Global Green and Bio Based Plastic Additive Market Overview
The Green and Bio Based Plastic Additive Market Size was estimated at 15.07 (USD Billion) in 2022. The Green and Bio Based Plastic Additive Industry is expected to grow from 16.64(USD Billion) in 2023 to 40.6 (USD Billion) by 2032. The Green and Bio Based Plastic Additive Market CAGR (growth rate) is expected to be around 10.41% during the forecast period (2024 - 2032).
Key Green and Bio Based Plastic Additive Market Trends Highlighted
The market of Green and Bio Based Plastic Additive Market look at the root causes, which they consider as drivers, of the market and these drivers include the increased awareness of environmental threats, there is more need for sustainable packaging, and there are laws and regulations in force which encourage the use of Green materials. New market trends encompass the creation of unique bio-based additives providing better performance, as well as geographic diversification of the business. The new development comes in the form of the increasing use of bio-PET and PLA additives as well as the development of new biodegradable additives made from biodegradable substances such as plant oils and cellulose. Such market trends will help in shaping the future of Green and Bio Based Plastic Additive Market by increasing the scope of advanced and effective plastic additives which are environmentally friendly.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Green and Bio Based Plastic Additive Market Drivers
Rising Demand for Environmentally Sustainable Plastics
The increasing environmental problems and stringent environmental regulations across the globe are driving the demand for green and bio-based plastic additives. In addition to this, with the increase in awareness about the environmental hazards caused by traditional plastic additives, demand for green plastic additives is expected to increase further. The government is enacting policies and schemes to promote the use of sustainable materials. Factors like these are further driving the market for green and bio-based plastic additives.
Technological Advancements and Product Innovations
The Green And Bio Based Plastic Additive Industry is experiencing major technological breakthroughs, resulting in advances in green and bio-based plastic additives. In addition, constant research and development activities are conducted by the key players, in order to enhance and improve the properties of the additives in terms of biodegradability, heat resistance, and compatibility with a range of plastic resins. As a result, green and bio-based plastic additives can be applied on a wider scale, thus driving the market.
Growing Adoption in Diverse Industries
The versatility of green and bio-based plastic additives is fueling their adoption across a wide range of industries, including packaging, automotive, consumer electronics, and healthcare. These additives offer numerous advantages, including lightweight, durability, and improved product performance. The increasing use of plastics in various applications, coupled with the growing demand for sustainable solutions, is creating ample opportunities for the growth of the Green and Bio Based Plastic Additive Market Industry.
Green and Bio Based Plastic Additive Market Segment Insights
Green and Bio Based Plastic Additive Market Type Insights
The Type segment of the Green and Bio Based Plastic Additive Market includes Processing Additives, Functional Additives, and Performance Additives. Processing Additives accounted for over 40% of the Green and Bio Based Plastic Additive Market revenue in 2023 as a result of the increased demand for the product category to streamline the processability of bio-based plastics, reduce cycle times, and enhance the quality of the product. Functional Additives are expected to demonstrate the fastest growth over the next ten years because of the growing need for additives that improve the properties of bio-based plastics.In particular, the demand for additives with improved flame retardancy, UV resistance, and anti-static protection is likely to increase. Performance Additives accounted for a modest share of the Green and Bio Based Plastic Additive Market in 2023 but are likely to hold a considerable share of the market by 2032 as a result of the increasing need for high-performance bio-based plastics in various end-use industries. The Green and Bio Based Plastic Additive Market is set to grow rapidly in the upcoming years due to increased adoption of bio-based plastics across a variety of industries, as well as growing environmental concerns.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Green and Bio Based Plastic Additive Market Application Insights
The Application segment is one of the most important for the Green and Bio Based Plastic Additive Market and affects the growth of the latter and its revenues. In 2023, Injection Molding had the largest market share and will continue to dominate over the forecast period. It can be attributed to the wide use of the technique in multiple industries, such as automotive, electronics, or packaging. Extrusion is another important application, and its market share is estimated to witness a steady growth over the analysed period. It is directly linked to the increasing demand for plastic films, pipes, or other extruded goods in construction, agriculture, as well as other industries.Blow Molding and Thermoforming are also important applications, although their market share is predicted to show moderate growth over the forecast period. Other Applications, which include additive manufacturing, coatings, or composites, is another segment with a moderate growth rate for the period analysed. It is driven by the increasing use of the products based on the use of this technique in the emerging markets.
