The content of this report will be updated with the latest scenarios based on the global COVID-19 Pandemic
Bioplastics Market Growth & Trends
The global bioplastics market size is expected to reach USD 26.0 billion by 2027, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 16.1% over the forecast period. Increasing environmental concerns, favorable government initiatives, and rising consumer awareness about the sustainable and eco-friendly products are expected to drive the demand for bioplastics.
They are majorly utilized as an environmentally friendly alternative to conventionally produced plastics for use in various application segments including packaging, agriculture, consumer goods, textile, automotive & transportation, and building & construction. Thus, environmentally friendly properties of these products along with growing demand from flexible packaging applications are also estimated to drive the market growth.
According to European Bioplastics e.V global production capacity of bioplastics was 2.1 million kilotons in 2019, which is expected to reach 2.4 million kilotons by 2024. In terms of volume, non-biodegradable product segment accounted for the maximum share in 2019. It is anticipated to continue its dominance over the forecast years due to high demand for electronic equipment, automotive housings, and consumer goods, such as carry bags, films, and bottles.
Bioplastics Market Report Highlights
- Key raw materials utilized in the production of bioplastics includes renewable biomass sources, such as vegetable fats and oils, straw, corn starch, woodchips, recycled food waste, sawdust, and various others
- In terms of volume, non-biodegradable product segment accounted for prominent share in the market in 2019 and is further expected to witness steady growth over the forecast period
- Packaging application segment dominated the global market in 2019 and accounted for more than 62% of the market revenue share
- Europe led the global market in 2019 and held more than 44% of the total share. The regional market will retain its dominant position throughout the forecast years