PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1271267
PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1271267
The bio-based plastic industry witnessed remarkable growth after replacing conventional plastics due to its eco-friendly nature, improved functionalities, and suitability for new applications across different industries. This has led to the use of bio-based plastics in packaging, automotive, building & construction, and electronics industries.
Plastic Pollution has become a major environmental concern globally. According Plastic pollution facts and information, Around 4.1 Mn tons of garbage is disposed every day, out of which 15% (0.60 Mn tons) comprises plastics. Plastics are expected to account for 20% of the entire oil pollution in the following 25 years, compared to an estimated 7% in 2016. Plastic production has reached a record high of 392 Mn tons in 2022 and is expected to reach 1,142 Mn tons by 2050. Further aggravating the issue is the fact that only 8.3% of the plastics are recycled, while the remainder either end ups in oceans or landfills. Approximately 8 Mn tons of plastics are dumped into the ocean every year. These factors have increased consumer awareness and have shifted their inclination toward the usage of bioplastics. Furthermore, these concerns have also paved the way for several manufacturers to enter this market and attract the consumer base for bio-plastics.
Around 4.1 Mn tons of garbage is disposed every day, out of which 15% (0.60 Mn tons) comprises plastics. Plastics are expected to account for 20% of the entire oil pollution in the following 25 years, compared to an estimated 7% in 2016. Plastic production has reached a record high of 392 Mn tons in 2022 and is expected to reach 1,142 Mn tons by 2050. Further aggravating the issue is the fact that only 8.3% of the plastics are recycled, while the remainder either end ups in oceans or landfills. Approximately 8 Mn tons of plastics are dumped into the ocean every year. These factors have increased consumer awareness and have shifted their inclination toward the usage of bioplastics. Furthermore, these concerns have also paved the way for several manufacturers to enter this market and attract the consumer base for bio-plastics.
Bio-based plastic has poor thermal resistance and brittleness property which makes it less durable and restricts its use across various applications. This is expected to hamper the market growth of biobased plastic. Moreover, the production of biodegradable plastic has a lengthy procedure and even contains harmful chemicals. Therefore, such disadvantages associated with biobased plastic is projected to hinder market growth.
The growing trend of bio packaging among manufacturers is projected to foster market growth over the forecast period. For instance, in July 2019, Nestle announced that its YES! Fruit and nut bars will soon be packaged in recyclable paper wrappers that will decompose within six months, even in the ocean. Therefore, the growing demand for bio packaging is projected to propel the market growth over the forecast period.
Europe dominated the global bio-based biodegradable plastics market in 2022, in terms of volume, and the region is projected to maintain its dominance throughout the forecast period. Changing manufacturers' preference towards bio-based material for packaging and the presence of a large number of packaging manufacturers in the region are expected to fuel demand for bio-based plastic over the forecast period.
"*" marked represents similar segmentation in other categories in the respective section.
Brows 50 market data tables* and 38 figures* on "Global Bio-based Biodegradable Plastics Market" - Global forecast to 2030