Bio-Plastics Market Size, Share, Growth, and Industry Analysis by Type (Bio-PET, Bio-PE, Bio-PA, Bio-degradable Polyesters, PLA & PLA Blends, Starch Blends, PHA & Others), By Application (Bottle, Food Services, Agriculture/Horticulture, Consumer Products, Automotive & Others) & Regional Forecast From 2024 To 2031

Updated On: 22 April 2024

Bio-Plastics Market Report Overview

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The global bio-plastics market size is USD 3760 million in 2022, & the market is expected to reach USD 6273 million in 2031, exhibiting a CAGR of 5.8% during the forecast period. Nature Works, DSM, Evonik Industries, BASF are Top players in the bio-plastics market.

The global COVID-19 pandemic has been unprecedented and staggering, with bio-plastics industry experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

Biodegradable plastics, commonly referred to as bio-plastics, are a type of plastic made from renewable resources like microorganisms or plant-based components (such as corn, sugarcane, etc.). They are made to degrade more quickly through natural processes, including composting or microbial action, compared to conventional plastics generated from fossil fuels, which lessens their environmental impact.

They are frequently utilized in a variety of applications, such as packaging, disposable cutlery, and agricultural films, and they provide a more environmentally friendly substitute for traditional plastics. Government policies encouraging the use of bio-based materials, consumer demand for sustainable goods, and advancements in bio-plastics technology were some of the drivers driving the industry. They were being adopted by large industries like packaging, automotive, and consumer products to lower their carbon footprint.

COVID-19 Impact: Industry Shutdown Causes Market Distortion

For chemicals and advance materials, the COVID-19 outbreak resulted in issues like unstable markets, a decline in client confidence, and challenges with import and export business. The global supply chain includes the sourcing of raw materials, packaging, and distribution. Moving commodities, chemicals, and other items has become challenging due to lockdowns. It had a financial impact on the markets for material in addition to having an immediate impact on markets, supply chains, supply and demand, and all of these other things. Producers of chemicals are focusing on protecting their workforce, operations, and supply networks in order to handle this urgent situation. The pandemic impacted the industry dynamics, forcing organizations to revamp their entire operation structures to maintain stability amid the disruptions. Aside from that, the companies' business operations have been affected by the outbreak, which has an effect on the overall chemicals and advanced materials industry. This has partially impacted the bio-plastics industry. 

LATEST TRENDS

"Increasing Demand to Boost the Market Growth"

The key trend boosting the market expansion is increasing demand for the product. A trend towards more environmentally friendly alternatives like these polymers has resulted from growing awareness of the negative environmental effects of conventional plastics, particularly single-use plastics. A favorable climate for the use of plastics has been created by the implementation of rules and policies by numerous governments throughout the world to limit plastic waste and encourage the use of bio-based products. The demand for these items in their products and packaging is increasing as more businesses implement sustainability efforts and establish goals to lower their carbon impact. Thus, a key trend that is opening up potential for the industry to grow is the increasing demand. These new developments are mostly to blame for the market's overall growth.

Bio-Plastics Market Segmentation

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• By Types 

Based on type, the market is classified into Bio-PET, Bio-PE, Bio-PA, Bio-degradable Polyesters, PLA & PLA Blends, Starch Blends, PHA & Others.

• By Application

Based on the market is categorized into Bottle, Food Services, Agriculture/Horticulture, Consumer Products, Automotive & Others.

DRIVING FACTORS

"Eco-Conscious that Gives the Market Extra Boost"

Eco-conscious products in the Bio-Plastics industry refer to plastic materials made from renewable resources or biodegradable sources. This resource is the main driver of the market's expansion. By providing more environmentally friendly substitutes, these items seek to lessen the negative effects of traditional plastics on the environment. Plastics that are environmentally friendly can be produced using sources including maize starch, sugarcane, algae, and other organic resources. These bioplastic choices are becoming more and more popular with consumers and businesses as a means of addressing worries about plastic waste and its effects on the environment. These polymers are a good option for anyone aiming to adopt more environmentally friendly behaviors because they can minimize greenhouse gas emissions and dependence on fossil fuels. As a result, the growth, and the growth in eco-conscious product will boost the industry. It will contribute to the expansion of the chemicals & advanced materials industry and it will improve the bio-plastics market growth.

"Technological Advancement to Encourage Market Expansion"

Technological advancement is another factor boosting the market sales. To create bio-plastics more effectively and sustainably, researchers have been looking into new feedstock possibilities like agricultural waste, algae, and bacteria. The biodegradability of plastics has been improved, making it possible for them to decompose more efficiently in a variety of conditions and minimizing their influence on ecosystems. Due to advancements in the industry, these polymers now have improved mechanical and thermal characteristics that make them appropriate for a wider range of applications. To generate materials with better qualities and a smaller environmental impact, researchers have been merging several bio-polymers together or with conventional plastics. As a result, these factors are collectively promoting market expansion, increasing company revenues. As a result, above mentioned factors will help the market to boost.

RESTRAINING FACTORS

"High Cost to Impede Market Expansion"

The market is being hampered by excessive costs. The production costs of these polymers may be higher than those of conventional plastics, which may prevent their widespread use in some sectors and applications. This obstacle prevents the market from growing. This factor is impeding market expansion. This may be a significant issue limiting market expansion. If this problem is fixed, the market will start to grow right away.

Bio-Plastics Market Regional Insights

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"North America Dominating the Market Across the Globe"

The market for bio-plastics is in North America has benefited from the region's expanding industrial development, and various driving factors which has increased the potential sectors as this region is the largest user of the product. The key factor driving the growth of the bio-plastics market share is the growing demand of product in the bottle, food services, agriculture/horticulture, consumer products & automotive is one of the major reasons to drive the market. Rapid urbanization developments will further boost the overall market.

KEY INDUSTRY PLAYERS

"Leading Manufacturers to Boost Product Demand"

Study includes information on the market players and where they stand within the sector. Data is being collected and made available through proper research, mergers, technical advancement, growing production facilities, and cooperation. The study on materials offers details on manufacturers, regions, types, applications, sales channels, distributors, traders, dealers, research findings, and more.

List of Market Players Profiled

• NatureWorks (U.S.)
• DSM (Netherland)
• Evonik Industries (Germany)
• BASF (Germany)

REPORT COVERAGE

The study goes into great detail about market segmentation by type and application. The study examines a broad range of participants, including existing and potential market leaders. A considerable market expansion is anticipated as a result of several important factors. In order to provide market insights, the research additionally analyses elements that are probably to boost bio-plastics market share. The report makes forecasts for market expansion during the projected time period. The objective of the regional study is to explain why one region dominates the worldwide market. There are a lot of issues that have all been carefully considered that prevent the industry from growing. The research also contains a market strategic analysis. It includes thorough market information.