The bioplastics market is on a rapid growth trajectory, with expectations to hit $62.6 billion by 2031, driven by a robust CAGR of 22.4% from 2024 to 2031, according to the latest publication from Meticulous Research®. In terms of volume, the market is projected to reach 13.7 million tons by 2031, reflecting a CAGR of 22.7% during the same period.

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The surge in the bioplastics market is primarily fuelled by increasing demand for sustainable packaging solutions and heightened environmental awareness. Despite these drivers, challenges such as the limited functional properties of bioplastics compared to conventional plastics and their higher production costs could restrain market growth.

Technological innovations in bioplastic manufacturing are poised to offer significant opportunities for market players. However, operational and infrastructure challenges continue to pose barriers to market expansion.

Market Segmentation

The bioplastics market is categorized into two main types: biodegradable plastics and bio-based plastics. The biodegradable plastics segment includes starch blends, polylactic acid (PLA), polybutylene adipate terephthalate (PBAT), polybutylene succinate (PBS), polyhydroxyalkanoates (PHA), and other biodegradable plastics. The bio-based plastics segment comprises bio-polyethylene terephthalate (Bio-PET), bio-polyamide (Bio-PA), bio-polyethylene (Bio-PE), bio-polypropylene (Bio-PP), bio-polytrimethylene terephthalate (Bio-PTT), and other bio-based plastics.

In 2024, bio-based plastics are expected to dominate the market, accounting for over 54.0% of the total market share. This dominance is attributed to increasing consumer awareness of the environmental impacts of traditional plastics. Bio-based plastics generally have a lower carbon footprint and are often designed to be biodegradable or compostable, which enhances their appeal. Technological advancements are also improving the properties and performance of bio-based plastics, making them more competitive.

Conversely, the biodegradable plastics segment is anticipated to experience the highest CAGR during the forecast period. This growth is driven by the need to address microplastic pollution and the availability of economic incentives for using biodegradable alternatives.

Application Segmentation

The bioplastics market is divided into several applications, including packaging (both flexible and rigid), automotive, agriculture, construction, fashion, electronics, and others. The packaging segment is projected to hold over 53.0% of the market share in 2024, due to the increasing adoption of bioplastics in packaging materials. These materials are favored for their biodegradability, lower carbon footprint, and renewable sourcing compared to traditional plastics. Bioplastics are used in a range of packaging applications, from food containers to cushioning materials.

Geographical Insights

Regionally, Europe is expected to dominate the bioplastics market in 2024, with over 36.0% of the market share. This is due to the growing demand for eco-friendly packaging solutions, the rise of e-commerce, and the presence of major market players in the region. In contrast, the Asia-Pacific region is set to register the highest CAGR of 24.0% during the forecast period, driven by increased use of bioplastics in the food and beverage sector and supportive policies promoting sustainable alternatives.

Key Players

Major players in the bioplastics market include Trinseo PLC, Arkema, BASF SE, BIOTEC Biologische Naturverpackungen GmbH & Co. KG, Braskem S.A, Danimer Scientific Inc., Rodenburg Productie B.V., Futerro SA, Indorama Ventures Public Company Limited, MINIMA Technology Co. Ltd., NatureWorks LLC, Novamont S.p.A., TotalEnergies Corbion, Solvay SA, and Trifilon AB.

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