Bioplastics Market Worth $25.93 Billion by 2029- Market Size, Share, Forecasts, & Trends Analysis Report with COVID-19 Impact by Meticulous Research®

REDDING, Calif., May 3, 2022 /PRNewswire/ -- According to a new market research report titled, "Bioplastics Market by Type (Starch-based, PLA, PHA, Polyester, Bio PET, Bio PE, Bio PTT, Bio PA), Application (Packaging, Automotive, Consumer Electronics, Construction, Agriculture, Textile), and Geography- Global Forecast to 2029," published by Meticulous Research^®, the bioplastics market is expected to grow at a CAGR of 13.1% from 2022 to 2029 to reach $25.93 billion by 2029.

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Bioplastics can be obtained from renewable biomass sources, such as sugarcane and corn, or from microbes such as yeast. Some bioplastics are biodegradable or even compostable under the right conditions. Bioplastics made from renewable resources can be naturally recycled by biological processes, thus limiting fossil fuels and protecting the environment. Materials like bioplastics produced from renewable sources are the best alternative packaging (flexible and rigid) material to reduce the problem of plastic waste. Other than the packaging, bioplastics are mainly used in automotive & assembly operations, consumer electronics, textile, construction, and agriculture & horticulture, among other sectors.

A major factor contributing to market growth is consumer preference for bio-based products over synthetic products. The growing accumulation of plastic waste has become a global threat. Worldwide plastic production (excluding the production of recycled plastics) reached about 367 million tons in 2021 from 335 million tons in 2016 (Source: Plastics Europe). The large amounts of plastic waste have leeched into the natural environment with detrimental consequences. It disrupts both marine habitats and soil ecosystems and increases the risk of groundwater pollution. Biodegradable and compostable plastics (bioplastic) represent a key opportunity for reducing the harmful health, environmental, and societal impacts of plastic waste without compromising the supply chain operations.

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The social and environmental benefits, improved properties, and immense innovation potential are the main advantages of bioplastics, driving consumer preference for biobased products. Governments worldwide have taken various initiatives to promote the adoption of bioplastics. For example, BiNa, is an interdisciplinary research project funded by the German Federal Ministry of Education and Research to understand and change public perception of bioplastics by promoting its properties and benefits. Similarly, in June 2021, Science Advice for Policy by European Academies (SAPEA) organized an interactive webinar to discuss consumers' perception of biodegradable plastics, effective communication for proper management and disposal of bioplastics, and identification of policies to increase awareness. Such government initiatives are changing the perception and acceptance of bioplastics for consumers.

Bioplastics Market: Future Outlook

The global bioplastics market is segmented based on type [biodegradable bioplastic (starch-based bioplastic, polylactic acid (PLA), polyhydroxyalkanoates (PHA), polyester (PBS, PBAT, and PCL), and other biodegradable plastics) and non-biodegradable bioplastics (bio-polyethylene (pe), bio-polyethylene terephthalate (pet), bio-polyamides (PA), bio-polytrimethylene terephthalate (PTT), and other non-biodegradable plastics)], application [packaging (flexible packaging and rigid packaging), automotive & assembly operation, consumer electronics, agriculture & horticulture, construction, textile, and other applications], and geography.

On the basis of type, the biodegradable bioplastics segment is estimated to account for the largest share of this market in 2022. This segment's large market share is attributed to its key benefits of using bioplastics, such as reduced carbon footprint, energy savings in production, reduced non-biodegradable waste, and no trace of harmful additives (such as phthalates or bisphenol A).

On the basis of application, the packaging segment is estimated to account for the largest share of the market in 2022. There is a high demand for packaging made from bioplastics for wrapping organic food and premium and branded products. Along with the food industry, rigid bioplastics such as PLA, bio-PE, or bio-PET are used in packaging creams and lipsticks in the cosmetics industry and beverage bottles. The large market share of this segment is attributed to the growing use of bioplastics as an alternative packaging material, no change in flavor or scent of food contained in them, and high demand for bioplastics for wrapping organic food and premium branded products.

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This research report analyzes major geographies and provides a comprehensive analysis of Asia-Pacific (Japan, China, India, South Korea, Australia & New Zealand, and RoAPAC), Europe (Germany, France, U.K., Italy, Spain, and the Rest of Europe), North America (U.S., Canada), Latin America, and the Middle East & Africa.

In 2022, Asia-Pacific is estimated to dominate the bioplastics market, followed by Europe and North America. Asia-Pacific countries such as China and Japan are among the largest bioplastics markets globally. The major factors behind their large market size are high consumption in agriculture and other industries, stringent government regulations to reduce harmful plastic consumption, and large plastic product production capacities. Japan and China are highly industrialized and produce a large amount of plastic waste per year.

For instance, the Academy of Agricultural Sciences and Ministry of Agriculture and Rural Affairs reported that, in 2020, the consumption of plastic in China was around 5.2 million tons, out of which 3 million tons were films used for agriculture practices and 2 million tons were used for irrigation equipment. To tackle this problem, the governments of both countries are actively participating in the promotion of bioplastics and biodegradable materials. For instance, by the end of 2020, in four municipalities Shanghai, Chongqin, Beijing, and Tianjin, the capital cities of each province and other cities, prohibited non-degradable plastic bags. This was applicable in shopping malls, supermarkets, pharmacies, bookstores, and catering packaging (except fresh produce selling markets till 2025).

Some of the prominent players operating in the bioplastics market include BASF SE (Germany), BIOME BIOPLASTICS LIMITED (U.K.), DuPont de Nemours, Inc. (U.S.), FUTERRO SA (Belgium), Saudi Basic Industries Corp (Saudi Arabia), FKuR Kunststoff GmbH (Germany), AKRO-PLASTIC GmbH (Germany), BIOTEC (Germany), Braskem S.A. (Brazil), NOVAMONT S.p.A. (Italy), Plantic Technologies Ltd (Australia), PTT Global Chemical (Thailand), SHOWA DENKO K.K. (Japan), Solvay SA (Belgium), Mitsubishi Chemical Holdings Corporation (Japan), Teijin Limited (Japan), Green Dot Bioplastics Inc. (U.S.), Toray Industries Inc's (Japan), Total Corbion PLA (Netherlands), and Toyota Tsusho Corporation (Japan).

Browse in-depth TOC on "Bioplastics Market - Global Opportunity Analysis And Industry Forecast (2022-2029)"
208 – Tables
33 – Figures 
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Scope of the Report:

Bioplastics Market, by Type

• Biodegradable bioplastics
• Polyester (PBS, PBAT, and PCL)
• Starch-Based
• Polylactic Acid
• Polyhydroxyalkanoates (PHA)
• Other Biodegradable Bioplastics
• Non-biodegradable bioplastics
• Bio-polyethylene (PE)
• Bio-polytrimethylene Terephthalate (PTT)
• Bio-polyamide (PA)
• Bio-polyethelene Terephthalate (PET)
• Other Non-biodegradable Bioplastics

Bioplastics Market, by Application

• Packaging
• Flexible Packaging
• Rigid Packaging
• Textile
• Agriculture& Horticulture
• Construction
• Automotive and Assembly Operation
• Consumer Electronics
• Others

Bioplastics Market, by Geography

• Asia Pacific
• China
• Japan
• India
• South Korea
• Australia & New Zealand
• Rest of APAC (RoAPAC)
• Europe
• Germany
• France
• U.K.
• Italy
• Spain
• Rest of Europe (RoE)
• North America
• U.S.
• Canada
• Latin America
• Middle East & Africa

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