According to a report from Allied Market Research, the global bioplastics market size was USD 24.38 billion in 2017 and is expected to reach USD 68.57 billion by 2024, with a compound annual growth rate of 18.8% from 2018 to 2024.
Eco-friendliness, government preferences, the supply of renewable raw materials, and the high level of consumer acceptance are driving market growth. However, high end-to-end user costs and the limited functionality of bioplastics have hindered the growth of the bioplastics market.
On the other hand, the improvement of corporate social responsibility (CSR) and the reduction of dependence on petroleum resources and the progress of research and development have created new opportunities for the industry.
Non-biodegradable plastics account for the largest proportion
According to the type classification, the bioplastics market is divided into biodegradable plastics and non-biodegradable plastics.
Non-biodegradable plastics contributed the largest market revenue in 2018, accounting for nearly two-thirds of the total market share, and are expected to continue to dominate by 2024. From 2018 to 2024, the field is expected to grow at the highest compound annual growth rate of 20.2%.
Non-biodegradable are divided into epoxy resin, polyurethane, polyethylene terephthalate (PET) and polyamide (PA), polyethylene (PE), ethylene-propylene-diene monomer rubber (EPDM), and Polytrimethylene terephthalate (PTT), etc.
The rapid development of the global sustainable packaging industry coupled with the fluctuation of crude oil prices has driven the growth of the Bio-PET market. In addition, biopolyester is expected to meet the growing demand for lightweight materials in the automotive industry. The government's preferential policies will also drive the demand for the biopolyester market as an environmentally friendly alternative.
Hardpack sector offers lucrative growth opportunities
Bioplastics have properties such as gloss, barrier effects, antistatic properties, and printability, making them suitable for rigid packaging applications. Bioplastic rigid packaging includes bottles, cups, cans, corrugated boxes, boxes and others.
In 2018, the rigid packaging industry accounted for nearly a third of the market share. It is expected that the industry will grow at a compound annual growth rate of 28.3% and maintain its leading market position by 2025.
Europe will continue to lead the region
By region, Europe accounts for more than 2/5 of the total market share, and it is expected that it will continue to maintain its leading position throughout the forecast period.
European policymakers' preferences for bioplastics manufacturers and increased use of bioplastics by German, Italian and British companies are key factors driving the growth of the region's bioplastics market.
The Asia-Pacific region is expected to grow at a compound annual growth rate of 20.4% from 2018 to 2024.