by Bioplastic composites are used in various packaging applications as an alternative to conventional plastic materials. They are compostable and made from renewable sources such as cellulose, starch or polylactic acid which mitigates environmental pollution. Bioplastic composite components have properties similar to petroleum-based plastics and can be molded like them to form various packaging applications such as food packaging, disposable tableware, and horticulture pots. 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 11.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing adoption of sustainable practices among packaging manufacturers is a major trend driving the bioplastic composites market for injection molding. Large food and beverage companies are increasingly focusing on developing fully sustainable and eco-friendly packaging solutions made from renewable materials to meet consumer demand for sustainable packaging and address environmental issues related to conventional plastics. Bioplastic composites are completely biodegradable and compostable, making them a viable replacement for petroleum-based plastics in packaging applications. Their rapid biodegradation property reduces the environmental impact of plastic waste. This key advantage is prompting many brand owners, retailers as well as governments to promote the use of bioplastics in packaging.
SWOT Analysis
Strength: Bioplastic composites are eco-friendly in nature and can be produced from renewable biomass sources like agricultural feedstock which reduces dependence on fossil fuels. They are lightweight and thus fuel efficient.
Weakness: Bioplastic composites have high production cost compared to conventional plastics. They have inferior mechanical and thermal properties.
Opportunity: Rising environmental awareness and stringent regulations on use of conventional plastics are driving the demand for bioplastic composites. Growing automotive industry provides opportunities to use bioplastic composites in interior parts of vehicles.
Threats: Availability of cheaper substitutes like aluminum and shortage of biomass feedstock poses threats. Political instability in key biomass producing countries also impacts the supply of raw materials.
Key Takeaways
The Global Bioplastic Composites Market Demand for injection molding is expected to witness high growth.
Regional analysis: The North American region currently dominates the market due to strict regulations restricting use of conventional plastics and presence of key players. The Asia Pacific region is expected to grow at fastest pace owing to rapid industrialization, growing automotive industry and supportive government policies promoting use of eco-friendly materials in various countries like China, India and Japan.
Key players operating in the bioplastic composites market for injection molding are Linde Plc, Air Liquide, Engie, Uniper Se, Air Products Inc, Clean Hydrogen System, Cummins Inc., Toshiba Energy Systems & Solutions Corporation, Nel Asa, and Sgh2 Energy. Linde Plc and Air Liquide captured major market share due to their extensive production facilities and global presence. These companies are continuously investing in R&D to develop advanced bioplastic composite materials and expand their production capacities.
Note:
Source: Coherent Market Insights, Public sources, Desk research
We have leveraged AI tools to mine information and compile it
