Bioplastic Composites Market to Cross $82.57 billion Revenue by 2030

Bioplastic Composites Market Overview

“The Bioplastic Composites Market Predictable at $31.45 billion in 2022, is estimated to increase at a CAGR of 9.80% from $37.85 billion in 2023 to $82.57 billion by 2030.”

Bioplastics, made from renewable feedstocks like cellulose, sugarcane, or maize, are used in various applications like dinnerware, movies, toys, and extrusion- and injection-molded profile parts.

The rise in petroleum-based plastic production is expected to boost demand for bioplastic composites. This is due to environmental concerns and the costly process of extracting and processing fossil fuels. Bioplastic composites, made from starch, can help reduce the need for non-renewable biofuel ingredients in plastic production. By using starch-based composite materials, the need for petroleum-based feedstock is reduced by 64%.

Bioplastics are environmentally friendly alternatives to synthetic plastics, as they can be broken down by microorganisms like fungi and bacteria into other biomaterials and atmospheric CO2. These materials disintegrate over time, especially in industrial settings with composting conditions. Despite being made of biomaterial, biodegradable plastic still contains man-made ingredients, making it a viable and sustainable alternative.

The bioplastic composites sector is being driven by environmental consciousness and rising costs of petrochemicals. Governments worldwide have banned synthetic plastic containers and promoted the development of polylactic acid (PLA) through financial incentives. PLA benefits packaging and the fiber industry, and consumers prefer natural fiber clothing over synthetic fiber apparel. As a result, new opportunities are expected to emerge in the global market. However, the industry's reliance on synthetic materials poses challenges.

The COVID-19 pandemic has significantly impacted the transportation industry, leading to increased unemployment and decreased demand for bioplastic composites. Manufacturers have curtailed or stopped manufacturing, disrupting the supply chain, and the demand for these materials was temporarily limited during the pandemic era. This has resulted in a market for bioplastic composites that has been severely affected.

Key Takeaways:

Over the forecast period, the Asia-Pacific bioplastic composites market is expected to grow at a CAGR of 9.80%.

In 2022, the Asia-Pacific region held a 25.85% market share.

In 2022, the North America area will account for 37.84% of total income.

The transportation end user category is predicted to grow at a CAGR of 10.9% from 2023 to 2030 in 2022.

Over the projection year, the synthetic polymer category is expected to grow at a CAGR of 9.89%.

>>> Download Sample Report Now: https://marketreportservice.com/request-sample/bioplastic-composites-market-54464

Market Dynamics

Growth Factors

The demand for biodegradable plastics is growing due to their potential to improve soil quality and support the growth of the bioplastic composite industry. Plastics are used in various applications in horticulture and agriculture, such as bins, silos, storage bags, and greenhouses. Modern farming systems use mulching fills and harvest protection bags to control soil moisture, nutrient levels, weed development, pest protection, and microclimate. Conventional plastic is not biodegradable.

Biodegradable polymers made from renewable and sustainable raw materials are being sought by companies producing agricultural-related plastic goods due to their potential to decompose in the environment, enrich soil, and promote plant growth. This has led to an increase in demand for bio-based plastics in the horticultural and agricultural sectors, indicating a positive outlook for the global bioplastic market growth in the forecast period.

Growth Drivers:

The increasing demand for environmentally friendly items is driving the bioplastic composites market for injection molding. Government policies and e-commerce are also driving this trend. However, the high cost of bioplastic composites may stifle market expansion due to their high cost. The growing awareness of plastics' negative impacts and the adoption of sustainability policies are driving this trend.

Trends

The increasing use of petroleum-based plastic is expected to increase demand for bioplastic composites. This is due to environmental concerns and the expensive production process. Bioplastic composites address these issues by reducing the need for non-renewable feedstock materials. Starch, a composite material used in bioplastic production, is a key driver of the market, as it reduces the demand for petroleum-based feedstock. This shift in production is expected to drive the growth of the bioplastic composites market.

The growing use of bioplastic in the building industry is driving the bioplastic composites market forward. Bioplastics are used in construction and housing, with carpets made from polylactic acid and polyhydroxyalkanoate, bio-based foams like polyurethane, and PLA-based particle foams for furniture and insulation. Blow-in insulation made from cellulose is also common. Bio-PVC is used for sewage and water pipelines. Architects, engineers, and developers are increasingly focusing on bioplastic due to its strength, durability, and aesthetic appeal, along with green building approaches.

Bioplastic production uses poly (lactic acid) and poly (hydroxybutyrate) as composites, but their properties are inferior to synthetic materials. Additionally, a few bioplastic products don't dissolve quickly in soil and ocean, increasing the risk of chemical breakdown during recycling and potentially limiting market growth.

