The Bioplastic Composites Market encompasses a wide range of high-end equipment used for applications involving extremely low temperatures. Cryogenic equipment finds widespread usage across various industries such as healthcare, metallurgy, energy & power and biotechnology. The global cryogenic equipment market 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.
Bioplastic Composite includes cryogenic tanks, cryogenic valves, cryogenic vaporizers, cryogenic piping and others. They play a pivotal role in areas like organ storage and transportation at ultra-low temperatures. Growing organ transplant activities and rise of blood banks have surged demand for cryogenic storage and transportation equipment from the healthcare sector. Moreover, the growing biotechnology industry relies on cryogenic equipment for cryopreservation and other research applications.
Key Takeaways
Key players operating in the Bioplastic Composites Market 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 global cryogenic equipment market is driven by rising demand from the healthcare industry for organ cryopreservation. Growth of the biotechnology and pharmaceutical research sector also depends on stable supply of cryogenic equipment for storage and research applications.
Technological advancements focus on developing more efficient cryogenic equipment capable of achieving faster cooling rates, more uptime and compact modular designs. Development of vacuum insulated pipework helps minimize heat leaks and further lowers operating costs.
Market Trends
Customized equipment design - Growing process specificity and diverse applications are driving demand for highly customized cryogenic equipment engineered for unique user requirements. Major players are focusing on collaborative product engineering to expand into new markets.
Automation and controls - Integrating cryogenic equipment with advanced automation, digital monitoring capabilities and remote process access helps improve uptime, productivity and safety. Growing focus on predictive maintenance through advanced controls.
Market Opportunities
Liquefied Natural Gas (LNG) sector - With many countries promoting LNG as a cleaner fuel, long-term opportunity exists for specialized cryogenic equipment used in LNG infrastructure and transportation.
Renewable energy storage - Research on utilizing cryogenic equipment for large-scale renewable energy storage, especially in applications involving hydrogen raises hopes of addressing green energy's intermittency issue.
Impact of COVID-19 on Bioplastic Composites Market for Injection Molding
The COVID-19 pandemic has significantly impacted the growth of Bioplastic Composites Market Size for injection molding. During the initial phase, countries worldwide imposed nationwide lockdowns to curb the spread of virus which led to temporary closure of manufacturing facilities. This disrupted the supply chain and adversely affected the demand and production of bioplastic composites. However, with increased awareness on environmental protection and sustainability, the demand for bioplastics is expected to surge in the post-COVID era. Bioplastics being renewable and bio-based offers a sustainable alternative to conventional plastics used in healthcare, food packaging and other industries. As countries gradually lift lockdown restrictions, the market is recovering with resumption of manufacturing activities coupled with rising focus on developing eco-friendly solutions. Looking ahead, market players need to focus on innovation, adopting advanced technologies and developing new application areas to drive future growth in the post pandemic world.
North America currently holds the largest share of bioplastic composites market for injection molding in terms of value. Majority of demand comes from the US which is one of the early adopters and largest producer of bioplastics. Favorable government regulations supporting use of sustainable materials along with presence of leading bioplastic manufacturers drive the market in the region. Asia Pacific is projected to be the fastest growing regional market owing to rising environmental concerns, growing packaging industry and increasing consumption of biodegradable plastics in countries like India and China. Governments in the region are implementing stricter norms to curb plastic pollution which is anticipated to boost adoption of bioplastics in the coming years.
Geographical Regions with Highest Concentration of Bioplastic Composites Market for Injection Molding
Currently, North America accounts for the largest share of global bioplastic composites market for injection molding in terms of value, with majority of demand coming from countries like United States and Canada. This is attributed to presence of stringent environment protection laws promoting use of sustainable materials, advanced bioplastic production capabilities and significant R&D investments by leading manufacturers in the region. Countries in the European Union such as Germany, Italy, France and UK also have sizeable market presence encouraged by regulatory push for circular economy and bio-based solutions.
Fastest Growing Regional Market for Bioplastic Composites for Injection Molding
The Asia Pacific region is projected to be the fastest growing market for bioplastic composites for injection molding during the forecast period. Factors such as massive packaging and food processing industries driving material demand, large population base resulting in higher plastic consumption, implementation of plastic waste management policies by governments in countries including India and China are expected to propel future growth. Furthermore, availability of raw materials, low labor costs and expanding international manufacturer presence through mergers and acquisitions will contribute to Asia Pacific emerging as the new hotspot for bioplastics production globally.
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