Bioplastic Composites Market Expected to Reach $73.9 Billion by 2030—Allied Market Research

According to a new report published by Allied Market Research, titled, “Bioplastic Composites Market," The bioplastic composites market was valued at $27.3 billion in 2020, and is estimated to reach $73.9 billion by 2030, growing at a CAGR of 10.5% from 2021 to 2030.

Bioplastics refer to materials that are either biodegradable or non-biodegradable, derived from both renewable and non-renewable resources. The fusion of bio-resources such as plant derived natural fibers into bioplastic composite structures gain major importance in designing and engineering of bioplastic composites.

The natural fibers used in the bioplastics help enhance the specific properties such as stiffness &thermal behavior, reduce the price of the bioplastics, further improving the bio-based share of the bioplastics and refining the recyclability character of the bioplastics. Wood fiber bioplastic composites are composed of wood fibers that reduce the cost of bioplastics and enhance the strength & stiffness of the bioplastics. Furthermore, these composites are eco-friendly as compared to synthetic fiber composites. The manufacturing process of wood fiber composites require less energy as melting point of wood fibers are lower as compared to typical synthetic fibers. These composites find a lot of application by adjusting the wood fiber species, size, and concentration in the formulation. These are the major bioplastic composites market growth factors. 

However, few bioplastic products are not decomposed easily in soil and seawater that in turn increases the risk of chemical breakdown during recycling, which is anticipated to hamper the market growth. . 

The main factors that drive the growth of non-wood fiber composites are the light weight of non-wood fiber composites, low cost, greater specific strength, less energy to production process, biodegradability, and superior sound reduction characteristics as compared to glass fibers. The bioplastic composites market is expected to show strong growth and most of the growth is expected to come from renewable-based polyolefin substitutes, which is anticipated to offer a lucrative opportunity for the bioplastic composites market. 

The bioplastic composites market analysis is done on the basis of fiber type, polymer, end-use industry, and region.

Depending on fiber type, the market is divided into wood fiber composites and non-wood fiber composites. Wood fiber composites fiber type was the largest revenue generator, and is anticipated to grow at a CAGR of 10.6% during the forecast period. Hardwood and softwood are type of wood fiber composites derived mainly from oaks, pine, spruce trees, beeches, poplars, birches, and eucalyptus trees. Wood fiber bioplastic composites are composed of wood fibers that reduce the cost of bioplastics and enhance the strength & stiffness of the bioplastics.

On the basis of polymer, the global bioplastic composites market is divided into natural polymer and synthetic polymer. The synthetic polymer was the largest revenue generator, and is anticipated to grow at a CAGR of 10.4% during the forecast period. Polyethylene terephthalate, epoxy, and bio-PA are types of synthetic polymers that are used during formulation of bioplastics. Polyethylene terephtalate is a thermoplastic polymer generally used in the packaging industry and used in making plastic bottles. The polyethylene terephtalate is particularly resistant to fatigue, which is ideal for making plastic parts. Polyethylene terephtalate is conventionally produced from petroleum products, which causes environmental pollution and harms the ecosystem. So, alternative techniques are used to manufacture polyethylene terephtalate. This alternative technique uses bio feedstock to produce polyethylene terephtalate. Bio polyethylene terephtalate are tough and flexible polymers, being able to withstand impacts well. This makes it ideal for manufacturing packaging material.

The end-use industries covered in the study include transportation, electrical & electronics, building & construction, aerospace & defense, consumer goods, and others. In 2020, the transportation end-use industry is anticipated to grow at a highest CAGR of 11.5% during the forecast period. Bioplastic is widely used in various automotive applications. They reduce vehicle weight thereby reducing fuel consumption. Bioplastics are used in automotive owing to their valuable properties, such as high strength, heat resistance, high density, and improved exterior surface quality. They are durable, cost-effective, and sustainable as compared to petroleum-based plastics. Bio-based polyamide, bio-based polyesters, bio-PE, Bio-PET, Bio-PA11, and PLA blends are common types of bioplastics, used in automobiles. Furthermore, the bioplastics are used to manufacture seat cushions, glove box door, gear shift knob, steering wheel, fuel line sand connectors, accelerator pedals, horn buttons, carpet, dashboard, and body panel along with distributor heads.

Region-wise, the bioplastic composites market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific bioplastic composites market size is projected to grow at the highest CAGR of 11.8% during the forecast period and accounted for 30% of bioplastic composites market share in 2020. The bioplastic composites market has grown in Asia-Pacific, owing to increase in environmental awareness among the consumers. Presence of large population provides growth opportunities for the bioplastic composites market in Southeast Asia. Asia-Pacific is expected to experience huge development opportunities for the bioplastic composites market owing to the large PLA manufacturing.

Key players operating in the global bioplastic composites market include Mitsubishi Chemical Holdings Group, NatureWorks LLC, Corbion NV, Braskem, FKuR, Arkema S.A., BASF SE, Dow, Solvay, and Toray Industries, Inc.

In addition, the report provides in depth analysis of key-players in the bioplastic composites industry.