Bioplastics & Biopolymers Market Expected to Hit US$ 29.7 Billion by 2026, at a CAGR of 22.7%, Concludes MarketsandMarkets™ 

Bioplastics & Biopolymers Market Expected to Hit US$ 29.7 Billion by 2026, at a CAGR of 22.7%, Concludes MarketsandMarkets™ 
Browse 142 market data Tables and 50 Figures spread through 244 Pages and in-depth TOC on “Bioplastics & Biopolymers Market
Bioplastics & Biopolymers Market by Type (Non-Biodegradable/Bio-Based, Biodegradable), End-Use Industry (Packaging, Consumer Goods, Automotive & Transportation, Textiles, Agriculture & Horticulture), Region

The global bioplastics & biopolymers market size is expected to grow from USD 10.5 billion in 2020 and USD 27.9 billion by 2025, at a CAGR of 21.7% during the forecast period. The major factors driving the market are the focus of government on green procurement policies and regulations across the globe and increasing aftermarket for bioplastics & biopolymers. 

The non-biodegradable/bio-based bioplastics & biopolymers segment accounts for the larger share of the overall market. The non-biodegradable/bio-based bioplastics & biopolymers types do not largely differ from their conventional plastic. The key applications of non-biodegradable/bio-based and biodegradable bioplastics & biopolymers are in food packaging, disposable cutlery, bags, fibers, and agricultural applications. Non-biodegradable/bio-based bioplastics such as bio-PE and bio-PET are identical to fossil-based and are used in food packaging. 

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Packaging is the largest end-use industry of bioplastics & biopolymers. The need for sustainable solutions has encompassed several industry verticals, including food & beverages, e-commerce, and FMCG. The unique properties of packaging are enabling its use in various food and non-food applications such as cigarettes, biscuits, sugar confectioneries, baked goods, noodles, and other snacks. In addition, the rise in e-commerce has played an intense focus on increased packaging requirements. APAC is estimated to be the fastest-growing market for bioplastics & biopolymers between 2021 and 2026. Growth in APAC is primarily attributed to the fast-paced expansion of the economies such as China, India, and Indonesia. 

The major players in the bioplastics & biopolymers market include NatureWorks (Italy), Braskem (Brazil), BASF (Germany), Total Corbion (Netherlands), Novamont (Italy), Biome Bioplastics (UK), Mitsubishi Chemical Holding Corporation (Japan), Biotec (Germany), Toray Industries (Japan), and Plantic Technologies (Australia). These players have adopted various growth strategies to expand their presence in the market further. New product launch, joint ventures, and investment & expansion have been the leading strategies adopted by the major players in the last five years to strengthen their competitiveness and broaden their customer base in the global bioplastics & biopolymers market. 

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NatureWorks is the largest player operating in the bioplastics & biopolymers market. The company has manufacturing facilities in North America and produces bioplastics & biopolymers for 3D printing, beauty and household, building & construction, food & beverage packaging, medical & hygiene, and other applications for worldwide customers. The company has adopted new product launch and expansion strategies to broaden its product portfolio and maintain its position in the market.

  • In May 2019, the company developed a new Ingeo 3D450 for the formulation for use in dual extrusion 3D printers. The new formulation is produced to support materials that include complex industrial parts such as jigs and fixtures, patterns for investment metal casting, and architectural and retail models 

Braskem is one of the largest producers of bioplastics & biopolymers in the world. The company has 41 manufacturing facilities worldwide. In recent years, Braskem has adopted several business strategies to strengthen its position in the market. It has adopted various growth strategies, including joint ventures and new product launches, to maintain its leading position in the bioplastics & biopolymers market.

  • In August 2019, Braskem and Ledesma (Argentina), manufacturer of natural agroindustrial products, have collaborated to deliver Ledesma + Bio, which is a line of 100% sustainable notebooks made entirely of sugarcane. Such initiatives are expected to cater to the needs of the bioplastics & biopolymers market.

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