At 12.60% CAGR, Global Bioplastics Market Size & Share to Surpass US$ 20.84 Billion by 2027 | Industry Trends, Growth, Share, Opportunities, Statistics, Analysis & Forecast Report by IMARC Group
Global Bioplastics Market Overview (2022-2027)
• Historical Market Size (2021): US$ 9.83 Billion
• Forecast CAGR (2022-2027): 12.60%
• Forecast Market Size (2027): US$ 20.84 Billion
What is a bioplastics Market ?
Bioplastics refer to biodegradable materials produced from natural resources, such as vegetable oils and starches, that are used to reduce plastic waste polluting the environment.
They are highly durable as well as lightweight and can be molded into various shapes and sizes. Bioplastics require a lesser amount of energy during the manufacturing process. They are absorbed by the soil and converted to compost or humus.
In addition to this, bioplastics are recyclable and do not need any fossil fuel for recycling as compared to conventional plastics. Consequently, they are extensively utilized in coating, packaging, agricultural products, consumer goods, etc., across the globe.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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What are the major market drivers in the Bioplastics Market ?
Bioplastics refer to biodegradable materials produced from natural resources, such as vegetable oils and starches, that are used to reduce plastic waste polluting the environment. They are highly durable as well as lightweight and can be molded into various shapes and sizes.
Bioplastics require a lesser amount of energy during the manufacturing process. They are absorbed by the soil and converted to compost or humus.
In addition to this, bioplastics are recyclable and do not need any fossil fuel for recycling as compared to conventional plastics. Consequently, they are extensively utilized in coating, packaging, agricultural products, consumer goods, etc., across the globe.
The growing consumer concerns towards the harmful impact of plastics are primarily driving the bioplastics market. Additionally, the escalating demand for bio-based packaging, owing to its high tensile strength, and the widespread adoption of these materials in several industries to minimize carbon and greenhouse gas emissions are further catalyzing the market growth.
Besides this, the rising utilization of bioplastics that are manufactured from renewable sources, including corn, wheat, maize, sugarcane, etc., and the launch of numerous favorable policies by government bodies for reducing plastic pollution are acting as significant growth-inducing factors.
Moreover, they are also organizing campaigns for using bioplastic products, on account of the increasing oil prices, which is positively influencing the global market. Apart from this, extensive investments in R&D activities to introduce bio-based nylon, polyethylene, and polyethylene terephthalate (PET) plastic bottles for beverage packaging, are anticipated to fuel the bioplastics market over the forecasted period.
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| Bioplastics market Report Scope | |
| Report Coverage | Details |
| Market size value in 2021 | US$ 9.83 Billion |
| Market forecast in 2027 | US$ 20.84 Billion |
| Growth Rate | CAGR of 12.60% from 2022 to 2027 |
| Base year for estimation | 2021 |
| Historical data | 2016-2021 |
| Forecast period | 2022-2027 |
| Report coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, And Trends |
| Segments covered | product, application and distribution channel. |
| Regional scope | Asia Pacific, Europe, North America, Latin America, Middle East and Africa |
| Key companies profiled | Arkema S.A., BASF SE, Biome Bioplastics Limited (Biome Technologies plc), Eastman Chemical Company, FKuR Kunststoff GmbH, Kuraray Co. Ltd., Mitsubishi Chemical Corporation (Mitsubishi Chemical Holdings Corporation), Novamont S.p.A., Solvay S.A., Teijin Limited, Total Corbion PLA and Trinseo. |
| Market Dynamics | Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period, |
| Customization purview | If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Report Segmentation:
The report has been segmented the market into following categories:
Breakup by Product:
Biodegradable
- Polylactic Acid
- Starch Blends
- Polybutylene Adipate Terephthalate (PBAT)
- Polybutylene Succinate (PBS)
- Others
Non-Biodegradable
- Polyethylene
- Polyethylene Terephthalate
- Polyamide
- Polytrimethylene Terephthalate
- Others
Breakup by Application:
- Flexible Packaging
- Rigid Packaging
- Agriculture and Horticulture
- Consumer Goods
- Textile
- Automotive and Transportation
- Others
Breakup by Distribution Channel:
- Online
- Offline
Regional Insights:
- Asia Pacific
- North America
- Europe
- Middle East and Africa
- Latin America
On the geographical front, Asia Pacific enjoys the leading position in the market. This can be attributed to the rising establishment of international companies in the region, on account of low manufacturing costs and cheap labor.
List of Major Key Players:
The major players in the market are
Arkema S.A.
BASF SE
Biome Bioplastics Limited (Biome Technologies plc)
Eastman Chemical Company
FKuR Kunststoff GmbH Kuraray Co. Ltd.
Mitsubishi Chemical Corporation (Mitsubishi Chemical Holdings Corporation)
Novamont S.p.A.
Solvay S.A.
Teijin Limited
Total Corbion PLA and Trinseo.
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