by The Starch-blended Bioplastic Market is estimated to be valued at US$ 300.6 Mn or 300.6 Million in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Starch-blended bioplastics are produced using plant-derived starch blended with synthetic bioplastics like PLA or PBS to create a more affordable and sustainable alternative to conventional plastics. These bioplastics exhibit properties similar to conventional plastics while reducing dependency on fossil fuels. They find widespread application in food packaging, disposable tableware, agricultural mulch films and green-certified products.
Market Dynamics:
One of the key drivers for the starch-blended bioplastics market is the stringent government regulations restricting the use of conventional plastics. Many countries and states have imposed bans on single-use plastics to curb plastic pollution. This is driving the demand for eco-friendly bioplastic alternatives. Secondly, changing consumer preferences towards green and sustainable products is also fueling the market growth. Consumers are willing to pay premium prices for products offering environmental benefits. However, high production costs of bioplastics compared to traditional plastics continue to hinder widespread adoption. Ongoing R&D to reduce costs through technological advancements can help overcome this challenge.
Segment Analysis:
The starch-blended bioplastic market can be segmented based on type, application and region. Based on type, the market is segmented into PLA, PBAT, PBS and PHBV. Among these, PLA dominates the global market as it accounts for around 60% of the total starch-blended bioplastic market share. PLA is dominating as it is derived from renewable plant sources like corn and sugarcane, making it the most sustainable type of bioplastic.
PEST Analysis:
- Political: Governments across regions are introducing stringent regulations regarding the usage of conventional plastics to curb plastic pollution. This is favoring the growth of bioplastics.
- Economic: The prices of petroleum-based plastics are volatile, whereas bioplastics can provide long-term price stability as its raw materials are agricultural crops. This makes bioplastics an economically viable option.
- Social: Rising awareness about environmental protection and focus on sustainable solutions are increasing the demand for biodegradable alternatives like starch-blended bioplastics.
- Technological: Advancements in biotechnological processes are improving the performance characteristics of bioplastics to match those of conventional plastics. This is encouraging their adoption.
Key Takeaways:
The global starch-blended bioplastic market size is expected to reach around US$ 450 Mn by 2030, expanding at a CAGR of 4.8% during the forecast period. This positive outlook can be attributed to the rising demand for environment-friendly packaging materials from industries like food and beverages, consumer goods and agriculture.
Regionally, Asia Pacific dominated the global market in 2023 with a share of over 35%, led by India and China. The Asia Pacific starch-blended bioplastic market is projected to witness the fastest growth during the forecast period, supported by strong government initiatives to curb plastic pollution and large production capacities of biodegradable raw materials in the region.
Key players operating in the starch-blended bioplastic market are BASF SE, Biome Bioplastics, Cardia Bioplastic, Braskem, Corbion Purac, Novamont S.p.A, NatureWorks LLC, Innovia Films., TORAY INDUSTRIES, INC., and BioBag International AS among others. These players are focusing on new product development and capacity expansion strategies to strengthen their market position and cater to the growing demand for sustainable packaging materials globally.
