Bioplastics Market Size to Worth Around USD 46.1 Billion by 2030 – GlobeNewswire

| Source: Precedence Research Precedence Research
Tokyo, Sept. 19, 2022 (GLOBE NEWSWIRE) — Recently Published Report on “Bioplastics Market (By Product: Biodegradable, Non-biodegradable; By Application: Packaging, Consumer goods, Agriculture, Agriculture, Textile, Building & Construction, Others) – Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2022-2030”.

Bioplastics are the materials that are created from renewable sources which have the potential to minimize global plastic waste output. These bio-based polymers are often derived from renewable biomass, such as natural sugars, vegetable fats, cellulose, plant starch and waste oils. In addition, the new sources like the seaweeds, insects, and also mammals are being investigated for their development. Although not all are biodegradable, a major portion of them may be organically decomposed in a very short period of time, making them superior to traditional plastics.
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Biomass-based plastics are being marketed as an alternative to traditional fossil-based plastics for applications where the former is often used, such as packaging, textiles, electrical components, automobile parts, and furniture. Because of the rigorous laws and regulations established by various authorities on the use of non-renewable, single-use plastics, companies have moved their attention to producing and exploiting bio-degradable grades of plastics for a variety of applications. The production of ecologically viable plastics is an area in which research efforts on a massive scale are being carried out by both people and corporations in order to establish a sustainable future for the next generation.

The COVID-19 epidemic has damaged the supply chain by disrupting manufacturing and shipping, resulting in lower pricing for traditional plastics. The use of crude oil for combustion has reached its lowest level since World War II, lowering the prices of traditional plastics, which is the fundamental cause for the market’s slowing development. Furthermore, because to the pandemic, many governments and organizations have delayed legislation on single-use plastics and green investments, resulting in a decrease in the acceptance of bio-based alternatives. The fundamental goal and challenge for the automobile industry is to continue to reduce the fuel consumption and pollutants by lowering vehicle weight.
Bioplastics have been shown to be effective material for the purpose. Those smart polymers, such as bio-PP and bio-PA have been embraced by the major vehicle manufacturers to decrease environmental impact while also providing superior strength to vehicle components. According to European Bioplastics, one of the forthcoming applications of biodegradable polymers is in the automobile industry, which will increase their volume to roughly 170 KT by 2024. As a result of their exceptional qualities, the demand for these polymers in the automotive sector is likely to provide growth opportunities for market businesses.
Key Insights
Report Highlights
Regional Snapshots
In 2021, the European market was worth USD 3,460.8 million. Europe is an important hub since it is the main region in product creation and consumption. According to European Bioplastics statistics, Europe currently accounts for around 25% of global output. Furthermore, a thriving automotive sector and rising need for bioplastic-based packaging solutions from regional manufacturers are likely to boost market demand.
Asia-Pacific has the most manufacturing capacity and regional growth. According to a European Bioplastics study, around 56 percent is generated in the region. The sector in this region is predicted to develop fast as China concentrates on adopting its foreign investment law, which has been postponed owing to the worldwide pandemic. Because of the region’s rising need for lightweight vehicle components and electronic products, North America is expected to have stable market expansion. Consumer goods is another sector that will fuel market expansion in the region due to people’s high living standards, which choose quality products over cheaper alternatives.
Europe led the global bioplastics market, with Germany, France, Italy, and the United Kingdom accounting for the majority of demand. The food and beverage business in Germany is distinguished by the presence of over 6,000 small and medium-sized enterprises. In 2021, the food and beverage market is expected to generate USD 3,222 million in sales. During the projected period, the market is predicted to increase by 6.83 percent per year, propelling the flexible and rigid packaging industries as well as bioplastics consumption in the nation.
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Scope of the Report
Market Dynamics
Biodegradable polymers have found uses in a variety of industries, but the most popular application is in the packaging business, where they exhibit qualities similar to traditional alternatives. They are used in both rigid and flexible packing. With an expansion in worldwide e-commerce, a significant amount of packing material is likely to be required in the coming years. Because bio-based plastics may readily replace the conventional plastic, and their use can be a great way to reduce plastic spread pollution in a environment. Food and pharmaceutical sectors are also expanding their need for the renewable feedstock-based polymers. Aside from that, the demand for ready-to-eat foods has grown in both established and emerging nations. As a result, makers of such items have aggressively sought packaging the materials that are very safe and also inert to packed products and further have little to no environmental impact. These polymers have become the preferred material for such businesses.
Plastics has several applications in the agriculture and the horticulture. They are used to make the greenhouses, bins, and silos storage bags, among other things. Furthermore, conventional semi-intensive and the intensive farming systems and entail the uses mulching films to harvest-protection bags suppresses the weed development, and shields crops from pesticides, and manages soil moisture to produce a healthy micro-climate. Conventional plastic, on the other hand, is not biodegradable and remains in the environment for numerous harvest seasons. It harms the ecosystem and impairs agricultural and product growth by preventing roots from accessing water and nutrients in the soil. As a result of these issues, numerous firms creating agricultural plastic goods have explored biodegradable polymers made from renewable and sustainable raw ingredients that are both technically and commercially viable. Aside from encouraging plant development, biodegradable plastics disintegrate in the natural environment and to contribute to the soil enrichment. As a result, demand for such bio-based plastic is increasing in the agricultural and horticultural industries bode well for the global bioplastics market growth throughout the forecast year.
Despite the fact that biodegradability is a clear benefit, most grades require very specialized industrial composting techniques to disintegrate, and only a few economies have a high density of infrastructure to handle these items. As a result, they may end up in landfills or pollute recycling material, causing environmental damage. As a result, a separate process is necessary to correctly dispose such polymers, which result in greater product costs.
Because the feedstock crops utilized in production are usually used to feed people globally, the land required to make biodegradable plastics competes with food production. According to the Plastic Pollution Coalition, growing feedstock crops will require an area of 13800 square kilometers to supply current worldwide demand for these plastics. This area is greater than Belgium, the Netherlands, and Denmark combined. All of these considerations have resulted in higher product pricing when compared to traditional plastics. According to Columbia University’s Earth Institute, PLA can be 20-50 percent more expensive than equivalent materials due to the complicated process necessary to convert corn and sugarcane into lactide monomers for PLA.
Bioplastics are utilized in flexible packaging because they are environmentally friendly and easily degradable. They are used in food packaging films, toilet paper, diapers, sanitary towels medications, beverage bottles, packaging films, and, cardboard and coat paper for food wrapping paper, non-food packaging such as napkins and tissues and coated cardboards to the manufacture cups and plates. They are also utilized in flexible and loose-fill packaging. Cornstarch bioplastics have uses in flexible and loose-fill packaging. Polylactic acid (PLA) is mostly utilized in food packaging, whereas bio polyethylene, bio polyethylene terephthalate (PET) and bio polypropylene are the most commonly used to the packaging films. Bioplastics are increasingly being used to make plastic bags since they are environmentally beneficial.
They are significantly more expensive than traditional plastics (that could be 2 to 4 times costly, depending on the product) because downstream technology is continually changing, there are uncertainty in technologies and processes. Uncertainties exist in bioplastic post-use processing and end-of-life alternatives.
Substitutes, both real and not-so-authentic, also pose competitive barriers to adoption of the bioplastics in many mainstream markets. Awareness among consumer – a variety of myths lead to often incorrect grasp of those market, which resulting in the poor decision making with respect to investments.
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