The global bio-plastic industry is anticipated to reach a valuation of US$ 96.6 billion in 2023, driven by consumer education and awareness. The trend is likely to open up new prospects for the market, resulting in a projected CAGR of 30.2% between 2023 and 2033, with a total valuation of over US$ 1,353.3 billion by 2033.
The reduction of greenhouse gas emissions is one of the primary factors driving the growth of the bio-plastic market. Bio-plastics have a lower carbon footprint than ordinary plastics, which helps to cut greenhouse gas emissions and battle climate change.
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Bio-plastics are being used in novel packaging solutions, such as edible packaging, which can reduce food waste while also providing consumers with convenience. The automobile sector is looking into bio-plastics for interior and exterior components in order to reduce vehicle weight and increase fuel efficiency, which represents a substantial potential opportunity.
Biotechnology and genetic engineering advances are making it possible to produce bio-plastics from modified microbes and agricultural feedstocks, potentially boosting scalability and cost-effectiveness. Bio-plastics’ growth into a broader range of applications, such as 3D printing, electronics, and toys, broadens market potential.
The development of clear and widely accepted certification standards for bio-plastics can increase customer trust and enable business growth. Governments and organizations may offer economic incentives, such as subsidies or tax breaks, to encourage the use of bio-plastics and foster a circular economy.
Public-private collaborations and activities targeted at reducing plastic waste and promoting sustainable materials can help to establish an environment conducive to the emergence of bio-plastics. Scalability in bio-plastic manufacturing techniques such as fermentation and chemical synthesis can reduce production costs while increasing availability.
Because bio-plastics can be integrated into municipal composting systems, the demand for effective waste management solutions, particularly in metropolitan areas, may boost their adoption. Bio-plastics are being investigated as a sustainable alternative for numerous applications by the film industry, which includes the manufacturing of agricultural films and plastic wraps.
Advanced bio-plastic materials research, such as lignin-based and algae-based polymers, opens up possibilities for even more sustainable and diverse products. Consumers are actively looking for environmentally friendly products, which may fuel demand for bio-plastic packaging, disposable utensils, and other everyday items.
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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.
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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)).
The chemicals & materials team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 Million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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