Bioplastic composites are advanced materials comprising natural fibers or fillers and biodegradable polymers. They offer various advantages over conventional plastics such as reduced environmental impact. Bioplastic composites are widely used in rigid packaging applications like food packaging trays and containers owing to their excellent printability and moisture barrier properties. 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 growing need for sustainable packaging alternatives is driving the adoption of bioplastic composites in the injection molding market. Traditional plastics pose serious environmental hazards as they are derived from non-renewable sources and take thousands of years to degrade. Bioplastic composites offer a solution as they can be produced from renewable biomass sources and decompose more quickly in the natural environment. Their adoption helps reduce dependence on fossil fuels and lowers carbon emissions. Bioplastic composite manufacturers are continuously innovating their product range to further enhance properties like durability and barrier effectiveness in order to increase substitution of conventional plastics.
SWOT Analysis
Strength: Bioplastic composites made from renewable resources have environment friendliness and enable reduction in usage of plastics made from fossil fuels. They also have superior mechanical properties comparable to traditional plastics.
Weakness: Bioplastic composites have higher production costs compared to traditional plastics. They also have limited availability of raw materials.
Opportunity: Increasing regulations on usage of traditional plastics and supportive government policies and initiatives on adoption of bioplastics provide growth opportunities. Also, rise in environmental awareness among consumers drives demand.
Threats: Availability of cheaper substitutes like traditional plastics poses competition. Substitutes may also capture market share faster with better economies of scale.
Key Takeaways
The Global Bioplastic Composites Market For Injection Molding is expected to witness high growth. The market size is projected to reach US$ 40.23 Billion by 2023 from US$ 21.45 Billion in 2018, registering a CAGR of 11% during 2023-2030 forecast period.
Regional analysis: North America dominates currently due to stringent regulations and policies favoring bioplastics adoption. Asia Pacific is expected to grow at fastest pace led by countries like China, India due to rising environmental awareness and increasing bioplastics production capacity.
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. They are focusing on new product development and capacity expansion to cater to growing demand.
The global bioplastic composites market is expected to witness high growth led by rising environmental concerns and regulations against usage of traditional plastics. The Asia Pacific region is projected to grow at fastest pace due to increasing production capacity and demand from countries like China and India. Key players are engaging in expansions and new product development to leverage growth opportunities.
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