The Starch-blended Bioplastic Market is estimated to be valued at US$ 300.6 Mn 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.
Starch-blended bioplastics are biodegradable plastic materials produced from plant-based renewable resources such as starch, lignocellulose, vegetable fats and oils. Starch-blended bioplastics offers various advantages over conventional plastics such as biodegradability, compostability and renewability. They are majorly used in manufacturing of food packaging films, disposable tableware and agriculture mulch films.
Market Key Trends:
Increasing concern towards plastic wastes worldwide is a major factor driving the growth of the starch-blended bioplastic market. According to United Nations Environment Program (UNEP) each year over 300 million tons of plastic waste is generated globally out of which only 9% of plastics are recycled globally and around 12% are incinerated with remaining 79% of plastic wastes accumulating in landfills or finding their way in the environment. Starch-blended bioplastics offers a sustainable solution reduce plastic pollution. Moreover, favorable government policies and regulations supporting use of biodegradable and compostable plastics are also positively impacting the market growth. For instance, European Union has adopted various directives banning single-use plastic items.
- Threat of new entrants: The threat of new entrants is moderate as the starch-blended bioplastic market requires substantial investments in R&D and manufacturing facilities. However, easy availability of raw materials reduces the threat.
- Bargaining power of buyers: The bargaining power of buyers is high due to the presence of numerous bioplastic manufacturers and product substitutes. Buyers can negotiate on price points.
- Bargaining power of suppliers: Supply of raw materials like starch is adequate due to abundant agricultural production. This keeps suppliers' bargaining power moderate.
- Threat of new substitutes: The threat of new substitutes is high as conventional plastics and alternative bioplastics pose competition.
- Competitive rivalry: Intense due to the presence of major players.
- Strength: Biodegradable and sustainable nature of starch-blended bioplastics. Lower carbon footprint than petroleum-based plastics.
- Weakness: High production cost compared to conventional plastics. Limited applications due to inadequate properties.
- Opportunity: Growing demand for eco-friendly products driven by stringent regulations. Potential in food packaging and consumer goods industries.
- Threats: Performance issues associated with degradation rate and water resistance. Volatility in raw material prices.
The global starch-blended bioplastic market is expected to witness high growth, exhibiting a CAGR of 4.8% over the forecast period, due to increasing environmental concerns. This has prompted manufacturers to introduce alternatives to petroleum-based plastics. Regional analysis: North America dominates the market and is expected to grow at 5.2% CAGR owing to strict regulations prohibiting single-use plastics and favorable government policies for bioplastics adoption. The Asia Pacific is expected to witness the fastest growth of 6.5% CAGR during the forecast period due to the expansion of end-use industries in countries such as China, India, and Japan.
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. These majors are expanding their production capacities through mergers & acquisitions and collaboration with plastic producers and agricultural companies