The global bio-plastic market is anticipated to reach a valuation of US$ 96.6 billion in 2023, driven by consumer education and awareness. The trend is expected to create new opportunities for the market, leading to a projected CAGR of 30.2% between 2023 and 2033, and reaching a total valuation of approximately US$ 1,353.3 billion by 2033.
One of the major factors contributing to the growth of the bio-plastic market is the reduction in greenhouse gas emissions. Bio-plastics often have a lower carbon footprint compared to traditional plastics, contributing to efforts to reduce greenhouse gas emissions and combat climate change.
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Bio-plastics are being used in innovative packaging solutions, such as edible packaging, which can reduce food waste and offer convenience to consumers. The automotive industry is exploring bio-plastics for interior and exterior components to reduce vehicle weight and improve fuel efficiency, presenting a significant growth opportunity.
Advances in biotechnology and genetic engineering are enabling the production of bio-plastics from engineered microorganisms and agricultural feedstocks, potentially improving scalability and cost-effectiveness. The expansion of bio-plastics into a broader range of applications, including 3D printing, electronics, and toys, diversifies market opportunities.
The establishment of clear and widely recognized certification standards for bio-plastics can boost consumer confidence and facilitate market growth. Governments and organizations may provide economic incentives, such as subsidies or tax breaks, to promote the adoption of bio-plastics and support a circular economy.
Public-private partnerships and initiatives aimed at reducing plastic waste and promoting sustainable materials can create a conducive environment for bio-plastic growth. Scalability in bio-plastic production processes, such as fermentation and chemical synthesis, can drive down production costs and increase availability.
The need for effective waste management solutions, especially in urban areas, can drive the adoption of bio-plastics as they can be integrated into municipal composting systems. The film industry, including the production of agricultural films and plastic wraps, is exploring bio-plastics as a sustainable alternative for various applications.
Research into advanced bio-plastic materials, such as lignin-based and algae-based plastics, offers opportunities for even more sustainable and versatile products. Consumers are actively seeking eco-friendly products, which can drive demand for bio-plastic packaging, disposable utensils, and other everyday items.
Key Takeaways from the Market Study
Global bio-plastic market was valued at US$ 74.2 billion by 2022-end.
· From 2018 to 2022, the market demand expanded at a CAGR of 28.8%.
· The market in China is expected to expand at a CAGR of 29.4% through 2033.
By material type, the PLA and PLA blends segment to expand at a CAGR of 30.1% through 2033.
· From 2023 to 2033, bio-plastic market is expected to flourish at a CAGR of 30.2%.
· By 2033, the market value of bio-plastic is expected to reach US$ 1,353.3 billion.
Collaborations between bio-plastic manufacturers and recycling facilities can help streamline the recycling and reuse of bio-plastics, enhancing their sustainability credentials, remarks an FMI Analyst.
Competitive Landscape
Prominent players in the bio-plastic market are BASF SE, NatureWorks LLC, Toray Industries Inc, Evonik Industries, E. I. du Pont de Nemours and Company, DSM N.V, Arkema, Techno Polymer Co. Ltd, and RTP Company, among others.
Recent Developments:
· In 2023, Danimer Scientific (US) announced the launch of its new bio-plastic product, Nodax PHA. Nodax PHA is a biodegradable bio-plastic that is made from renewable resources. The product is expected to be used in a variety of applications, including food packaging, single-use plastics, and agricultural products.
· In 2022, ADM (US) announced the launch of its new bio-plastic product, Enviva PLA. Enviva PLA is a biodegradable bio-plastic that is made from renewable resources.
· In the same year, Novamont (Italy) announced the expansion of its production capacity for bio-plastic at its plant in Italy. The expansion is expected to meet the growing demand for bio-plastic in Europe and other regions.
Top Key Players in the Market
BASF SE
NatureWorks LLC
Toray Industries Inc.
Evonik Industries
E. I. du Pont de Nemours and Company
DSM N.V
Arkema
Techno Polymer Co. Ltd.
RTP Company
More Valuable Insights Available
Future Market Insights offers an unbiased analysis of the global bio-plastic market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the bio-plastic market, the market is segmented on the basis of material type (bio-PET, bio-PE, bio-PA, bio-degradable polyesters, PLA & PLA blends, starch blends, PHA, and others ), and applications (bottle, packaging, food-services, agriculture/horticulture, consumer products, and automotive), across seven major regions (North America, Latin America, Western Europe, Eastern Europe, South Asia & Pacific, East Asia, and Middle East & Africa (MEA)).