Bioplastic Composites Market For Injection Molding Estimated To Witness High Growth Owing To Increasing Demand For Biodegradable and Sustainable Products
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| Bioplastic Composites Market |
The global Bioplastic Composites Market is estimated to be valued at US$ 40.23 Bn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Bioplastic composites are made
from plant-based materials like cellulose fibers or starch as well as a
bioplastic matrix. These bioplastic composites have the advantage of being
lightweight, recyclable and compostable. They are increasingly being used in
various consumer goods like cups, cutlery as well as automotive and electronics
parts to replace traditional plastics derived from petroleum.
Market key trends:
One of the key trends in the
bioplastic composites market is the development of new bioplastic materials and
composites that can mimic the properties of traditional plastics. Researchers are
engineering biomaterials that can match petroleum-based plastics in strength,
durability and processability. At the same time, these new biocomposites ensure
sustainability by being biodegradable and compostable. Another trend is the
broadening applications of bioplastic composites beyond packaging and
consumables to more durable applications like automotive and electronics parts.
OEMs are actively developing 'green' alternatives using bioplastic composites
to replace existing plastic components.
Segment Analysis
Bioplastic composites can be
segmented into Wood Fillers, Flour fillers, starch fillers, and others. Among
these, starch fillers dominate the market as they are abundantly available at
low costs and have enhanced biodegradability and sustainability.
Key Takeaways
The Global
Bioplastic Composites Market Size For Injection Molding is expected to
witness high growth, exhibiting a CAGR
of 11% over the forecast period, due to increasing awareness about
biodegradability and sustainability worldwide.
Regional analysis
Asia Pacific dominates the
bioplastic composites market due to rapid industrialization and rising need for
sustainable packaging solutions in countries like China, India & Japan.
Europe is the second largest market due to stringent regulations against single
use plastics and presence of major bioplastic composite manufacturers.
Key players
Key players operating in the
bioplastic composites market include BASF SE, Braskem S.A., Compagnie de
Saint-Gobain S.A. (CertainTeed Corporation), Corbion Purac, FKuR Kunststoff
GmbH, Green Matters Mexico, Indorama Ventures Public Company Limited,
Natureworks LLC, Trex Company, Inc., and UPM. The market is consolidated in
nature with top players accounting for major market share.
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