Bioplastics Market Size, Share, Growth Analysis, By Raw Material (Sugar Cane, Potato), By Product Type (Biodegradable, Non-Biodegradable), By End-use Industry (Packaging, Automotive & Transport), By Region - Industry Forecast 2024-2031

Global Bioplastics Market size was valued at USD 11.6 Billion in 2022 and is poised to grow from USD 13.83 Billion in 2023 to USD 56.36 Billion by 2031, growing at a CAGR of 19.20% during the forecast period (2024-2031).

Research is exploring new sources for developing alternative plastics, including seaweeds, insects, and animals. Although not all of these materials are biodegradable, a significant portion can decompose rapidly. Biomass-based plastics are being promoted as alternatives to conventional fossil-based plastics for applications such as packaging, textiles, electrical components, automotive parts, and furniture. The shift towards biodegradable plastics is driven by stringent regulations and legislation imposed on non-renewable, single-use plastics by various agencies. This has led industries to focus on creating and utilizing biodegradable plastic grades for a wide range of applications. Efforts are being made by both individuals and companies to develop environmentally sustainable plastics to secure a greener future for future generations. According to Packmedia, East and Central Asia each hold a 28% share of the market. In Europe, the market has experienced an increase of approximately 6.4% in sales and 1.6% in volume. For 2022, the projected growth rates are 2.9% in sales and 2% in volume at the European level.

Top-down and bottom-up approaches were used to estimate and validate the size of the Global Bioplastics market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Bioplastics Market Segmental Analysis

Global Bioplastics Market is segmented based on Product, Application and Region. Based on Raw Material, the market is segmented into Sugar Cane, Potato, Corn Starch, Switchgrass, Vegetable Oil, Cassava, Wheat, and Others. Based on Product, the market is segmented into Biodegradable (Polybutylene Adipate Terephthalate (PBAT), Polybutylene Succinate (PBS), Polylactic Acid (PLA), Polyhydroxyalkanoate (PHA), Starch Blends, Cellulose Films, Others), And Non-biodegradable (Bio-based Polyethylene (Bio-PE), Bio-based Polyamide (Bio-PA), Bio-based Polyethylene Terephthalate (Bio-pet), Polytrimethylene Terephthalate (PTT), Polyethylene Furanoate (PEF), Bio-based Polypropylene (Bio-PP), Others). Based on Application, market is segmented into Packaging (Flexible Packaging, Rigid Packaging), Textile, Consumer Goods, Automotive & Transport, Agriculture & Horticulture, Building & Construction, Coatings & Adhesives, Electronics & Electricals, and Others. Based on region, the market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America.

Drivers of the Global Bioplastics Market

Biodegradable polymers are increasingly being utilized across various industries, with the packaging industry being the most prominent. These polymers offer qualities similar to conventional plastics and are used in both rigid and flexible packaging. The rise in global e-commerce activity is expected to drive a significant demand for packaging materials in the future. As bio-based polymers can easily replace conventional plastics, their use presents an effective solution to reduce plastic pollution. Additionally, the food and pharmaceutical industries are expanding their demand for renewable feedstock-based polymers. The growing demand for ready-to-eat foods in both developed and emerging economies has led manufacturers to seek packaging materials that are safe, inert, and environmentally friendly. These efforts are expected to increase the global market share of bioplastics. By adopting biodegradable packaging materials, manufacturers can meet consumer demands while minimizing environmental impact, further driving the growth of the bioplastics market.

Restraints in the Global Bioplastics Market

While biodegradability is a clear advantage, most bioplastic grades require complex industrial composting methods to decompose, and only a few countries possess the necessary equipment. Consequently, these materials may end up in landfills or contaminate recycling streams, causing environmental harm. This necessitates a separate disposal process for such polymers, leading to higher product costs. Moreover, the feedstock crops used in bioplastic production often compete with food production, as the land required for growing these crops could otherwise be used to feed people. According to the Plastic Pollution Coalition, meeting the current global demand for bioplastics would require 13,800 square kilometers of land-an area larger than Belgium, the Netherlands, and Denmark combined. This competition for land and resources has driven up the cost of bioplastics compared to traditional plastics. For instance, Columbia University's Earth Institute reports that PLA (polylactic acid) can be 20-50% more expensive than conventional plastics due to the complex process of converting corn and sugarcane into lactide monomers for PLA production.

Market Trends of the Global Bioplastics Market

Bioplastics, known for being environmentally friendly and easily degradable, are widely used in flexible packaging. They are commonly utilized for packaging food items, beverages, medicines, and more. Beyond these applications, bioplastics are also employed in packaging napkins, tissues, nappies, sanitary towels, toilet papers, coated cardboard, and coated paper for food wrapping. Additionally, they are used for flexible and loose-fill packaging. Due to their extensive use in the packaging industry, bioplastics significantly contribute to market growth.