Bioplastics Market size was valued at USD 11.6 Billion in 2022 and is poised to grow from USD 13.83 Billion in 2023 to USD 56.36 Billion by 2031, growing at a CAGR of 19.20% during the forecast period (2024-2031).
Growing investments in the development of new bioplastic products and increasing demand for sustainable products are also estimated to promote bioplastics market development over the coming years. Rising emphasis on reducing plastic waste and reducing its harmful impact on the environment is projected to help boost the demand for bioplastics.
The packaging industry is expected to lead the demand for bioplastics as it seeks to replace its most used material in a sustainable manner. Changing consumer preferences asthey become more aware of the ill-effects of plastic use is also projected to create new opportunities for bioplastics providers in the long run. Advancements in biotechnologies and the growing availability of different bio-based materials will also create new business scope for bioplastics providers in the future.
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Launching New Bioplastics Products Estimated to Remain a Top Strategy for All Market Players
Bioplastic companies are continually focusing on launching new products to expand their business scope and sales potential. Bioplastics providers are also heavily investing in the development of novel materials and technologies that support bioplastics demand. Improving and maximizing bioplastics production potential will also be a priority for bioplastics manufacturers in the future. Surging demand for flexible packaging is also estimated to act in favour of bioplastics manufacturers across the forecast period and beyond. Collaborations will be highly essential for bioplastics companies looking to fast-track their product development cycles and boost sales. Degradation of soil quality due to increased plastic content will also bolster the demand for compostable and biodegradation plastics over the coming years.
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- Back in October 2023, Stora Enso, a renewable products supplier from Helsinki, Finland, announced the launch of new bioplastic containers for hazardous waste in collaboration withFrostPharma and Mälarplast. The new bioplastic containers are created by using wood fibers sourced from Nordic forests.
- Kelpy, a new company based in Australia developing bioplastics, launched seaweed-based bioplastic pellets in April 2023. The company can use these pellets to create new bioplastic products and help them replace oil-based plastic pellets to enhance the sustainability of their business.
- ABB won a major contract to automate a bioplastic facility as demand for bioplastics intensifies on a global level.Natureworks awarded the contract to ABB back in March 2022, to automate its polylactic acid (PLA) production facility in Thailand to meet its rapidly increasing demand.
- In November 2023, AgroRenew, a new company focusing on developing bio-sourced plastics revealed its plans of building a new procession facility to turn food waste into bioplastics. The USD 83 million processing plant was planned to be developed in Indiana, United States, and create around 250 jobs for locals.
- Back in December 2023, Sulzer, a renowned manufacturing engineering organization announced the launch of its new biodegradable polymer for bioplastics. The company uses its proprietary technology known as CAPSULTM for the manufacturing of this biodegradable polymer called polycaprolactone (PCL).
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The global bioplastics market is highly opportune for new as well as leading companies. The growing focus on sustainability is projected to continue bolstering the demand for bioplastics on a global level. Adoption of bio-based materials in packaging industry to lower their carbon footprint will surely generate most demand for bioplastics in the long run.
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