The U.S. bioplastics market size was USD 1.45 billion in 2022. The market is anticipated to rise at a CAGR of 19.3% over the analysis period. Bioplastics are used in various industries for manufacturing flexible, rigid packaging material, and textiles. The market expansion can be attributed to the surging product deployment for the production of automotive components. The industry expansion was negatively impacted due to the COVID-19 pandemic owing to a delay in the enforcement of government laws pertaining to single-use plastics. Fortune Business Insights™ provides this information in its research report, titled “U.S. Bioplastics Market, 2024-2030”.
Segmentation:
Biodegradable Segment Accounted for Prominent Share Driven by Increasing Product Demand from Various Industries
By type, the market is segregated into non-biodegradable and biodegradable. The biodegradable segment recorded a major market share in 2022. This was driven by the increasing product demand across numerous industries including textiles, flexible packaging, agriculture, and others.
Flexible Segment Vanguards Owing to High Food Products Purchasing with Eco-packaging
By application, the market is fragmented into agriculture & horticulture, flexible packaging, rigid packaging, consumer goods, textiles, automotive & transportation, and others. The flexible segment dominates the market by holding the largest U.S. bioplastics market share owing to increasing food product purchase with green packaging.
Report Coverage:
The report provides an account of the major market trends. It further offers an overview of the strategies deployed by pivotal industry participants for strengthening their market share. It gives an account of the key factors boosting the market landscape in the country.
Drivers and Restraints:
Market Value to Rise Owing to Escalating Product Deployment in the Automotive Sector
The U.S. bioplastics market growth is being driven by the increasing usage of sustainable or recyclable plastic materials for the production of automotive components in the automotive & transportation industry. The usage of the product makes the component long-lasting and lightweight.
However, the high manufacturing cost of bioplastics may restrain market growth to some extent.
Competitive Landscape:
Major Companies Launch Advanced Products for Revenue Expansion
Leading industry participants focus on product innovation. Companies also focus on social marketing strategies, partnership agreements, and acquisitions. These initiatives are being undertaken for their growth.
Key Industry Development:
- January 2023 – Arkema unveiled Rilsan Clear Rnew, Pebax Rnew elastomer, and Rilsan Polyamide 11 g during the MIDO show in Milan. The strategy would help the company in increasing product sales.
List of Key Players Mentioned in the Report:
- Novamont S.p.A. (Italy)
- Arkema S.A. (France)
- NatureWorks LLC (U.S.)
- Danimer Scientific (U.S.)
- TotalEnergies Corbion (Netherlands)
- Solvay S.A. (Belgium)
- LyondellBasell Industries Holdings B.V. (Netherlands)
- Roquette Frères (France)
- SABIC (Saudi Arabia)
- Dow Inc. (U.S.)
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