by The global Bioplastic Composites Market is estimated to be valued at US$ 40.23 Bn in 2023 and is expected to exhibit a CAGR of 11.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Bioplastic composites are materials that are partially or entirely made of natural fibers such as wood, straw, hemp or flax, and reinforced with plastics such as PLA and PHA. They help reduce dependence on non-renewable resources and emit less greenhouse gases. Their properties of strength, durability and biodegradability make them suitable for a variety of injection molded applications.
Market key trends:
One of the key trends in the bioplastic composites market is the growing demand for eco-friendly products. With rising awareness about sustainability and environmental protection, consumers are preferring biodegradable and recyclable alternatives to plastic products. Bioplastic composites help address this need as they are partially or fully made from renewable biomass instead of fossil fuels. Their decomposition does not harm the environment like conventional plastics. Their ability to replace common plastics in various applications is driving their increased adoption across different end use industries. One of the key trends in the bioplastic composites market for injection molding is the increasing adoption of sustainable packaging solutions. Rising environmental concerns and stringent government regulations banning single-use plastics are compelling brands and manufacturers to adopt greener packaging alternatives like bioplastic composites. Bioplastic composites offer properties similar to conventional plastics while being derived from renewable plant-based sources, thus reducing dependence on fossil fuels. Their renewability and biodegradability are driving the demand in various packaging applications like food packaging, consumer goods packaging, pharmaceutical packaging etc.
SWOT Analysis
Strengths: Bioplastic composites are more environmentally sustainable than conventional plastics as they are partly or wholly derived from renewable biomass. They reduce dependence on fossil fuel resources and can help lower carbon emissions.
Weaknesses: High production costs of bioplastic composites compared to petroleum-based plastics limit their mass adoption. Performance properties of some bioplastics are still inferior to petrol-plastics.
Opportunities: Growing consumer preference for sustainable packaging drives the demand for bioplastics. Stringent regulations against single-use plastics present an opportunity for bioplastics to capture more market share.
Threats: Volatility in agricultural commodity prices can impact the cost of bioplastic raw materials. Established petrol-plastic industry presents competition to bioplastics through intensive lobbying against legislation.
Key Takeaways
The Global Bioplastic Composites Market Size for injection molding is expected to witness high growth, exhibiting CAGR of 11.1% over the forecast period, due to increasing adoption of sustainable packaging solutions amid rising environmental concerns.
The bioplastic composites market for injection molding in North America currently accounts for the largest share globally, assisted by stringent regulations restricting single-use plastics. Asia Pacific region is expected to witness fastest growth on account of rising bioplastics production and favorable government policies in countries like India and China.
Key players operating in the bioplastic composites market are BASF SE, Braskem S.A., Compagnie de Saint-Gobain S.A. (CertainTeed Corporation), Corbion Purac, FKuR Kunststoff GmbH, Green Matters Mexico, Indorama Ventures Public Company Limited, Natureworks LLC, Trex Company, Inc., and UPM
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
