setting up production units and strengthening their supply chain networks.
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