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The global bioplastic composites market size was US$ 28.3 billion in 2021. The global bioplastic composites market is expected to grow to US$ 71.9 billion by 2030 by registering a compound annual growth rate (CAGR) of 9.5% during the study period from 2022 to 2030.
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Bioplastics are a class of plastic polymers that are produced using renewable feedstocks like cellulose, sugarcane, or natural resources like corn. There are several uses for bioplastic composites, including in tableware, movies, toys, and extrusion- and injection-molded profile parts.
The Asia-Pacific bioplastic composites market is expected to exhibit the highest growth rate due to the rising government policies sustaining the use of bioplastic fuels. Additionally, the rising number of regulations aimed at banning plastic usage is expected to bring untapped growth opportunities for the bioplastic composites market during the analysis period. Moreover, the region is also home to prominent end-use industries in the bioplastic composites market, such as automotive components, consumer goods, electronics components, agriculture, medical devices, and packaging, which will contribute to the growth of the market during the study period.
The COVID-19 pandemic has negatively affected the automotive, consumer goods, and various other industries, which are also the end-users of the bioplastic composites market. As a result, it ultimately hampered the demand for bioplastic composites as various organizations started operating at half capacity. The number of producers of bioplastic composites has reduced or stopped production, which has disrupted the supply chain. Because of this, demand for bioplastic composites has been temporarily restricted during the COVID-19 period.
However, the packaging industry recorded a steep increase in the growth graph, which positively influenced the growth of the bioplastic composites market.
The declining use of petroleum-based plastic, as it poses several threats to the environment, will upsurge the demand for bio-based products. Moreover, the fact that extraction and production of fossil fuels are expensive will present potential prospects for the market as bioplastic composites can significantly minimize the use of non-renewable feedstock materials for plastic production.
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As environmentally acceptable and sustainable replacements for synthetic plastic, bioplastics are gaining significant traction. Natural or synthetic polymers formed from organic macromolecules originating from biological resources can be used to create bio-based plastics. Natural polymers are plastics that microorganisms like fungi and bacteria may break down or degrade into carbon dioxide, water, and other biomaterials. The market for bioplastic composites is primarily driven by rising environmental consciousness and growing alternative and raw material prices, such as the prices of petrochemicals. However, the fact that various bioplastic products cannot be completely decomposed and also increases the risk of a chemical breakdown may limit the growth of the market during the analysis period.
Mitsubishi Chemical Holdings Group NatureWorks LLC Corbion NV Braskem Owens Corning Arkema S.A. BASF SE Dow Solvay Toray Industries, Inc. Other Prominent Players
The global bioplastic composites market segmentation focuses on Fiber Type, Polymer, End-Use Industry, and Region.
By Fiber Type Wood Fiber Composites Non-Wood Fiber Composites
By Polymer Natural Polymer Synthetic Polymer
By End-use Industry Transportation Electrical and Electronics Building and Construction Aerospace and Defense Consumer Goods Others
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By Region North America The U.S. Canada Mexico Europe Western Europe The UK Germany France Italy Spain Rest of Western Europe Eastern Europe Poland Russia Rest of Eastern Europe Asia Pacific China India Japan Australia & New Zealand ASEAN Rest of Asia Pacific Middle East & Africa (MEA) UAE Saudi Arabia South Africa Rest of MEA South America Brazil Argentina Rest of South America
Key questions answered in the global market report are:
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