The global bioplastics & biopolymers market size is expected to reach USD 63.09 billion by 2030, according to a new study by Polaris Market Research. The report “Bioplastics & Biopolymers Market Share, Size, Trends, Industry Analysis Report, By Type (Biodegradable, Non-biodegradable); By End-Use (Packaging, Textile, Consumer Goods, Automotive, Agriculture, Others); By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Europe accounted for a significant revenue share owing to introduction of strict regulations regarding use of bioplastics and biopolymers for decreasing packaging waste. Increasing inclination of consumers toward use of sustainable solutions, adoption of modern retail practices, and technological advancements support the growth of the industry in the region. Growth in environmental awareness, high purchasing power of consumers, and greater application in the automotive sector further accelerates the industry growth in Europe.
Several industry players are investing in research and development, launching new products, and initiating partnerships to address the growing industry demand. In January 2022, Vikas Ecotech Limited invested in BioPlastics (PHA) technology to enhance offerings and strengthen its presence in the industry. In May 2021, TerraVerdae Bioworks, launched a range of PHA-based resins for customer evaluations. The formulations are available as thermoforming, blown/cast films, and injection moulding. The launch strengthens the company’s portfolio of biobased and biodegradable plastic resins, while catering to material needs and sustainability goals.
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On the basis of end-use industry, the global bioplastics and biopolymers market has been segmented into packaging, textile, consumer goods, automotive, agriculture, and others. The packaging segment dominated the bioplastics and biopolymers market in 2021. Rise in population, growth in the retail industry, and greater use of e-commerce platforms boost the growth of this segment. There has been rise in concerns associated with the generation of packaging waste, encouraging industry players to launch sustainable products in the industry.
The outbreak of COVID-19 influenced the global market through disruption of supply chain, limited availability of raw materials, and operational restrictions. Lockdown impositions caused travel restrictions and transportation delays across the world. Decline in demand from agriculture and automotive industries was observed. However, the industry experienced increase in demand from the packaging sector on account of greater use of e-commerce platforms and healthcare sector.
Bioplastics & Biopolymers Market Report Highlights
Polaris Market Research has segmented the bioplastics & biopolymers market report based on type, end-use, and region:
Bioplastics & Biopolymers, Type Outlook (Revenue - USD Billion, 2018 - 2030)
Bioplastics & Biopolymers, End-Use Outlook (Revenue - USD Billion, 2018 - 2030)
Bioplastics & Biopolymers, Regional Outlook (Revenue - USD Billion, 2018 - 2030)