Bioplastics Industry | Forecast 2030
Bioplastics Industry Data Book – Biodegradable Plastic, Polylactic Acid (PLA), Bio-based Polyurethane (PU) and Biopharma Plastics Market
Grand View Research’s bioplastics sector data book is a collection of market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking analyses, macro-environmental analyses, and regulatory & technological framework studies. Within the purview of the database, such information is systematically analyzed and provided in the form of outlook reports (1 detailed sectoral outlook report) and summary presentations on individual areas of research along with an agricultural statistics e-book.
The economic volume generated by the bioplastics industry was estimated at approximately 2,470.6 kilotons in 2021.
Biodegradable Plastic Market Insights
The global biodegradable plastic market size was estimated at USD 4.7 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 9.7% from 2023 to 2030. Governments prohibiting the use of single-use plastic coupled with rising awareness among the public regarding the ill effects of plastic waste are among the key trends stimulating market growth. Additionally, increasing the use of biodegradable plastics in packaging and agriculture is anticipated to supplement the growth of the segment. Non-decomposable plastics are a global issue. Governments around the world are tackling this problem by banning single-use plastics and promoting the use of biodegradable plastics. Moreover, consumers are willing to pay more for biodegradable plastics owing to their eco-friendly nature. The aforementioned factors, cumulatively, are providing a fillip to the market.
The global biodegradable plastics market based on product, application, and region: Starch Based was the largest product segment for biodegradable plastics in 2022 with a revenue share of more than 41.3%. On the basis of product, the market is divided into starch-based, PLA, PBAT, PBS, PHA, and others. The starch-based segment is projected to dominate the market in terms of value as well as volume throughout the forecast horizon. Starch-based plastics are used in application industries such as packaging, automobiles, and agriculture. The PLA Product plastics are also rapidly gaining their ground in the arena. The inexpensive cost of PLA compared to any other Product is a major driving factor for the segment.
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” Data Book, published by Grand View Research
Polylactic Acid Market Insights
The global polylactic acid market size was estimated at USD 624.97 million in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 21.4% from 2023 to 2030.The rising application scope of bioplastics in packaging, automotive & transport, agriculture, electronics, and other applications is expected to augment the demand for Polylactic Acid (PLA) over the forecast period. The product demand is highin the end-use industries, such as agriculture, textile, transport, and packaging. Polylactic acid, a low-carbon emission polymer, has seen rapid growth in its global demand in comparison to conventional polymers.
The global polylactic acid market on the basis of end-use and region: The packaging sector dominated the end-use segment and accounted for the largest revenue shareof over 36.0% in 2022 due to the broad usage of PLA for manufacturing jars, containers, and bottles, along with fresh food packaging. The global customer preference for fill and ecological packaging is forcing manufacturers to usePLA in packaging. Packaging is one of the major applications of PLA in the food packaging industry. PLA-based plastic bottles are disposable, durable, and possess properties, such as gloss and transparency. Furthermore, stringent regulations on single-use plastics in countries, including Taiwan, the UK, Zimbabwe, New Zealand, and several states in the United States (including New York, Hawaii, and California), are considerably pushing the demand for PLA in the packaging end-use sector.
Go through the table of content of Bioplastics Industry Data Book to get a better understanding of the Coverage & Scope of the study
Bio-based Polyurethane Market Insights
The global bio-based polyurethane market size was estimated at USD 36.39 million in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 7.97% from 2023 to 2030. The development of green buildings and the implementation of several sustainable construction initiatives are expected to augment the demand for bio-based plastics over the forecast period. Bio-based polyurethane coatings find application in the automotive industry. Properties such as abrasion resistance, scratch resistance, and durability are paving the demand for bio-based polyurethane coatings in the automotive industry. The increasing need to reduce dependency on foreign oil and rising concern over CO2 emissions are propelling the demand for bio-based polyurethane among automobile manufacturers.
The global bio-based polyurethane market based on product, end-use, and region: The building & construction sector dominated the end-use segment and accounted for the largest market share based on revenue of over 34.0% in 2022. Growing urbanization and industrialization, especially in emerging economies, such as China and India, coupled with rising infrastructure development activities in the Middle East are expected to fuel the growth of the construction industry, in turn, creating demand for bio-based polyurethane.
Biopharma Plastics Market Insights
The global biopharma plastics market size was valued at USD 4,811.88 million in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 11.3% from 2023 to 2030. Factors such as the increase in global healthcare expenditure and increasing cases of cancer across the globe are expected to boost market growth during the forecast period. Biopharma plastics are widely utilized in the manufacturing of various healthcare products such as protective wear, containers, syringes, disposable connectors, and bioreactor bags owing to their properties including thermal stability, low chemical reactivity, and high resistivity.
The global biopharma plastics market based on polymer type, application, and region: Polyvinyl chloride (PVC) dominated the global market and accounted for more than 21.0% share of the overall revenue in 2022. Polyvinyl chloride can undergo many processes without breaking or cracking, which accounts for its multiple uses in the market. It is extremely flexible, resistant, and can easily withstand high temperatures, making it suitable for the production of syringes, disposable connectors, depth filters, and other applications of biopharma plastics.
Key players operating in the Bioplastics industry are –
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.
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