Bioplastics Market size is set to reach USD 63 Billion by the end of 2035, growing at a CAGR of 19% during the forecast period, i.e., 2023-2035. In the year 2022, the industry size of bioplastics was over USD 12 Billion. The reason behind the growth is owing to increasing demand for electronics across the world. Since the demand for consumer electronics is rising a wider variety of Bioplastics are being developed to promote the idea of green electronics. For instance, touchscreen computer cases, laptop mice, loudspeakers, keyboard components, mobile cases, circuit boards, semiconductor casings, and electronic device coverings are all produced using Bioplastics.
The growing automotive sector across the globe is believed to fuel bioplastics market growth. For instance, polyurethanes, polyamides, and polyesters are a few of the bioplastics utilized in automobiles, amongst them polylactic acid (PLA) is known to be one of the newest bioplastics employed in the automotive sector.
The usage of bioplastics in automobiles can aid in energy conservation and the reduction of greenhouse gas emissions, since it is known that bioplastics weigh over 24% less than conventional plastics, which as a result, decreases the overall curb weight of the vehicle, enhancing vehicle economy.
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~19% |
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Base Year Market Size (2022) |
USD 12 Billion |
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Forecast Year Market Size (2035) |
USD 63 Billion |
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Regional Scope |
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Growth Drivers
Challenges
Product (Biodegradable, Non-biodegradable)
The non-biodegradable segment in the bioplastics market is estimated to gain a robust revenue share in the coming years. The segment growth can be attributed to the increasing demand for non-biodegradable bioplastics in vehicle interiors. Bio-based polymers are highly suited for this use and as a result, have seen considerable demand from the automobile sector, and it is expected that they have a bright future for car interiors.
In the production of automobiles, a variety of bioplastics are employed, including bio-based polyamide (PA), polybutylene succinate (PBS), and polylactic acid (PLA), amongst them, One of the most popular bioplastics in the automobile sector is polylactic acid (PLA), which is produced from maize, and is produced using a procedure that uses little energy and resources. PLA might be employed when wrapping vehicles for protection during production and transportation. In addition, mats, carpeting, and upholstery are interior vehicle parts that are ideal for usage with PLA.
Application- (Packaging, Automotive & Transportation, Textile)
The packaging segment is set to garner over 60% of the share in near future. The expansion of the segment is driven by rising demand for packaged food & beverages. To reduce the environmental impact of food and beverage packaging, food and beverage are packaged and stored in biodegradable bags made from biodegradable substances such as gelatin, starch, chitosan, cellulose, and polylactic acid. For instance, meat, dairy products, baked goods, and other products are packaged in biodegradable food packaging films and containers composed of biodegradable polymers, including poly (vinyl alcohol) PVA, a different bioplastic, which is widely used for food packaging owing to its excellent film-forming and biodegradability properties.
Further, the Food and Drug Administration has also authorized PVA as an indirect food additive for flexible food packaging, owing to its superior mechanical, microbiological, and ultraviolet protection qualities.
Our in-depth analysis of the global market includes the following segments:
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By Product |
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By Application |
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European Market Forecast
The market in Europe is predicted to account for the largest share of more than 41% by the end of 2035. The expansion of the market can be driven by the growing adoption of bioplastics in various sectors. As a result of the region's plastic prohibition and to meet the growing demand for sustainable alternatives to traditional plastics, Europe is poised to become a major producer of bioplastics. For instance, one of the main consumers of plastic packaging in the area is the food and beverage industry since it has benefits including minimal environmental impact.
Additionally, bioplastics are being increasingly used in the automotive industry in the European region to benefit from factors such as weight reduction and increased fuel efficiency. In addition, bioplastics are used in the production of consumer items including toys and electronics, which are becoming more and more popular in the area.
Asia Pacific Market Statistics
Bioplastics market in Asia Pacific, is estimated to be the second largest, during the forecast timeframe. The market progress in the region is impelled by raising consciousness about plastic trash in developing nations. For instance, countries in the region are working harder to combat plastic pollution in the rivers and oceans, and also have implemented bans on the usage of single-use plastics, which is expected to rise the demand for alternatives including bioplastics. As people are becoming more conscious about plastic trash and their negative environmental impacts they are increasingly shifting towards the use of bioplastics. Furthermore, along with the United States, Germany, Brazil, and Canada, China is one of the top five nations producing bioplastics, and it is predicted that China will produce over 6 million and 1 million tonnes, respectively, of the two primary forms of biodegradable plastic, PBAT, and PLA, by 2025, that will make up two-thirds of the world's output.
Author Credits: Smruti Ranjan, Rajrani Baghel
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