Bioplastic Composites Market 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): Global Opportunity Analysis and Industry Forecast, 2020-2030

Bioplastics Composites Market

The global bioplastic composites market was valued at USD 27.3 billion in 2020 and is projected to reach USD 73.9 billion by 2030, growing at a CAGR of 10.5% from 2021 to 2030. The increase in the use of bioplastic composites in the consumer goods, packaging, and healthcare end-use industries is what is fueling the expansion of the global bioplastic composites market. Bioplastic is employed in practically all sorts of packaging applications, with the packaging industry accounting for the largest share of the bioplastic composites market.  

Bioplastic composites are frequently utilized in packaging for goods related to food, drink, cosmetics, the chemical industry, and household cleaners. Additionally, CD, disc, DVD, and media packaging can be made with injection-molded bioplastics. High-grade materials should be used to create bioplastic packaging so that it can withstand harsh chemicals and climatic conditions. Polypropylene, low-density polyethylene, and high-density polyethylene are the polymers that are employed in the injection molding of bioplastic packaging. These factors will further influence the bioplastic composites market growth. 

Bioplastics Composites Market Trends

The need for bioplastic composites is expected to increase due to the increased use of plastic derived from petroleum. Products made of petroleum-based plastic offer a number of environmental risks due to the usage of fossil fuels during manufacturing. Additionally, the creation of plastics is a costly process that heavily relies on the extraction and processing of fossil fuels. Bioplastic composites are utilized to get around this problem since they help reduce the need for non-renewable feedstock materials in the manufacture of plastic. For the creation of bioplastic products, starch is a form of composite material. Additionally, using starch-based composite materials minimizes the need for feedstock items with a petroleum foundation. These are the main drivers for the growth of the bioplastic composites market.

Increasing the use of bioplastic in the construction industry will drive the growth of the bioplastic composites market. Construction and housing applications both use bioplastics. Carpets made of polylactic acid (PLA) and polyhydroxyalkanoate (PHA) are utilized in homes and commercial buildings. For the creation of upholstered furniture, bio-based foams like polyurethane are acceptable, and PLA-based particle foams are employed for building insulation. In the construction sector, blow-in insulation made of cellulose is frequently employed. Pipelines for sewage and water are made from bio-PVC. Due to their strength, durability, and aesthetics, as well as the rise in industrialization and the use of green building techniques, architects, engineers, and developers are concentrating more on the use of bioplastic components in building and construction. This is expected to present a market expansion opportunity.

However, while making bioplastic, poly (lactic acid) (PLA) and poly (hydroxybutyrate) (PHB) are employed. These composites' characteristics are inferior to those of synthetic materials used to make plastics because they are made from plant-based ingredients. Additionally, a small number of bioplastic products do not quickly degrade in soil and ocean, which raises the danger of chemical breakdown during recycling and is predicted to restrain market expansion.

Bioplastics Composites Market Share Analysis

In addition to Mitsubishi Chemical Holdings Group, NatureWorks LLC, Corbion NV, Braskem, FKuR, Arkema S.A., BASF SE, Dow, Solvay, and Toray Industries, Inc. are some of the significant businesses mentioned in this research. The report on the worldwide bioplastic composite market includes detailed competitive analyses and summaries of these key players.

The largest CAGR is anticipated for the Asia-Pacific bioplastic composites market. The market for bioplastic composites is expanding in the Asia-Pacific region as a result of government initiatives promoting the usage of bioplastic. Additionally, injection-molded bioplastics are employed in Asia in a variety of end-use industries, including packaging, consumer goods, electronics, agriculture, and the manufacturing of medical equipment and consumer products. The market for bioplastic composites is fueled by the rising popularity of packaged foods in emerging nations like South East Asia and China.

Depending on fiber type, the market is divided into wood fiber composites and non-wood fiber composites. Wood fiber composites fiber type was the largest revenue generator, and is anticipated to grow at a CAGR of 10.6% during the forecast period. 

On the basis of polymer, the global bioplastic composites market is divided into natural polymer and synthetic polymer. The synthetic polymer was the largest revenue generator, and is anticipated to grow at a CAGR of 10.4% during the forecast period. Polyethylene terephthalate, epoxy, and bio-PA are types of synthetic polymers that are used during formulation of bioplastics.

The end-use industries covered in the study include transportation, electrical & electronics, building & construction, aerospace & defense, consumer goods, and others. In 2020, the transportation end-use industry is anticipated to grow at a highest CAGR of 11.5% during the forecast period. Bioplastic is widely used in various automotive applications. They reduce vehicle weight thereby reducing fuel consumption. Bioplastics are used in automotive owing to their valuable properties, such as high strength, heat resistance, high density, and improved exterior surface quality. They are durable, cost-effective, and sustainable as compared to petroleum-based plastics.

Key Benefits for Stakeholder

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the bioplastic composites market analysis from 2020 to 2030 to identify the prevailing bioplastic composites market opportunities.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the bioplastic composites market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global bioplastic composites market trends, key players, market segments, application areas, and market growth strategies.

Key Segmentation

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

By Region

• North America

○ U.S.

○ Canada

○ Mexico

• Europe

○ France

○ Spain

○ Italy

○ Rest of Europe

○ Germany

○ U.K.

• Asia-Pacific

○ China

○ India

○ Japan

○ South Korea

○ Australia

○ Rest of Asia-Pacific

• LAMEA

○ Brazil

○ Saudi Arabia

○ South Africa

○ Rest of LAMEA

Key Players

○ Mitsubishi Chemical Holdings Group

○ NatureWorks LLC

○ Corbion NV

○ Braskem

○ Owens Corning

○ Arkema S.A.

○ BASF SE

○ Dow

○ Solvay

○ Toray Industries, Inc

Bioplastics Composites Market Scope