According to the report, the global starch-based bioplastics market generated $1.4 billion in 2020, and is projected to reach $3.6 billion by 2030, growing at a CAGR of 10.1% from 2020 to 2030.
Drivers, Restraints and Opportunities
Extensive use of starch-based bioplastics in the packing industry, abundant supply of starch from natural resources, its indigenous biodegradability, affordable cost, and rise in oil prices across the globe are expected to drive the growth of the global starch-based bioplastics market. On the other hand, surge in raw material cost is expected to impede the growth to some extent. However, growth in the investments by governments of developing nations to adopt biodegradable plastics is anticipated to provide new opportunities for the industry.
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COVID-19 Scenario
- The outbreak of COVID-19 has had a positive impact on the growth of the global starch-based bioplastics market, owing to occurrence of lockdowns that led to the surge in demand for food and beverage during the pandemic.
- In addition, rise in demand for healthcare, personal care and pharmaceuticals remarkably boosted the demand for packaging during the pandemic.
- The market is further expected to surge exponentially.
The injection molding segment to maintain lion’ share
Based on technology, the injection molding segment generated the highest market share in 2020, accounting for more than half of the global starch-based bioplastics market. Perks such as increased automation in the use of injection molding process drive the growth of the segment. The same segment is anticipated to cite the fastest CAGR of 10.4% during the forecast period, due to the cost reduction benefits associated with the injection molding process.
The rigid packaging segment to lead the trail
By application, the rigid packaging segment held the majority share in 2020, garnering more than two-fifths of the global starch-based bioplastics market. Wide application of starch-based bioplastics in packaging, consumer goods and agriculture drive the segment growth. The automotive segment, on the other hand, is predicted to exhibit the fastest CAGR of 10.7% during the forecast period, due to the booming sustainable phase in the automotive industry and growth in awareness towards environment conservation among the automobile manufacturers.
Asia-Pacific, followed by Europe and North America, to dominate by 2030
By region, Asia-pacific, followed by Europe and North America, generated the maximum market share in 2020, garnering half of the global starch-based bioplastics market. Presence of large population and extensive use of starch-based bioplastics in this region drive the market growth. The same segment is projected to cite the fastest CAGR of 10.8% during the forecast period, due to the prevalence of government policies that support the use of biobased products.
Prominent Market Players
- Novamont SPA,
- Toray Industries Inc. Inc.,
- Yield10 Bioscience, Inc.,
- BASF SE,
- Biobag International Biome Bioplastics Limited,
- Corbion N.V,
- Innovia Films Limited,
- Natureworks LLC, Cardia Bioplastics Ltd.
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