The Global Bioplastic Composites Market Growth Accelerated By Sustainable Packaging Demand
Bioplastics Composites Market For Injection Molding |
Bioplastic composites are an
environmentally-friendly substitute to traditional plastics and are
manufactured using renewable biomass sources like vegetable oils, corn starch
or microbiota. Bioplastic composites offers characteristics like recyclability,
biodegradability and compostable making them an ideal packaging solution for
food and beverages. The global Bioplastic Composites Market for Injection
Molding 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 key trends:
The sustainable packaging trend
has been a major growth driver for the bioplastic composites market. Stringent regulations
regarding single-use plastics along with rising eco-consciousness among
consumers and industries has increased the demand for biodegradable and
compostable alternatives. Bioplastic composites are progressively replacing
conventional plastics in applications like food service ware, plastic bags and
flexible packaging. The bioplastic composite manufacturers are also innovating
their product portfolio to expand in high growth segments like 3D printing
filaments. Ongoing R&D for development of bioplastic composites from novel
biomass feedstocks like algae and Agriculture residues is also opening new
opportunities in the market.
Segment Analysis:
The global bioplastic composites
market for injection molding is segmented on the basis of fiber type, polymer
type, application and region. On the basis of fiber type, the market is
segmented into wood fiber, non-wood fiber. The wood fiber segment dominates the
market as it provides higher strength and durability and lower cost as compared
to non-wood fiber. On the basis of polymer type, the market is segmented into
PET, PLA, starch blends and others. The PLA (polylactic acid) segment accounts
for the largest market share as it is sourced from renewable plant-based
sources such as corn, cassava and sugarcane.
Key Takeaways:
The global bioplastic composites
market for injection molding is expected to witness high growth. The market
size is projected to reach US$ 123.12 Bn
by 2030, expanding at a CAGR of
11.4% during the forecast period. Superior physical, chemical and mechanical
properties along with environment friendly nature is driving the demand for
bioplastic composites in various applications.
Regional analysis:
The Asia Pacific region dominates
the global bioplastic composites market, accounting for around 35% of the global
market share in 2023. Rapid industrialization and increased investments in
automobile, construction and packaging industries are fueling the demand for
bioplastic composites in the region. China is expected to remain the largest
market in Asia Pacific owing to presence of major automotive OEMs and
supportive government policies.
Key players:
Key players operating in the
bioplastic composites market for injection molding are 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. These players are
focusing on expanding their production capacities and product portfolio to
cater to the growing demand for bioplastic composites across major end use
industries.
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