by These composites exhibit favorable characteristics such as high strength, biodegradability, recyclability, and competitive pricing. They find wide applications in various end-use industries like packaging, automotive and transportation, building and construction, and consumer goods. The rising environmental concerns regarding plastic waste disposal and the depleting fossil fuel reserves are promoting the adoption of sustainable alternatives like bioplastics. The use of natural fibers in bioplastic composites enhances mechanical properties while maintaining recyclability.
The Global bioplastic composites market for injection molding is estimated to be valued at US$ 46.35 Bn in 2024 and is expected to exhibit a CAGR of 13% over the forecast period from 2024 to 2030.
Key Takeaways
Key players: Key players operating in the bioplastic composites market are Thermo Fisher Scientific, Inc., Custom Biogenic Systems, Chart Biomedical Co. Ltd., Merck KGaA, Barber-Nichols Inc., Praxair Technology, Inc., Linde LLC, Planer PLC, Cryologic Pty. Ltd., Charter Medicals, Nikkiso Cryo Inc., Cryogenic Control, and Haimen United Laboratory Equipment Development Co., Ltd.
Key opportunities: increasing R&D towards developing advanced bioplastic materials, growing automotive industry demand for sustainability, and supportive government policies for green initiatives present key opportunities in the market.
Global expansion: Major players are focusing on capacity expansions and new product launches to cater to the growing demand. Partnerships with OEMs and supply contracts help achieve larger geographical presence.
Market drivers: The primary market driver is the rising environmental concerns regarding plastic waste. Other drivers include depleting fossil fuel reserves, development of advanced production technologies, and growth in end-use industries like packaging and automotive. Stringent regulations to curb single-use plastics also promote the adoption of bioplastic composites.
In conclusion, the Bioplastic Composites Market Size exhibits high growth potential driven by sustainability initiatives. Ongoing R&D and partnerships with end-users will further catalyze the market expansion in the coming years.
PEST Analysis
Political: Regulations on usage of plastics are becoming stricter to reduce pollution, which favors growth of bioplastics made from renewable resources.
Economic: Lower oil prices had hampered growth of bioplastics earlier as petroleum-based plastics remained cheaper. However, economic incentives and tax benefits are now promoting adoption of sustainable alternatives.
Social: Rise in environmentally conscious consumer behavior is driving demand for ‘green’ products and packaging made using natural materials instead of fossil fuels.
Technological: Advancements in extraction and processing of renewable biomass as well as development of new bio-materials and polymers are helping improve performance characteristics of bioplastics to match conventional plastics. Continuous innovation is also reducing costs.
Around two-fifths of the overall demand for bioplastic composites used in injection molding comes from Europe. Countries like Germany, Italy, France and the UK have stringent environmental regulations as well as initiatives promoting circular economy that drive higher bioplastic usage.
Asia Pacific region is witnessing the fastest growth and its share is projected to increase significantly over the forecast period. Countries like China, India, Thailand and Indonesia offer a favorable policy environment coupled with increasing manufacturing activity and economic development. As environmental issues rise up the priority list, bioplastics adoption is growing across various industries in the Asia Pacific region.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
