Bioplastics market size set for explosive growth

According to a new comprehensive report from The Insight Partners, global bioplastics market size is projected to reach US$ 19.43 billion by 2031 from US$ 7.20 billion in 2023. The market is expected to register a CAGR of 13.2% in 2023–2031. The increasing focus on innovation and technological advancement is likely to remain key bioplastics market trends.

Bioplastics are produced from plants or other biological materials instead of crude oil and natural gas. These are usually made by extracting sugar starch from sugarcane and corn in order to convert it into polylactic acid (PLAs), or they can be produced from polyhydroxyalkanoates (PHAs) bioengineered from microorganisms. The most typically used bioplastic in food packaging is PLA, while PHA is often used in medical devices, including sutures and cardiovascular patches. PLA has properties similar to polyethylene and polypropylene, and it offers a high level of rigidity, transparency, stability, and superior performance. Further, producing PLA plastic saves two-thirds of the energy required for fabricating fossil fuel-based plastics.

Moreover, PLA plastics emit almost 70% lesser greenhouse gases than conventional plastics during the degradation in a landfill. Further, bioplastic packaging is easily manufactured as packaging produced from biopolymers is usually produced employing standard plastics processing technology. Thus, the growing demand for eco-friendly plastics in the packaging sector is a major factor expected to boost the growth of the bioplastics market across the globe over the forecast period.

Growing demand from industries such as packaging, automotive, catering products, consumer electronics, agriculture/horticulture, and textiles is driving the bioplastics market. Consumers prefer using bioplastic packaging material over synthetic plastic packaging as it can be decomposed with food. Factors such as high biodegradation, eco-friendliness, zero toxicity, and direct substitutes to conventional plastic favor the use of bioplastics. In addition, the growing demand for recycled materials to produce packaging and initiatives undertaken by the government to minimize the overall production and consumption of single-use plastic products are anticipated to support the growth of the bioplastics market.