According to Fortune Business Insights the global bioplastics market was valued at USD 7.49 billion in 2023 and is expected to decline slightly to USD 7.41 billion in 2024 before witnessing significant growth, reaching USD 56.99 billion by 2032. This represents a robust compound annual growth rate (CAGR) of 29.0% during the forecast period. The market is poised for exponential growth driven by increasing demand for sustainable alternatives to traditional plastics across industries such as packaging, automotive, agriculture, and consumer goods.
The Global Bioplastics Market has recently been analyzed and explored by Fortune Business Insights™ in their latest market research report. The team of dedicated analysts and researchers has gone to great lengths to provide a comprehensive overview of both current and future scenarios pertaining to the Bioplastics Market. As a result, this report is packed with valuable insights that will be highly advantageous for industry players looking to maintain a competitive edge.
Fortune Business Insights™ displays this information in a report titled, "Bioplastics Market, 2025-2032."
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Segments:
Biodegradable Plastics to Gain Traction Due to their Wide Usage in Numerous Industries
Based on type, the market is segmented into biodegradable and non-biodegradable. The biodegradable segment is expected to hold a dominant bioplastics market share as this type of plastic is finding robust use in many industries such as textiles, packaging, consumer goods, and agriculture.
Demand for Durable and Sturdy Packaging Solutions to Boost Product Use in Rigid Packaging
Based on application, the market covers rigid packaging, flexible packaging, textiles, automotive & transportation, agriculture & horticulture, consumer goods, and others. The rigid packaging segment is predicted to hold the largest market share as many shipping companies are looking for sturdy yet eco-friendly packaging solutions.
With respect to region, the market covers North America, Europe, Asia Pacific, and Rest of the World.
List of the Key Players in the Bioplastics Market:
- Novamont S.p.A. (Italy)
- Arkema S.A. (France)
- Matrìca S.p.A. (Italy)
- NatureWorks LLC (U.S.)
- TotalEnergies Corbion (Netherlands)
- PTT MCC Biochem Co., Ltd. (Thailand)
- Roquette Frères (France)
- Biofase (Mexico)
- Genecis (Canada)
- Trifilon (Sweden)
- Solvay S.A. (Belgium)
- Avantium (Netherlands)
- Toray Industries, Inc. (Japan)
- LyondellBasell Industries Holdings B.V. (Netherlands)
Report Coverage:
The report analyzes the market in detail and sheds light on important areas such as leading product types, players, and applications. It also provides information on the latest market trends and vital industry developments. Besides the abovementioned factors, the report covers several other factors that have contributed to the market’s growth in recent years.
Regional Insights:
Europe led the global market in 2023, with a market size of USD 3.64 billion and a 48.6% share. The region plays a central role in bioplastics R&D and consumption, supported by a strong automotive base and increasing adoption of bio-based packaging solutions. Europe also contributes around 25% of global bioplastics production. In contrast, the Asia Pacific region holds the largest manufacturing capacity, accounting for 56% of global production. Growth in the region is fueled by China's regulatory reforms and the expansion of the packaging industry. North America is set for consistent growth, driven by rising demand in the automotive and electronics sectors, coupled with a preference for high-quality consumer products. The rest of the world is also witnessing increased adoption of bioplastics, especially in agriculture and food packaging, due to mounting global restrictions on conventional plastic use.
Drivers and Restraints:
Growing Adoption of Eco-Friendly Plastics in Packaging Industry to Fuel Market Progress
Biodegradable plastics are finding major uses in many industry verticals. However, one of the most common applications of these plastics is found in the packaging sector as they exhibit properties that are quite similar to those of conventional plastics. They are used in many rigid as well as flexible packaging solutions. Moreover, the e-commerce industry has expanded considerably in recent years, which has further boosted the demand for packaging materials, thereby enhancing the product adoption.
Key Industry Developments:
- May 2023 – Total Energies Corbion partnered with Changsu Industrial to promote the adoption of sustainable biobased BOPLA films. This collaboration is expected to enhance TotalEnergies Corbion’s revenue streams from its biobased product portfolio.
- April 2023 – Solvay announced a strategic partnership with Ginkgo Bioworks to expand its research and innovation presence in the United States. The collaboration aims to develop new sustainable biopolymers and strengthen Solvay’s footprint in the North American market.
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