The market size of bioplastics & biopolymers is estimated at USD 6.95 billion in 2018 and is projected to reach USD 14.92 billion by 2023, at a CAGR of 16.5% from 2018 to 2023.
Increasing use of bioplastics in the packaging end-use industry, increase in waste management regulations in Europe, favorable government policies, increased focus on bio-based content rather than biodegradability, and growing concern for human health are driving the demand for bioplastics & biopolymers. However, high price of bioplastics is a major restraining factor to the market.
The non-biodegradable bioplastics type segment is projected to register the highest CAGR during the forecast period
Non-biodegradable bioplastics is projected to be the largest and the fastest-growing type of bioplastics & biopolymers. The major non-biodegradable bio-based polymers include, bio-PE, bio-PET, bio-PP, bio-PUR, and bio-PEF. Bio-PET is the most widely used non-biodegradable bioplastic. It is majorly used for the bottle packaging application, which accounts for a large share in the packaging industry.
The packaging end-use industry is projected to register the highest CAGR during the forecast period
Packaging is expected to be the largest and the fastest-growing end-use industry in the bioplastics & biopolymers market during the forecast period. Packaging application of bioplastics & biopolymers includes food packaging, pharmaceutical packaging, cosmetics packaging, and shopping bags. Bioplastics & biopolymers are widely used in both rigid packaging and flexible packaging. Increasing environmental legislations have restrained the use of conventional polymers, especially carry bags and packages, which drives the demand for bioplastics & biopolymers. Moreover, stringent government regulations are forcing industries to reduce their carbon content, thereby increasing the demand for bio-based products.
By region, the bioplastics & biopolymers market in APAC is projected to register the highest CAGR during the forecast period
APAC is projected to be the fastest-growing bioplastics & biopolymers market. Government regulations in the region regarding ban on plastic bags and global warming initiatives are also driving the market. The bioplastics & biopolymers market is expected grow at a high rate, during the forecast period, owing to the increasing use of bioplastics across the consumer goods, automotive, agriculture, packaging, and medical industries. The increasing shift toward the use of eco-friendly and sustainable plastics is expected to support the growth of the bioplastics & biopolymers market.
This study was validated through primaries conducted with various industry experts worldwide. The primary sources were divided into three categories, namely, company type, designation, and region.
- By Company Type – Tier 1: 35%, Tier 2: 35%, and Tier 3: 30%
- By Designation - C Level: 40%, Director Level: 40%, and Others: 20%
- By Region - North America: 20%, Europe: 20%, APAC: 50%, and RoW: 10%
Companies Profiled in the Report:
Key players profiled in this report include NatureWorks (US), Braskem (Brazil), Novamont (Italy), BASF (Germany), Total Corbion PLA (Netherlands), Biome Bioplastics (UK), Bio-On (Italy), Toray Industries (Japan), Plantic Technologies (Australia), and Mitsubishi Chemical Corporation (Japan).
The report offers insights on bioplastics & biopolymers used in various end-use industries across regions. It aims at estimating the size of the bioplastics & biopolymers market during the forecast period and projects future growth of the market across different segments, such as type, end-use industry, and region. The report also includes an in-depth competitive analysis of the key players in the bioplastics & biopolymers market, along with their company profiles, SWOT analysis, recent developments, and key market strategies.
Key Benefits of Buying the Report:
The report will help market leaders/new entrants in the bioplastics & biopolymers market by providing them the closest approximations of the revenues for the overall market and its various subsegments. This report will help stakeholders obtain a better understanding of the competitive landscape and gain insights to enhance their businesses and devise suitable market strategies. The report will also help stakeholders understand the pulse of the market and help acquire information on key market drivers, restraints, challenges, and opportunities affecting the growth of the bioplastics & biopolymers market.