by Bioplastics are increasingly being used in packaging applications due to their biodegradability and sustainability benefits. Bioplastics find wide usage in food packaging and storage of various products. They help reduce carbon footprint and lessen pollution. The global bioplastics market is estimated to be valued at US$ 8.5 billion in 2024 and is expected to exhibit a CAGR of 4.1% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Bioplastics are plastics that are made from renewable biomass sources such as vegetable fats and oils, cornstarch, straw, woodchips or even microbial fermentation of sugar and starch. They are biodegradable unlike conventional plastics which are produced from petroleum. Common bioplastics used in packaging include polylactic acid (PLA), polyhydroxyalkanoates (PHA), polybutylene succinate (PBS) and cellulose based packaging. They help replace fossil fuel based plastics and prove useful in food packaging, bags, bottles and agricultural films. The advantages of using bioplastics in packaging lies in their ability to decompose without harmful emissions and reduce dependence on petroleum for plastic production. They have emerged as a sustainable alternative to plastics.
Market key trends:
One of the key trends in the bioplastics market is the increasing research and development for new bioplastic materials. Continuous innovations are being made to derive bioplastics from novel renewable sources and tailor their properties for specific applications. Advancements are focused on improving biodegradability, mechanical strength and thermal resistance of bioplastics. Another significant trend is the rising popularity of bioplastic films and bags due to stringent regulations on single-use plastics. Many nations have either banned or put levies on conventional plastic bags and films. This has boosted replacement demand for compostable bioplastic bags and wraps. Manufacturers are actively promoting bioplastic films for applications like agriculture, shopping bags and food packaging.
Porter’s Analysis
Threat of new entrants: The threat is moderate as the bioplastics industry requires significant investment in R&D and market development. Bargaining power of buyers: The bargaining power of buyers is high due to the presence of substitutes like conventional plastics. Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw material suppliers have limited control over pricing. Threat of new substitutes: The threat of new substitutes is high as conventional plastics are cheaper alternatives. Competitive rivalry: The competition is high among existing players to increase their market share.
Key Takeaways
The Global Bioplastics Market Share is expected to witness high growth.
Regional analysis related content comprises Asia Pacific dominates the global bioplastics market and is expected to witness the fastest growth over the forecast period. Countries like China, India, Japan and South Korea are driving the market growth in this region.
Key players operating in the bioplastics market are BASF SE, NatureWorks LLC, Novamont S.p.A., Braskem S.A., Corbion NV, Arkema S.A., Koninklijke DSM N.V., Indorama Ventures Public Company Limited, Metabolix, Inc., and Mitsubishi Chemical Corporation.
