Bioplastics are biodegradable and renewable plastics derived from biomass sources like vegetable fats and oils, corn starch or microbiota. Bioplastic packaging is used extensively for fresh food,bakery and confectionery packaging applications. It provides moisture barrier and grease resistance properties essential for these applications.Some key bioplastic resins used are polylactic acid (PLA),polyhydroxyalkanoates (PHA),biopolyethylene(Bio-PE), and bio-polyethylene terephthalate (Bio-PET).The global bioplastics market is estimated to be valued at US$16.9 Bn in 2024 and is expected to exhibit a CAGR of 4.1% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Increasing concerns about plastics waste and environmental pollution is a key driver boosting growth of the bioplastics market. Plastic waste has become a major environmental issue globally as most plastics are not biodegradable and their disposal has been challenging. Bioplastics help resolve this issue as they are made from renewable biomass sources and can degrade and compost unlike traditional plastics. This is promoting their adoption in various packaging applications. The other driver fueling market growth is support from governments worldwide in the form of subsidies, incentives and regulations to promote use of biodegradable plastics. Many countries have banned specific single use plastic items or have plastic recycling targets in place which is influencing packaging producers and consumer brands to replace petroleum-based plastics with bioplastics. However, higher production costs of bioplastics compared to traditional plastics is a major challenge to their widespread adoption. Ongoing R&D to lower costs through technological advancements in fermentation and production processes can help address this challenge over the forecast period.
SWOT Analysis
Strength: Bioplastics are made from renewable sources like corn, sugarcane or agricultural waste which makes them more environment friendly than traditional plastics. They have better biodegradability and can degrade completely without harmful residues. Their production requires less energy compared to petroleum-based plastics.
Weakness: Bioplastics have limited applications currently and higher production costs than traditional plastics. Their mechanical and thermal properties are inferior compared to petroleum-based plastics which restricts their end uses.
Opportunity: Increasing regulation on use of single use plastics and plastic waste management provides growth opportunities for bioplastics. Rising consumer demand for sustainable packaging also presents opportunities. Developing newer bioplastic types with improved properties would widen application areas.
Threats: Established petrochemical industry dominance poses challenge for widespread adoption of bioplastics. Fluctuating agricultural commodity prices impact raw material costs of bioplastics production.
Key Takeaways
The Global Bioplastics Market Share is expected to witness high growth driven by supportive regulatory policies and increasing environmental awareness. The market size is estimated to reach USD 8.1 billion by 2031 from USD 3.7 billion in 2024, rising at a CAGR of 4.1% during the forecast period.
Regional analysis: Europe currently dominates the bioplastics market owing to stringent regulations restricting single use plastic usage. However, Asia Pacific is expected to witness fastest growth on account of rapid industrialization, growing packaging industry and implementation of plastic waste management rules in several countries. Countries like China, India, Thailand and Indonesia are emerging as major producers and consumers of bioplastics in the region.
Key players: Key players operating in the bioplastics market are Braskem, NatureWorks, Novamont, BASF, Total Corbion PLA, Biome Bioplastics, Mitsubishi Chemical Holding Corporation, Toray Industries and Danimer Scientific. These companies have leading market presence and are focusing on new product development and capacity expansion to capitalize on business opportunities.
Get More Insights Here
https://www.newsstatix.com/bioplastics-market-size-share-growth-outlook-2023/
https://techaxen.com/mesenchymal-stem-cells-the-future-of-regenerative-medicine/
