Bioplastics & Biopolymers Market worth $45.2 billion by 2029, at a CAGR of 24.2%, says MarketsandMarkets™
Chicago, May 16, 2024 (GLOBE NEWSWIRE) -- *The Global **Bioplastics & Biopolymers Market**, valued at USD 15.3 billion in 2024, is anticipated to reach USD 45.2 billion by 2029, with a CAGR of 24.2% during the forecast period, **as per the recent study by MarketsandMarkets™.* Key factors driving this market include the expanded utilization of bioplastics in packaging, stringent waste management regulations in Europe, governmental emphasis on green procurement policies, prioritization of bio-based content over biodegradability, and a consumer shift towards eco-friendly plastic products.
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*261 - Market Data Tables*
*54 - Figures*
*318 - Pages*
*List of Key Players in Bioplastics & Biopolymers Market**:*
1. NatureWorks LLC (US)
2. Braskem (Brazil)
3. BASF SE (Germany)
4. TotalEnergies Corbion (Netherlands)
5. Novamont S.P.A (Italy)
6. Biome Bioplastics Limited (UK)
7. Mitsubishi Chemical Group Corporation (Japan)
8. Biotec Biologische Naturverpackungen GmbH & Co. (Germany)
9. Plantic Technologies Limited (Australia)
10. Toray Industries, Inc. (Japan)
*Drivers, Opportunities and Challenges in Bioplastics & Biopolymers Market:*
1. *Drivers:* Government focuses on green procurement policies & regulations
2. *Restraint:* Higher prices of biodegradable plastics than that of its alternatives
3. *Opportunity:* High potential in emerging economies
4. *Challenge: *Fluctuating oil prices create volatility in demand for biodegradable plastics
*Key Findings of the Study:*
1. *PBAT is estimated to be the second largest market in the global bioplastics & biopolymers market, by product type, during the forecast period, by Value.*
2. *Sugarcane/Sugar beet to be the largest market in the global bioplastics & biopolymers market during 2024 to 2029, by value.*
3. *Consumer goods is estimated to be the second-largest end-use industry, in 2024.*
4. *Europe accounted for third largest region, by value, during the forecast period.*
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The Asia-Pacific region is forecasted to witness the highest growth and emerge as the largest market for bioplastics and biopolymers. The emergence of new applications and substantial potential in Southeast Asian nations like Thailand and Indonesia present significant growth opportunities. Additionally, Asia Pacific's attractiveness as an investment destination for bioplastic and biopolymer manufacturers is bolstered by the availability of cost-effective raw materials and labor, alongside rising domestic demand.
In terms of product type, Polylactic Acid (PLA) dominates the biodegradable segment of the bioplastics and biopolymers market by value. PLA, known for its versatility and excellent barrier properties, serves as an ideal replacement for materials like polystyrene (PS), polypropylene (PP), and acrylonitrile butadiene styrene (ABS) in demanding applications.
Sugarcane and sugar beet constitute over a quarter of the total market volume in terms of raw material usage for bioplastics and biopolymers. Bioplastics derived from sugarcane ethanol exhibit similar physical and chemical properties to traditional plastics while maintaining full recyclability. Furthermore, the carbon footprint of sugarcane ethanol-based bioplastics is lower due to the CO2 absorption during sugarcane growth. These bioplastics find applications in various products such as bags, covers, tubes, films, wraps, and stretch films, contributing to a shift towards more environmentally friendly packaging solutions.
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Within the end-use industry, packaging stands as the largest consumer of bioplastics and biopolymers. Increasing environmental regulations and evolving consumer lifestyles have driven the demand for bioplastics and biopolymers in packaging applications. Attributes like high durability and water impermeability have spurred plastic usage in packaging. Moreover, food and beverage manufacturers are increasingly adopting bioplastics and biopolymers to address environmental and economic concerns. Starch and PLA emerge as the most prevalent biodegradable materials used in food and beverage packaging, with escalating fuel prices and concerns over fossil fuel usage driving the transition towards these sustainable alternatives.
NatureWorks LLC, a major biopolymers supplier, is co-owned by Cargill and PTT Global Chemical. The company specializes in producing biopolymers from renewable sources like corn, starch, and vegetable oils. Its product range includes series for extrusion/thermoforming, injection molding, films & cards, fibers & nonwovens, and 3D printing. NatureWorks serves various industries such as beauty & household, construction, food service, electronics, medical, and hygiene across North America, Europe, Japan, and Asia-Pacific. It operates manufacturing facilities in Blair, Nebraska, with a capacity of 150,000 metric tons of ingeo biopolymer.
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