Bioplastics Market Growth Forecast at 12% CAGR During 2022-2027 – Exclusive Report by Mordor Intelligence
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According to European bioplastics data, the global production capacity of bioplastics in 2021 was approximately 2.417 million tonnes. Biodegradable plastics, which include PLA, PHA, starch blends and others, currently account for over 64% (over 1.5 million tonnes) of global bioplastics production capacity.
Overview of the bioplastics market
The bioplastics market size was estimated to be over 1,220 kilotons in 2021, and the market is expected to register a CAGR of over 16% during the forecast period (2022-2027). According to European bioplastics data, the global production capacity of bioplastics in 2021 was approximately 2.417 million tonnes. Global electronics manufacturing, which includes laptops, cellphones, semiconductors and other items, rose 11% year-on-year to 3.36 trillion, according to JEITA. in 2021. It is expected to reach $3.536 billion in 2022, which would have a beneficial influence on the demand for bioplastics. Biodegradable plastics, which include PLA, PHA, starch blends and others, currently account for over 64% (over 1.5 million tonnes) of global bioplastics production capacity. Non-biodegradable bio-based plastics account for approximately 36% of global bioplastics manufacturing capacity (over 866,000 tonnes).
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Bioplastics Market – Geographic Overview
Europe dominated the global bioplastics market, with the bulk of demand coming from Germany, followed by France, Italy and the UK. The German textile industry is the largest in the European region, with around 6,000 registered companies. The country is the main importer of textile raw materials and exporter of finished textile products. The industry has reached a gigantic stature, as it covers about 18% of the textile market in Europe, and technical textiles from Germany meet the global demand of about 45%.
The UK is the fourth largest consumer of plastics in Europe. The country has been identified as one of the most innovative and advanced countries in terms of developing advanced and modified plastics. However, national attention has turned to bioplastics, with growing awareness of the environmental impact of non-biodegradable petroleum-based plastics.
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Key Highlights of the Bioplastics Market
- According to Eurostat, the growth rate of the plastics industry is around 8.5%. This will have a positive impact on the demand for bioplastics in the market, as many European countries have initiatives to promote bio-based, biodegradable and compostable plastics that lead to real environmental benefits.
- Asia-Pacific has the largest bioplastics manufacturing capacity, with approximately 45% of global capacity. Moreover, with the increased consumer awareness and strict ban by the governments of countries like China, India, and Japan, they have started promoting the consumption of bioplastics in the region.
Recent developments in the bioplastics market
- In January 2022, NatureWorks’ next biopolymer manufacturing plant, which will be located in the Nakhon Sawan Biocomplex in Thailand, will receive state-of-the-art, tailor-made production technology from Sulzer Chemtech Ltd. This will help NatureWorks produce 75,000 tonnes per year of Ingeo polylactic acid (PLA) per year, which is used in applications such as compostable food packaging.
- In February 2022, Carbios and Indorama Ventures announced the partnership for bio-recycled PET in France with an estimated processing capacity of approx. 50,000 tons.
- In July 2021, TIPA Corporation Ltd. has partnered with Amcor to manufacture compostable packaging in Australia and New Zealand to research plastic alternatives to reduce waste. Amcor will manufacture, supply and distribute the product under an exclusive partnership with TIPA, including fresh food and baked goods, removing traditional plastic bags and packaging from the waste stream.
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List of Bioplastics Market Key Players
- BASF SE
- Animating Science
- Indorama Ventures Public Company Limited
- Natureworks LLC
- Novamont SpA
- Rodenburg Biopolymers
- Total Corbion APL
Mordor Intelligence has segmented the global bioplastics market based on type, application, and geography:
- Type (Market Size & Forecast Based on Volume (kiloton), 2017-2027)
- Biodegradable plastics
- Polylactic acid (PLA)
- Polyhydroxyalkanoates (PHA)
- Polyester (PBS, PBAT and PCL)
- Other biodegradable plastics
- Non-biodegradable plastics
- Bio-polyethylene terephthalate (PET)
- Bio-polytrimethylene terephthalate
- Other non-biodegradable plastics
- Biodegradable plastics
- Application (Market Size & Forecast Based on Volume (kiloton), 2017-2027)
- Flexible packaging (films, plastic bags, etc.)
- Rigid packaging (bottles, containers, etc.)
- Automotive and assembly operations
- Agriculture and horticulture
- Electrical and Electronic
- Other Apps
- Geography (market size and forecast based on volume (kiloton), 2017-2027)
- North America
- United States
- Asia Pacific
- South Korea
- Rest of Asia-Pacific
- The rest of Europe
- Middle East and Africa
- Saudi Arabia
- South Africa
- Rest of Africa
- South America
- Rest of South America
- North America
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