• Bio-plastics Market size is forecast to reach $21.7 billion by 2030, after growing at a CAGR of 17.2% during 2024-2030. With a rise in the consumption of eco-friendly products and wide usage of bio-plastics in various industries such as pharmaceutical, transportation, and food industries, the bio-plastics market is witnessing an increase in its demand. Bio-plastics composites reduce landfill wastes, release much lower carbon footprint, and decrease volatile organic compound emissions. In addition, government and environmental governing bodies around the world have imposed various policies to encourage the use of bio-based products which fuelsthegrowthofbio-plasticsmarket.
Key Takeaways
• Europe dominates the bio-plastics market owing to policies imposed by the government in the region such as Extended Producer Responsibility (EPR), which encourages the use of bio-plastics in various end-use industries.
• Bio-plastics are an environmentally friendly alternative to petroleum-based plastics such as polypropylene plastic (PP) and polystyrene plastic (PS) and possess comparable better characteristics.
• The bio-plastics are being developed to work in the existing injection molding equipment and are likely to aid in the bio-plastics market growth. Polycaprolactone (PCL), Polyhydroxyalkanoates (PHAs), Polybutylene adipate terephthalate (PBAT), and Polylactic acid (PLA) are the biodegradable polymers broken down into tiny granules suited for injection molding.