Bioplastics Industry Overview
The global Bioplastics Market, estimated at USD 15.57 billion in 2024, is anticipated to grow at a robust CAGR of 19.5% from 2025 to 2030. A significant factor propelling global demand is the increased adoption of bioplastics within the packaging industry. The market's expansion is largely driven by the growing limitations on single-use, non-biodegradable plastics in developed regions such as North America and Europe, alongside similar trends in emerging Asia Pacific economies.
Bioplastics find widespread application in the packaging industry for manufacturing boxes, films, and bags. The increasing consumer preference for sustainable packaging solutions, coupled with escalating landfill issues worldwide, is expected to significantly boost the demand for bioplastics in industrial, food & beverage, and household care packaging. This, in turn, is projected to drive market growth throughout the forecast period. Moreover, as consumers increasingly seek environmentally friendly and less hazardous alternatives, bioplastics are gaining importance as a viable substitute for conventional plastics.
Detailed Segmentation:
- Product Insights
Based on product, the market has been segmented into biodegradable and non-biodegradable. The biodegradable segment accounted for the largest revenue share of 50.02% in 2024. The rising demand for bio-based plastics across a range of end-use sectors over the forecast period is anticipated to fuel the segment growth. The rise in demand for biodegradable plastics is attributed to the increasing demand for personal protective equipment (PPE) and the preference for packaged food post-pandemic.
- Application Insights
Based on application, the market has been segmented into packaging, agriculture, automotive & transportation, electronics, textile, and others. The packaging segment accounted for the largest revenue share of 61.36% in 2024 and is expected to grow at a rapid CAGR over the forecast period. Bioplastics are widely utilized in packaging applications, including films, sheets, household care items, food & beverage packaging, and packaging for personal care goods. The most popular bioplastics used for packaging are starch blends, PET, PLA, PBAT, PE, and PBS.
- Regional Insights
Europe bioplastics market is dominated and accounted for largest revenue share of 43.38% in 2024. In Europe, stringent environmental regulations and the push towards a circular economy are key drivers for the bioplastics market. The market is anticipated to grow further with the increasing usage of bioplastics across various industries, such as textiles, automotive and transport, packaging, consumer goods, and medical devices, among others.
Gather more insights about the market drivers, restraints, and growth of the Bioplastics Market
Key Companies & Market Share Insights
The bioplastics market is characterized by a competitive landscape with several key players driving innovation and market growth. Major companies in this sector are investing heavily in research and development to enhance the performance, cost-effectiveness, and sustainability of their products.
Key Bioplastics Companies:
The following are the leading companies in the bioplastics market. These companies collectively hold the largest market share and dictate industry trends.
- TEIJIN LIMITED
- Toray Industries, Inc.
- Toyota Tsusho Corporation
- Avantium
- PTT MCC Biochem Co., Ltd.
- An Phat Holdings
- NatureWorks LLC
- SABIC
- BASF
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Recent Developments
- In June 2024, Floreon, a company specializing in bioplastics, secured USD 328.3 million in funding to scale up its bioplastics technology. This investment will help Floreon expand its production capabilities and enhance its product offerings in the sustainable materials market. The funding is expected to accelerate the development and commercialization of its innovative bioplastic solutions, helping the company fulfill the growing demand for environmentally friendly alternatives to traditional plastics.
- In February 2024, Balrampur Chini Mills Limited (BCML), a leading sugar company in India, announced a USD 238.5 million forward integration project to build the country's first-ever industrial bioplastic plant. The project aims to produce Polylactic Acid (PLA), a sustainable alternative to traditional plastics, with a global-scale capacity of 75,000 tons per annum.
