According to SPER Market Research, the Biopolymers and Bioplastics Market is estimated to reach USD 66.21 billion by 2032 with a CAGR of 19.13%. Bioplastics are plastics made from substances that microbes, such as bacteria or genetically engineered plants, produce or derive from. Bioplastics can include natural polymers like silk, chitosan, and wool, as well as biopolymers like starch, cellulose, and alginate. Bio-plastics are produced using agricultural, human, and animal waste as well as plant and animal products. These bio-plastics are then recycled and used to create new products.
These materials are inferior to traditional plastics, which is why the quality of products in this sector is lower than those from other plastic product manufacturing firms. Bio-plastics enable longer-term storage of food products without refrigeration, and they still maintain their chemical properties.
Biopolymers and Bioplastics Market Overview (2022-2032)
- Forecast CAGR (2022-2032):19.13 %
- Forecast Market Size (2032): 66.21 billion
The packaging industry is using bio-based materials, such as starch and vegetable waste crop by-products, to meet stringent environmental regulations. These materials are inferior to traditional plastics, which is why the quality of products in this sector is lower than those from other plastic product manufacturing firms. Bio-plastics enable longer-term storage of food products without refrigeration, and they still maintain their chemical properties.
The market for bio-based materials is primarily driven by increasing consumer demand for plastic convenience and high-quality food products, increasing urban population, which boosts food adoption, increasing processed or stored food and packaged food consumption for consumers globally, increasing disposable income of eatable food, and multifunctionality of packaging. The market for bioplastics and biopolymers is expected to grow rapidly in the coming years, due to increasing disposable income and increased investment in cutting-edge technologies in industrialized nations, as well as the untapped market of developing economies.
Impact of COVID-19 on the Biopolymers and Bioplastics Market
The novel coronavirus (COVID-19) pandemic outbreak has resulted in stock market volatility, strict border controls, and a worldwide lockdown, forcing big businesses, governments, and the plastics industry to replenish supply chains. The COVID-19 epidemic is having a significant impact on the social and financial sectors around the world, and all major industries are suffering difficulties. The coronavirus pandemic has had an uneven effect on the bio-based industry. While some businesses are helping with technological solutions to stop the epidemic, others seem to be witnessing an increase in demand for biodegradable takeout containers. The volatility of the world’s material prices and disruptions in the supply of crucial feedstock present additional difficulties for manufacturers of biopolymers and bioplastics. Bioplastics and biopolymers producers are mostly reliant on global raw material sources to get the necessary components for product formulations. On the other hand, the decline in end-use market demand was accompanied by a lower feedstock supply around the globe.
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Biopolymers and Bioplastics Market Key Segments Covered
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2030. This report contains statistics on product type segment growth estimates and forecasts.
By Application, 2019-2032 (USD Million):
- Medical Implants
- Seed Coating
- Vehicle Components
By End User:
- Agriculture & Horticulture
- Automotive & Transportation
- Consumer Goods
- Middle East & Africa
- North America
- Latin America
The presence of multinational corporations in the area, who are seen to be heavily investing in research and development operations to develop high-quality, long-lasting, and affordable bio-based plastic goods, is primarily responsible for the rise of the regional markets. Companies like Covestro and Kaneka Corporation have developed patented methods to extract biopolymers and produce bioplastics for local markets.
Biopolymers and Bioplastics Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Amcor Limited, Arkema, BASF, Biome Bioplastics, Biotec, Braskem, Cargill Incorporated, Cereplast Inc., Eastman Chemical Company, Mitsubishi Chemical Holding Corporation, NatureWorks, Novamont, Plantic Technologies, Toray Industries, Total Corbion.
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