Bioplastic composites are bio-based plastics reinforced with natural fibers like wood, jute, flax, sisal or man-made fibers such as glass fibers. They provide properties superior to traditional plastics including biodegradability, recyclability and sustainability. Bioplastic composites are used in a variety of industries like packaging, automobile, medical devices, consumer goods, construction and others owing to their lightweight and durable characteristics. The rising environmental concerns and stringent regulations banning single-use plastics is driving demand for sustainable and eco-friendly bioplastic composites.
The global bioplastic composites market for injection molding is estimated to be valued at US$ 46.35 billion in 2024 and is expected to exhibit a CAGR of 13% over the forecast period from 2024 to 2031.
Key Takeaways
Key players operating in the bioplastic composites market for injection molding are Thermo Fisher Scientific, Inc., Custom Biogenic Systems, Chart Biomedical Co. Ltd., Merck KGaA, Barber-Nichols Inc., Praxair Technology, Inc., Linde LLC, Planer PLC. Key players like Thermo Fisher Scientific, Inc. and Merck KGaA are focused on developing new bio-based materials and composites.
Rise in sustainable packaging demand from food and beverage industry is a major factor boosting the market growth. Ban on single use plastics by governments worldwide has accelerated Bioplastic Composites Market for Injection Molding Demand adoption.
Technology advances like development of recyclable materials and increased fiber load in composites has improved material properties making bioplastic composites suitable for more applications.
Market Trends
Increased adoption of Circular Economy practices: Companies are investing in developing biodegradable and recyclable bioplastic composite materials to follow circular economy principles of reduce, reuse and recycle which is a growing trend.
Rising investments in R&D of Bio-nanocomposites: With introduction of nanotechnology, development of bio-nanocomposites with advanced properties with use of nanoclays, nanofillers etc. is attracting more research and investments in coming years.
Market Opportunities
Growing infrastructure industry worldwide: Infrastructure industry’s demand for durable, eco-friendly construction materials offer significant opportunities for bioplastic composites in applications like decking, railing, fencing etc.
Penetration in Electric vehicles: Bioplastic composites can be effective sustainable alternative to traditional petroleum-based plastics in electric vehicles and present major growth opportunity.
Impact of COVID-19 on Bioplastic Composites Market For Injection Molding
The COVID-19 pandemic has adversely impacted the growth of bioplastic composites market for injection molding. Travel restrictions and lockdowns imposed by various countries led to closure of manufacturing facilities and disruptions in supply chain, which hampered the production and demand for bioplastic composites. This temporarily stalled the growth momentum of the market. Social distancing norms also led consumers to postpone purchases of goods containing bioplastic composites such as automotive interiors, consumer electronics, and packaging items. However, with ramp up in vaccination drives globally, economic activities have resumed. The demand from industries such as packaging, automotive and construction is recovering steadily. This will help compensate the losses incurred during 2020 and 2021. Going forward, the market is expected to witness robust growth on the back of rising environmental awareness and sustainability goals of corporations. Stricter regulations regarding single-use plastics will further drive replacement of fossil fuel-based plastics with bioplastic composites. Investments in innovations and expansion of production capacities will place the market on a path of accelerated growth in the post-COVID landscape.
In terms of value, North America accounted for the largest share of bioplastic composites market for injection molding in 2024. This can be primarily attributed to stringent norms against single-use plastics, rising public support for sustainable products and proactiveness of packaging companies in integrating bioplastics in their offerings.Asia Pacific emerged as the fastest growing regional market and is expected to witness exponential growth during the forecast period of 2024 to 2031. This growth can be accredited to rapidly expanding end-use industries such as automotive and packaging in populous countries such as China and India. In addition, supportive government policies incentivizing manufacturing of electric vehicles and bio-based materials will propel the demand for bioplastic composites in the region. Latin America and Middle East & Africa also exhibited notable growth trajectories during the historical period backed by increasing investments in agriculture-based economies and shifting preferences towards eco-friendly materials. Overall, Asia Pacific is envisioned to outpace other regions in terms of bioplastic composites adoption over the next decade supported by industrialization and sustainability initiatives.
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