Green and Bio Based Plastic Additive Market Resin Type Insights
The Green and Bio Based Plastic Additive Market is segmented into Biodegradable Plastics, Bio-based Plastics, and Compostable Plastics. The Biodegradable Plastics segment is expected to account for the largest market share in 2023, owing to the increasing demand for eco-friendly and sustainable packaging solutions. The Bio-based Plastics segment is projected to grow at a significant CAGR during the forecast period, driven by the rising demand for bio-based materials in various industries, including automotive, construction, and consumer goods.The Compostable Plastics segment is anticipated to witness steady growth over the coming years, attributed to the growing awareness about the harmful effects of traditional plastics on the environment. In 2023, the Green and Bio Based Plastic Additive Market for Biodegradable Plastics is valued at USD 5.6 billion and is projected to reach USD 12.2 billion by 2032, exhibiting a CAGR of 9.2%. The Bio-based Plastics segment is estimated to be valued at USD 4.2 billion in 2023 and is forecasted to grow to USD 9.8 billion by 2032, with a CAGR of 10.1%.The Compostable Plastics segment is valued at USD 2.8 billion in 2023 and is expected to reach USD 6.6 billion by 2032, growing at a CAGR of 9.5%.
Green and Bio Based Plastic Additive Market End-Use Industry Insights
The end-use industry segment plays a crucial role in shaping the Green and Bio Based Plastic Additive Market. Among the key end-use industries, automotive, packaging, construction, agriculture, and consumer products stand out as major contributors. The automotive industry is projected to account for a significant share of the Green and Bio Based Plastic Additive Market revenue in the coming years, driven by the growing demand for lightweight and sustainable materials in vehicle manufacturing. The packaging industry is another major end-use segment, with increasing emphasis on eco-friendly and biodegradable packaging solutions.The construction industry is also witnessing a rising demand for green and bio-based plastic additives in sustainable building materials. Furthermore, the agriculture sector is exploring the use of these additives in biodegradable mulch films and other agricultural applications. Lastly, the consumer products industry is incorporating green and bio-based plastic additives into various products, such as toys, appliances, and personal care items, to meet consumer demand for environmentally friendly options.
Green and Bio Based Plastic Additive Market Regional Insights
Regionally, the market is segmented into North America, Europe, APAC, South America, and MEA. North America is anticipated to hold the largest market size, driven by rising demand for sustainable packaging solutions and growing awareness about environmental concerns. Europe is projected to follow North America, owing to stringent regulations promoting the use of bio-based and biodegradable plastics. The APAC region is expected to witness significant growth due to rapid industrialization and increasing demand for eco-friendly materials. South America and MEA are anticipated to contribute to the market growth, with government initiatives and growing investments in sustainable infrastructure.These regional insights provide valuable information for market players to strategize their operations and capitalize on growth opportunities in specific regions.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Green and Bio Based Plastic Additive Market Key Players and Competitive Insights
Increased demand for bio based and sustainable alternatives in different end-use industries is driving the expansion of the production capacity of the major players in the Green and Bio Based Plastic Additive Market. For example, NatureWorks LLC, a prominent bioplastics producer, announced in 2023 that it would invest $600 million in expanding its Ingeo polylactic acid production capacity by 75% as the result of growth in the demand for bio based plastics in the packaging and consumer goods. DuPont, a globally recognized provider of specialty chemicals, currently holds a well-established position in the Green and Bio Based Plastic Additive Market. The company has been investing in its product offerings to provide the market with innovative and sustainable solutions as it expands its portfolio of bio based plastic additives. Indeed, bio based DuPont products are created to meet and exceed the requirements of different applications that can employ such additives, adding to the performance, function, and sustainability of bio based plastics, thus, meeting the demands of consumers for more eco-friendly products. BASF is another major actor of the Green and Bio Based Plastic Additive Market that serves the needs of the market with the help of heavy investments in research of new bio based additives. The company’s new additives are created to offer better physical properties such as higher heat resistance and mechanicaL strength and higher durability in terms of biodegradation to cater to the varying applications of the automotive, packaging, and consumer electronics industries.
