The Global Bioplastic market is projected to grow at a CAGR of around 10.12% during the forecast period of 2023-28, cites MarkNtel Advisors in the recent research report. The demand for these products has extensively grown due to advancing consumer awareness towards eco-friendly products, as well as the government's push to the industry to adopt sustainable production & packaging practices. These products are intensively being used in packaging, agriculture mulch, consumer products, and in various automotive & transport parts. With the readily changing manufacturing practices being adopted by different industry players, this biodegradable plastic is presumed to witness an upward growth trend in the respective industries. Furthermore, in line with the rising demand, many of the companies have initiated the expansion of their manufacturing capabilities which would be pivotal to the upcoming market expansion in the ensuing years. For instance, in 2022, ABB Technology announced the automation of its new plant in Thailand to enhance efficiency to around 260% by 2026. The new manufacturing unit, with a total capacity of about 75,000 tons, would produce Ingeo™ PLA biopolymer on a yearly basis.
Additionally, many organic biodegradable bioplastics are also being researched to expand the available options for these resources production in the coming years. For instance, in 2023, the University of San Carlos received a grant from Southeast Asian Regional Center for Graduate Study and Research in Agriculture to formulate organic plastic made from shrimp waste. Therefore, in regard to the following factors, it is expected that the growing demand for sustainable packaging & replacement for non-biodegradable plastic to reduce pollution would lead to enhancing the market across the globe, further states the research report, “Global Bioplastic Market Analysis, 2023.”
Biodegradable Plastics to Exhibit a Rapid Growth in the Future Years
Based on the product type, the market is further bifurcated into Biodegradable & Non-biodegradable bioplastics. Of these, Biodegradable plastics are expected to hold a sizeable position in the market during the forthcoming period. With the enhanced need for fully biodegradable solutions to reduce the high pollution waste caused due to vast amounts of waste generated from plastic, the adoption of the respective category has been supplemented. These biodegradable plastics are made from organic matter & are capable of being easily broken down in nature, leading to making them a viable solution in the combative actions against plastic pollutants.
Moreover, biodegradable bioplastics are also being pushed by various governments across the globe, which would accelerate the market expansion in different product & packaging categories. With the government initiatives taking place & pollution-related concerns on a higher side, the demand for biodegradable plastic products would find an ample growth opportunity in the future years.
Europe to Account for Major Market Share
Europe is presumed to capture a considerable market share in the Global Bioplastic market in the coming. With the higher availability of environment-conscious customers, robust government policies supporting the adoption of these resources, etc., have led to a higher share of Europe among other regions. Various industries, such as automotive, packaging, consumer goods, agriculture, and several others, have readily adopted bioplastic-based products to reduce their dependence on conventional plastic products. Stringent production & manufacturing norms in the region have also instigated a need among the industry to adopt their alternatives. Moreover, the region is expected to witness a notable gain in terms of sustainable practices adoption, which would be pivotal for the upcoming demand enhancement in various single-use products, subsequently promoting the market growth during 2023-28.
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Novamont S.p.A, Arkema S.A., Matrica S.p.A., Solvay S.A., NatureWorks LLC, Total Corbion PLA bv, PTT MCC Biochem Co. Ltd, Roquette Feres, Avantium, Toray Industries Inc., LyondellBasell Industries Holding B.V., BASF SE, BioApply, Braskem, Biofase, Genecis, Trifilon, Kaneka Takasaho, Danimer Scientific, Taghleef Industries are looking forward to strengthening their market position.
Key Questions Answered in the Research Report