April 22, 2024

Bioplastic Composites Market for Injection Molding is Estimated to Witness High Growth Owing to Increasing Use of Biodegradable and Environment Friendly Materials

They offer high strength, durability and are increasingly being used as an alternative to conventional plastics. Bioplastic composites possess properties such as biodegradability, recyclability and sustainability, making them ideal for a wide range of injection molding applications in various end-use industries. The products made from bioplastic composites include automotive components, electronic housings, consumer goods and packaging among others. With growing concerns regarding environmental pollution from conventional plastics, the demand for biodegradable and eco-friendly bioplastic composites is surging significantly.

The Global Bioplastic Composites Market for Injection Molding is estimated to be valued at US$ 46.35 Bn in 2024 and is expected to exhibit a CAGR of 13% over the forecast period 2024 to 2030.

Key Takeaways

Key players operating in the Bioplastic Composites Market for Injection Molding are Thermo Fisher Scientific, Inc., Custom Biogenic Systems, Chart Biomedical Co. Ltd., Merck KGaA, Barber-Nichols Inc., Praxair Technology, Inc., Linde LLC, Planer PLC, Cryologic Pty. Ltd., Charter Medicals, Nikkiso Cryo Inc., Cryogenic Control, and Haimen United Laboratory Equipment Development Co., Ltd. The rapidly growing automotive industry is offering significant opportunities for use of bioplastic composites in various interior and exterior automotive parts owing to their lightweight and durable properties. Technological advancements such as development of newer biodegradable materials and advanced injection molding techniques are further fueling the growth of bioplastic composites market.

Market Drivers
Stringent government regulations regarding use of conventional plastics along with ban on single-use plastic products in many countries are prompting manufacturers to shift towards more sustainable bioplastic composite materials. Growing consumer preference for eco-friendly products made from natural and biodegradable materials is another key factor augmenting the sales of bioplastic composites. Increasing R&D investments by leading companies to expand the application scope of bioplastic composites in industries such as packaging, automotive and consumer goods are expected to drive the market substantially over the forecast period.

Current challenges in Bioplastic Composites Market Size For Injection Molding The bio plastic composites market for injection molding faces several challenges currently. High production costs of bioplastics as compared to conventional plastics is a major hurdle. Bioplastics require more complex production processes which drive up costs. Availability of raw materials is also limited which keeps prices of bioplastic higher. Another challenge is the limited variety of bioplastics available and the properties they can achieve. Most bioplastics have inferior properties when compared with conventional plastics. This restricts their applications. Weak polymer structures is also an issue limiting use of bioplastics in applications requiring durability and mechanical strength.

SWOT Analysis
Strength: Bioplastics are a more sustainable alternative to conventional plastics. They reduce dependency on fossil fuels and help lower carbon footprint. Being plant-based, they are more environment friendly.
Weakness: High production costs and limited material properties are weaknesses. Producing bioplastics at cost parity with petroleum-based plastics is still a challenge.
Opportunity: Growing consumer demand for eco-friendly products offers opportunities for green materials like bioplastics. Supportive government policies in many countries is another opportunity area.
Threats: Established petrochemical industry is a threat with strong lobbying powers. Sudden volatility in raw material prices can impact bioplastic producers.

Geographical regions in terms of value
North America currently accounts for the largest share of the global bio plastic composites market for injection molding in terms of value. This is because of stringent environmental regulations and presence of major bioplastic manufacturing companies in the region. Europe is another major market driven by supportive green policies of EU nations aiming for circular economy. Asia Pacific region is also growing rapidly led by China, Japan and India due to increasing domestic demand and production capacities being set up.

Fastest growing region
Asia Pacific region is projected to register fastest growth during the forecast period between 2024 to 2030. This is because Asia Pacific represents the largest plastic consuming as well as producing region globally and countries like India, China, Japan are aggressively supporting development and adoption of sustainable alternatives like bioplastics. Increasing foreign investments and technological collaborations in bioplastics sector indicates Asia Pacific will become both largest producer and market for bioplastic composites in coming years.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it