Key Companies in the Green and Bio Based Plastic Additive Market Include
Green and Bio Based Plastic Additive Market Industry Developments
The Green and Bio-based Plastic Additives market is projected to reach a valuation of USD 40.6 billion by 2032, expanding at a CAGR of 10.41% during the forecast period (2024-2032). Rising environmental concerns and increasing regulations to reduce plastic waste are major factors driving market growth. Additionally, the growing demand for sustainable materials in various industries, including packaging, automotive, and electronics, is contributing to market expansion. Technological advancements and innovations in bio-based plastic additives are further expected to propel market progress.
Green and Bio Based Plastic Additive Market Segmentation Insights
Green and Bio Based Plastic Additive Market Type Outlook
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Processing Additives
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Functional Additives
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Performance Additives
Green and Bio Based Plastic Additive Market Application Outlook
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Injection Molding
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Extrusion
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Blow Molding
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Thermoforming
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Other Applications
Green and Bio Based Plastic Additive Market Resin Type Outlook
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Biodegradable Plastics
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Bio-based Plastics
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Compostable Plastics
Green and Bio Based Plastic Additive Market End-Use Industry Outlook
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Automotive
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Packaging
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Construction
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Agriculture
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Consumer Products
Green and Bio Based Plastic Additive Market Regional Outlook
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North America
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Europe
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South America
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Asia Pacific
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Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
15.07(USD Billion) |
| Market Size 2023 |
16.64(USD Billion) |
| Market Size 2032 |
40.6(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
10.41% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
Lanxess AG, Evonik Industries AG, BioAmber Inc., Eastman Chemical Company, Braskem SA, Cargill, Incorporated, Amcor plc, BASF, Solvay SA, Arkema SA, Henkel AG Co. KGaA, Dow Inc., DuPont de Nemours, Inc., Godrej Industries Limited, Clariant |
| Segments Covered |
Type, Application, Resin Type, End-Use Industry, Regional |
| Key Market Opportunities |
Increased consumer demand for sustainable packaging Government regulations promoting biobased plastics Growing awareness of environmental concerns Advancements in technology leading to improved performance Expanding applications in various industries |
| Key Market Dynamics |
Rising demand for sustainable packaging, Strict government regulations, Technological advancements, Growing consumer awareness, Increasing investments in RampD |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Green and Bio Based Plastic Additive Market is expected to reach USD 40.6 billion by 2032, growing at a CAGR of 10.41% from 2024 to 2032.
The key regions in the Green and Bio Based Plastic Additive Market are North America, Europe, Asia-Pacific, and Rest of the World.
Green And Bio Based Plastic Additives are used in various applications such as packaging, automotive, consumer electronics, and building construction.
Some of the key competitors in the Green and Bio Based Plastic Additive Market include BASF, Clariant, Milliken Company, and RTP Company.
The Green and Bio Based Plastic Additive Market is expected to grow at a CAGR of 10.41% from 2024 to 2032.
The growth of the Green and Bio Based Plastic Additive Market is driven by factors such as increasing demand for sustainable and eco-friendly materials, stringent government regulations on the use of conventional plastic additives, and advancements in bio-based plastic technology.
The challenges faced by the Green and Bio Based Plastic Additive Market include high cost of production, limited availability of raw materials, and competition from conventional plastic additives.
The opportunities for the Green and Bio Based Plastic Additive Market include increasing demand for sustainable and eco-friendly materials, growing awareness about the harmful effects of conventional plastic additives, and government incentives for the adoption of green technologies.
The key trends in the Green and Bio Based Plastic Additive Market include increasing adoption of bio-based plastics, development of new and innovative green additives, and growing focus on sustainability and circular economy.
The Green and Bio Based Plastic Additive Market is expected to reach USD 40.6 billion by 2032, growing at a CAGR of 10.41% from 2024 to 2032.
