Market Leaders - Bioplastics & Biopolymers Market

The market size of bioplastics & biopolymers is estimated at USD 6.95 billion in 2018 and is projected to reach USD 14.92 billion by 2023, at a CAGR of 16.5% from 2018 to 2023.Increasing use of bioplastics in the packaging industry, increase in waste management regulations in Europe, favorable government policies, increased focus on bio-based content rather than biodegradability, and growing concerns for human health are expected to drive the demand for bioplastics & biopolymers market during the forecast period.

The key players in the market include NatureWorks (US), Braskem (Brazil), Novamont (Italy), BASF (Germany), Total Corbion PLA (Netherlands), Biome Bioplastics (UK), Bio-On (Italy), Toray Industries (Japan), Plantic Technologies (Australia), and Mitsubishi Chemical Corporation (Japan). The bioplastics & biopolymers market report analyzes the key growth strategies adopted by leading market players, between 2014 and 2018, which include investment & expansion, new product launch, agreement, partnership & joint venture, and merger & acquisition.

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NatureWorks is a major manufacturer of bioplastics & biopolymers. The company manufactures biodegradable biopolymers derived from renewable resources. The company offers Ingeo biopolymer, which is used in 3D printing, beauty and household, building & construction, food & beverage packaging, medical & hygiene, and other applications. The company has established a strong foothold in the bioplastics & biopolymers market through investments & expansions, joint ventures, and new product launches. In June 2017, NatureWorks signed a contract to license Plaxica’s Optipure chemical processing technology for the production of D-lactic acid. This helped the company produce D-lactic acid at lower cost, for a further range of performance Ingeo PLA grades. This investment is a long-term strategy of the company to lead the market with cost-effective, functional biopolymers.

Braskem has majorly adopted new product launches, agreement & partnerships & joint ventures strategies to grow in the bioplastics & biopolymers market. In August 2018, Braskem launched a new sustainable PET food packaging initiative utilizing Braskems product, sugarcane I’m green biopolymer. Natural PET is expected to use 30.0% bioplastic packaging material into every bag in Mindful Meals dry dog food. This development is expected to help meet the demand for bioplastics & biopolymers, globally. In September 2018, Braskem and UNITED CAPS collaborated to deliver green bio-sourced plastic caps and closures. These products would be made from sugarcane as an addition to the UNITED CAPS product portfolio. This collaboration is expected to enable the delivery of more environmentally sustainable greener closure solutions to the caps and closure market, thereby strengthening the foothold of Braskem in the bioplastics & biopolymers market.

Related Reports:

Bioplastics & Biopolymers Market by Type ( Non-biodegradable, Biodegradable), End-use Industry (Packaging, Consumer Goods, Automotive, Textiles, Agriculture) and Region (APAC, North America, Europe, and RoW) – Trends & Forecast to 2023

Bioplastics & Biopolymers Market worth $14.92 billion | CAGR value of 16.5%

The Bioplastics & Biopolymers market is projected to grow from USD 6.95 billion in 2018 to USD 14.92 billion by 2023, at a CAGR of 16.5% from 2018 to 2023. Increasing demand for bioplastics from the packaging industry, favorable government policies, increase in waste management regulations in Europe, and increasing concern for human health are projected to drive the bioplastics & biopolymers market. Increase in regulations is expected to propel the growth rate of the market.

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The high growth of the packaging industry coupled with increasing regulations related to renewable packaging materials are leading to the increasing use of bioplastics over conventional plastics. This has propelled the consumption of bioplastics in packaging, which, in turn, is projected to drive the bioplastics & biopolymers market.

Market Dynamics

Drivers

• Increasing use of bioplastics in the packaging end-use industry
• Increase in waste management regulations in Europe
• Favorable government policies
• Increased focus on bio-based content rather than biodegradability
• Increasing concern for human health 

Restraints

• High price of bioplastics

Opportunities

• Development of new applications
• High potential in Southeast Asian countries

Challenges

• Segregation and processing of bioplastics
• Fluctuation of oil prices
• Performance limitations of bioplastics & biopolymers
• Limited regulations related to bioplastics in developing countries

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Packaging is the largest end-use industry for bioplastics & biopolymers. The need for sustainable solutions has encompassed several industry verticals, including food & beverage. In addition, enhanced industrial & manufacturing technologies have enabled the food & beverage companies to incorporate bioplastics in packaging. 

Europe is the largest bioplastics & biopolymers market and is one of the major producers of plastics. It is also one of the leading packaging markets, globally. These factors have been responsible for the development of bio-based plastics with collaborative research, which, in turn, is expected to transform Europe’s plastics industry. The political and economic conditions have also driven the market penetration of bioplastics & biopolymers. The EU Commission has focused on the Lead Markets Initiative where bioplastics have been identified as one of the most important potential markets. Europe has, thus, become one of the major consumers of bioplastics & biopolymers.