Bioplastics Industry Set to Witness Exponential Growth in the Coming Decade
Bioplastics Industry | Forecast 2030
The economic volume generated by the bioplastics industry was estimated at approximately 2,470.6 kilotons in 2021. This economic output is an amalgamation of businesses that are involved in the raw material suppliers, compounding of bioplastics & their additives, distribution & supply, and application of bioplastics.
Biodegradable product types in the bioplastic market include PLA, starch blends, PBAT, PBS, PHA and cellulose acetate. Polylactic acid plastic is likely to witness the fastest growth during the forecast period. PLA is widely gaining acceptance as a mulching film in agriculture owing to its biodegradability and superior mechanical properties. Similarly, PHA is gaining acceptance in biomedical and pharmaceutical applications. Its low toxicity and biodegradability have been instrumental in using it as a plastic product in medical applications.
Access the Global Bioplastics Industry Data Book, 2023 to 2030, compiled with details like market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking, macro-environmental analyses, and regulatory & technological framework studies
Biodegradable Plastics Market Growth & Trends
The global biodegradable plastic market size is expected to reach USD 10.04 billion by 2030, registering a CAGR of 9.2% from 2024 to 2030, according to a new report by Grand View Research, Inc. The increasing use of biodegradable plastics, owing to strict governmental laws prohibiting the use of conventional plastics, coupled with growing awareness among the public towards the ill effects of plastic waste is stoking the growth of the market. The above factors are expected to spur market growth during the forecast period.
Biodegradable plastics are plastics that decompose in the environment within a reasonable period. Biodegradable plastics are made up of renewable raw materials. Many of these plastics require biodegradable additives to enhance the biodegradation process and some may require a specific environment to disintegrate. Time taken by plastics to decompose depends upon various factors such as raw materials used and environmental conditions such as moisture and temperature.
Order your copy of the Free Sample of “Bioplastics Industry Data Book - Biodegradable Plastic, Polylactic Acid (PLA), Bio-based Polyurethane (PU) and Biopharma Plastics Market Size, Share, Trends Analysis, And Segment Forecasts, 2022 - 2030, published by Grand View Research
Polylactic Acid Market Growth & Trends
The global polylactic acid market size is expected to reach USD 2,772.93 million by 2030, registering a CAGR of 21.4% over the forecast period, according to a new study by Grand View Research, Inc. Rising environmental concerns, improving awareness among consumers, and stringent government regulations are contributing to eliminating the use of non-biodegradable plastics, which, in turn, is driving the growth of the polylactic acid (PLA) market. Polylactic acids are bio-sourced, and break down faster as compared to petroleum-based plastics. Due to their decreased carbon footprint, they get preference over traditional plastics. The rising emphasis on sustainable products is a key factor driving the growth of the flexible packaging industry, which is expected to result in reduced consumption of petroleum-based products and a shift toward bio-based alternatives.
Bio-based Polyurethane Market Growth & Trends
The global bio-based polyurethane market size is expected to reach USD 58.28 million by 2030, expanding at 7.97% CAGR from 2023 to 2030, according to a new study by Grand View Research, Inc. Growing awareness among consumers, environmental concerns, and stringent government regulations are contributing to the increased use of bio-based plastics and in turn, driving the growth of the bio-based polyurethane industry.
Bio-based polyurethane is bio-sourced and breaks down faster as compared to petroleum-based plastics. Due to their decreased carbon footprint, they remain a preferred option over traditional plastics. The rising emphasis on sustainable products is a key factor driving the growth of the packaging industry, which is expected to result in reduced consumption of petroleum-based products and a shift toward bio-based alternatives.
Go through the table of content of Bioplastics Industry Data Book to get a better understanding of the Coverage & Scope of the study
Biopharma Plastics Market Growth & Trends
The global biopharma plastics market size is expected to reach USD 11,290.12 million by 2030, expanding at 11.3% CAGR from 2023 to 2030, according to a new study by Grand View Research, Inc. The rise in global healthcare expenditure for research & development of biopharma plastics is anticipated to drive the market. In addition, the rising demand for biopharmaceuticals, owing to the increasing cases of cancerous patients across the globe, is anticipated to propel the demand for biopharma plastics.
Plastics are widely used in this industry due to their versatility, durability, and cost-effectiveness. The use of plastics in biopharma applications includes packaging and delivery systems, laboratory equipment, diagnostic devices, and drug delivery devices.
Competitive Insights
The bioplastics market is temperately concentrated with the presence of key players such as BASF SE, Avantium, NatureWorks LLC, SABIC, Total Corbion PLA, Biome Technologies plc, and TEIJIN LIMITED along with some other new and growing market players. The global market players face strong competition from each other as well as from other regional and national players having a well-established supply chain network and compliance with regulations and knowledge of suppliers across markets.
Companies in the market compete based on the quality of the products they offer and the technology used to produce bioplastics. Major players engage in mergers and acquisitions, expand their production facilities, develop infrastructure, invest in research and development facilities and find ways to vertically integrate their operations across the value chain. These initiatives help them meet ever-increasing global demand, ensure their competitiveness, improve their revenue & operations profits, develop state-of-the-art products and technologies, reduce production costs and expand their customer base.
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