Bioplastics Market To Reach USD 64.2 Billion By 2032 | DataHorizzon Research
The bioplastics market size was valued at USD 12.3 Billion in 2022 and is anticipated to reach USD 64.2 Billion by 2032 at a CAGR of 18.1%.
Fort Collins, Colorado, April 29, 2024 (GLOBE NEWSWIRE) --*Demand for sustainability and alternatives drives the demand for bioplastics in the coming years.*
The growing importance of sustainability and circular economy is a major factor promoting market growth. *Bioplastics* is a sustainable alternative to traditional plastics, which requires less time to degrade and reduces fossil fuel consumption. They also produce a lower carbon footprint than fossil-fuel-based plastics and have many advantageous properties, such as biodegradability and recyclability. Bioplastics can be made from various renewable materials such as polysaccharides, lipids, proteins, and vegetable oils. They also contribute to a circular economy as virgin polymers are made from recycled or renewable raw materials.
Additionally, the rising use of bioplastics across various industries such as food packaging, medical, construction, and automotive sectors is another factor propelling market growth. In the medical industry, non-toxic bioplastics make sutures for heart operations or other similar treatments. These plastic sutures have required tensile strength and are easily dissolved in the body after some time. Similarly, the automotive industry has a growing demand for plastics to improve vehicle fuel efficiency. Bioplastics such as bio polyester and bio polyamides are used in automotive as these materials can be recycled and exhibit high performance.
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*Segmentation Overview:*
*The bioplastics market has been segmented into type, source, end-use, and region.*
*Biodegradable segment holds the largest share owing to their rising demand*
· The bioplastics market has been segmented by type into biodegradable and non-biodegradable. The biodegradable segment held the largest share in the past. The segment is further categorized into polylactic acid, polybutylene adipate terephthalate, polybutylene succinate, polyhydroxyalkanoate, starch blends, and others.
*Packaging is the largest end-use category*
· Based on end-use, the bioplastics market has been segmented into packaging, agriculture, textile, automotive and transportation, consumer electronics, building and construction. Packaging accounted for the greater market share owing to extensive demand in recent years.
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*Bioplastics Market Report Highlights:*
· The bioplastics market growth is anticipated at a *CAGR of 18.1% by 2032.*
· Bioplastics are used to make structural components such as body panels and machine housing for construction equipment.
· Europe is likely to account for a significant market share in the forthcoming years owing to the growing adoption of bioplastics by consumers and various end-user industries, such as the automotive, agriculture, and medical sectors. Furthermore, government initiatives such as the European Green Deal and the Waste Framework Directives are also contributing to market growth.
· Some prominent players in the bioplastics market report include Teijin Limited, Toray Industries, Inc., Toyota Tsusho Corporation, Avantium, Ptt Mcc Biochem Co., Ltd., An Phat Holdings, Natureworks Llc, SABIC, BASF SE, Futerro, Biome Bioplastics Limited, Novamont S.P.A, and TotalEnergies Corbion.
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