July 21, 2024
Bioplastic Composites Market

Bioplastic Composites Market For Injection Molding Is Driven By Growing Demand For Sustainable Packaging Solutions

Bioplastic composites are materials that are composed of bioplastics and natural fibers/fillers. Bioplastics are plastics derived from renewable biomass sources like vegetable fats and oils, corn starch, wheat chaff, etc. instead of fossil fuel feedstocks. Bioplastic composites provide an environment-friendly alternative to traditional petroleum-based plastics because they are partly or completely biodegradable and/or compostable. They find wide application in packaging industry for food packaging, pharmaceutical packaging, consumer goods packaging, and agricultural films. As single-use plastics are increasingly being banned owing to environmental concerns, the demand for sustainable and eco-friendly packaging materials like bioplastic composites is growing significantly. Their properties of lightweightness, recyclability and renewability make them suitable for injection molding process to manufacture various packaging products with precision and efficiency.

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 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends in the bioplastic composites market for injection molding is the development of advanced bioplastic materials with improved properties. Continuous research is being undertaken by manufacturers to enhance the biodegradability, mechanical, thermal and barrier properties of bioplastics. For instance, bioplastic producers are working on improving the water resistance, heat resistance and tensile strength of bioplastics by reinforcing them with natural fibers like flax, hemp and wood flour. This is increasing their suitability for injection molding of various rigid packaging products that earlier required conventional plastics.

Another major trend is the shifting focus of packaging manufacturers towards use of bioplastic composites for single-use foodservice disposables like cutlery, plates, cups, trays etc. to replace polystyrene and petro-based plastic items. Their compostable nature makes them a sustainable solution for disposable food packaging applications. With growing environmental regulations regarding single-use plastics, bioplastic composables demand is projected to further accelerate in foodservice disposables market in coming years.

Porter’s Analysis
Threat of new entrants: The threat of new entrants in the bioplastic composites market for injection molding is low. High capital requirements and established distribution channels favor large players in the market.
Bargaining power of buyers: The bargaining power of buyers is moderate. The buyers have some influence over prices due to the availability of substitute products. However, strict environmental regulations are increasing demand for sustainable bioplastic composites.
Bargaining power of suppliers: The bargaining power of suppliers is low to moderate. The market has many raw material suppliers and buyers can switch between suppliers with minimum effort. Suppliers also need to adhere to supply contracts and quality standards.
Threat of new substitutes: The threat of new substitutes is moderate. Traditional plastics remain a cheap alternative, however stringent regulations and customer preference for sustainability is driving demand for bioplastic composites.
Competitive rivalry: The market is moderately competitive with presence of numerous regional and global players. Companies compete based on product quality, pricing, and innovation.

Key Takeaways

The Global Bioplastic Composites Market Demand for injection molding is expected to witness high growth. The market size for 2023 is estimated to be US$ 40.23 Bn registering a CAGR of 11.1% during the forecast period of 2023 to 2030.

Regional analysis: North America dominates the market currently owing to stringent regulations regarding traditional plastics and high demand for sustainable products. Asia Pacific is expected to be the fastest growing market led by countries like China, India and Japan due to increasing automotive and packaging industries in the region.

Key players: 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. These companies are focusing on expanding their production capacities and geographical footprint to leverage growth opportunities.

Note:
Source: Coherent Market Insights, Public sources, Desk research
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