Competitive Landscape of the Bioplastic Composites Market

• Arkema SA
• BASF SE
• Dow Chemical company
• Solvay SA
• Toray Industries Inc
• Huntsman Corporation
• Matrica SPA
• Avantium
• BioApply
• Kaneka Takasago
• Tagleef Industries
• Advanced biomaterial p.ltd
• Biofase
• Trifilon
• Mitsubishi chemical Grp
• Nature Works LLC
• Total Corbion PLA
• Braskem
• Owens Corning

Recent Developments in Bioplastic Composites Market

In July 2021, Solvay purchased Bayer's worldwide coating business, which included toll operations in the US and Brazil as well as facilities in Mereville, France. This purchase will expand the company's selection of environmentally friendly and biologically based products for agricultural customers. All product lines, worldwide tolling activities, and R&D initiatives from the Mereville site have now been transferred entirely to Solvay.

Novamont and Iren inked a three-year partnership agreement in the field of integrated trash collection system in March 2021 with the intention of reducing non-recyclable garbage at source and putting the principles of a circular bio economy into practise. In order to improve the management of compostable goods and packaging, their augmentation, and recovery together with the organic component of solid waste in the Iren treatment facilities, both businesses are dedicated to developing targeted initiatives.

In April 2021, Arkema planned to open a new bio-based polyamide 11 factory in Singapore in the first half of 2022. Arkema confirmed that production of Amino 11 and its flagship Rilsan® polyamide 11 high performance polymer will commence in the first half of next year at the new plant on Jurong Island in Singapore. This factory, whose output will be entirely produced from renewable castor beans, will expand Arkema’s worldwide polyamide 11 capacity by 50%.

Regional Insights

In 2022, the European market was worth USD 3659.2 million, with Europe being a key hub for product consumption and research. With 24.23% of manufacturing in Europe, the growing demand for bioplastic packaging from the automotive sector and other firms is expected to further boost market demand.

Asia Pacific has the highest manufacturing capacity and development, with 54.69% of bioplastics produced there. As China delays its foreign investment law due to the pandemic, the sector is expected to expand rapidly, with the region's thriving packaging business fueling further regional growth.

North America's market is expected to grow gradually due to increasing demand for electronic items and lightweight automobile components. The consumer goods industry will contribute to market expansion due to high living standards and preference for quality goods. The global demand for bioplastics for agriculture and horticulture is also influencing the market. The expansion of the food items manufacturing industry will contribute to the region's development, as manufacturers seek sustainable packaging options to reduce traditional plastic usage.

Segments Covered in the Bioplastic Composites Market

Bioplastic Composites Market By Type

• Biodegradable
• Non-biodegradable

Bioplastic Composites Market By Fiber Type

• Wood Fiber Composites
• Non-Wood Fiber Composites

Bioplastic Composites Market By Polymer

• Natural Polymer
• Synthetic Polymer

Bioplastic Composites Market By Application

• Transportation
• Electrical and Electronics
• Building and Construction
• Aerospace and Defense
• Consumer Goods
• Others

Bioplastic Composites Market By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)

Frequently Asked Questions:

What is the current size of bioplastic composites market?

The Bioplastic Composites Market Predictable at $31.45 billion in 2022, is estimated to increase at a CAGR of 9.80% from $37.85 billion in 2023 to $82.57 billion by 2030.

What will be the CAGR of global bioplastic composites market?

The global bioplastic composites market is poised to grow at a CAGR of 9.80% from 2023 to 2032.

Who are the prominent players operating in the bioplastic composites market?

The major players operating in the bioplastic composites market are Mitsubishi chemical Grp, Nature Works LLC, Total Corbion PLA, Braskem, Owens Corning, Arkema SA, BASF SE, Dow Chemical company, Solvay SA, Toray Industries Inc, Huntsman Corporation, Matrica SPA, Avantium, BioApply, Biofase, Trifilon, Kaneka Takasago, Tagleef Industries, Advanced biomaterial p.ltd

Which are the driving factors of the bioplastic composites market?

Market demand for environmentally friendly polymers is rising: Numerous sectors have used biodegradable polymers, but the packaging industry is where they are most frequently used because of their comparable characteristics to conventional counterparts.

Segments Covered in the Bioplastic Composites Market

Bioplastic Composites Market By Type

• Biodegradable
• Non-biodegradable

Bioplastic Composites Market By Fiber Type

• Wood Fiber Composites
• Non-Wood Fiber Composites

Bioplastic Composites Market By Polymer

• Natural Polymer
• Synthetic Polymer

Bioplastic Composites Market By Application

• Transportation
• Electrical and Electronics
• Building and Construction
• Aerospace and Defense
• Consumer Goods
• Others

Bioplastic Composites Market By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)

Research Methodology