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.
Regional Analysis
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.
COVID-19 Impact Analysis
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.
Factors Influencing the 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.
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.
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Competitors in the Market
Mitsubishi Chemical Holdings Group
NatureWorks LLC
Corbion NV
Braskem
Owens Corning
Arkema S.A.
BASF SE
Dow
Solvay
Toray Industries, Inc.
Other Prominent Players
Market Segmentation
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
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