Publication Month: Mar 2022 | Report Code: TIPRE00003267 | No. of Pages: 146 | Category: Chemicals and Materials | Status: Published
Bioplastics is a substance made from organic biomass sources, unlike conventional plastics made from petroleum. Bioplastics are made through a number of different processes. Some processes include the use of a microorganism to process base materials, such as vegetable oils, cellulose, starches, acids, and alcohols.
In 2020, Asia Pacific dominated the global bioplastics market and is expected to retain its dominance during the forecast period. Consumers are increasingly shifting their preference toward bio-based plastics due to the growing environment-related regulations and rising government initiatives to encourage environmental awareness. The increased bans on traditional plastics are becoming a primary driver for the growth of the market in Asia Pacific. As countries such as India and China are environmentally concerned, companies are shifting to bioplastics, which helps them acquire a higher consumer market share. The demand for bioplastics is expected to surge in the packaging sector in the coming years due to the rising need for various healthcare products to tackle the COVID-19 pandemic. The growing demand for flexible packaging from the consumer goods industry and the adoption of various technological innovations in packaging have led to the substantial growth of the packaging sector. Europe is the second-largest region in the global market and is also expected to be the fastest-growing region during the forecast period. The growing automotive industry and the increasing demand from the packaging industry are bolstering the growth of the bioplastics market in Europe.
|Market Size Value in||US$ 5,799.8 million in 2021|
|Market Size Value by||US$ 13,806.1 million by 2028|
|Growth rate||CAGR of 13.2% from 2021 to 2028|
|Forecast Period||2021- 2028|
|No. of Pages||146|
|No. of Tables||56|
|No. of Charts & Figures||71|
|Historical data available||Yes|
|Segments covered||Type and Application|
|Regional scope||North America, Europe, Asia Pacific, Middle East & Africa, South & Central America|
|Country scope||US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Free Sample Copy Available|
In recent years, there has been an increase in the application of bioplastic in various end-use industries across the world. In the agriculture industry, bioplastics are being used as an alternative that decreases resource use. Superabsorbent bioplastics can be utilized as a complementary water source since they can absorb and retain a large amount of water, providing it to crops in drought times. Bioplastics are also increasingly used in various consumer products, such as food containers, biodegradable utensils, and grocery bags. In the automotive industry, it helps in reducing fuel consumption and emissions by reducing vehicles’ weight. Thus, the wide application scope of bioplastics is driving the growth of the market.
Based on type, the market is segmented into biodegradable and non-biodegradable. In 2020, the non-biodegradable segment dominated the market. Various non-biodegradable bioplastics, such as polyethylene (PE), polyethylene terephthalate (PET), polyamides (PA), and polytrimethylene terephthalate (PTT), are available in the market. These plastics are used for carry bags, films, and bottles.
Teijin Limited; Toray Industries, Inc.; Sabic; Basf SE; Total Corbion PLA; Braskem S.A.; Biome Bioplastics; Mitsubishi Chemical Corporation; Novamont S.P.A.; and Natureworks LLC are among the key players operating in the global market. The leading players adopt several strategies, such as mergers & acquisitions and product launches, to expand their geographic presence and consumer base.
The "Global Bioplastics Market Analysis to 2028" is a specialized and in-depth study of the chemicals & materials industry, focusing on the global bioplastics market trend analysis. The report aims to provide an overview of the market with detailed market segmentation. The market is segmented on the basis of type, application, and geography. Based on type, the market is segmented into biodegradable and non-biodegradable. Based on application, the market is segmented into packaging, agriculture, consumer goods, automotive & transportation, textiles, building & construction, and others. Based on geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. Asia-Pacific is expected to be the fastest-growing regions in the bioplastics market, followed by Europe.
The List of Companies - Bioplastics Market