Overview and Scope
The bioplastics are used to reduce the pollution problem of plastic waste which suffocates the planet and polluting the environment. Bioplastics are a type of plastic produced from natural or renewable resources such as vegetable oils, starch, sugarcane, corn, and microbes like yeast. Bioplastics are sustainable, largely biodegradable, and biocompatible. Bioplastics play a crucial role in various industrial applications such as food packaging, agriculture, horticulture, composting bags, hygiene, and others.
Sizing and Forecast
The bioplastics market size has grown rapidly in recent years. It will grow from $9.22 billion in 2023 to $10.91 billion in 2024 at a compound annual growth rate (CAGR) of 18.3%. The growth in the historic period can be attributed to environmental concerns, government regulations, rise in oil prices, changing consumer preferences for eco-friendly products, increased demand for sustainable packaging.
The bioplastics market size is expected to see rapid growth in the next few years. It will grow to $20.48 billion in 2028 at a compound annual growth rate (CAGR) of 17.1%. The growth in the forecast period can be attributed to rising food and beverage industry, growing automotive sector, global trade agreements, expansion in emerging markets. Major trends in the forecast period include advanced feedstock sourcing, bio-based materials for durables, industry collaboration, carbon neutrality focus.
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Segmentation & Regional Insights
The bioplastics market covered in this report is segmented –
1) By Type: Biodegradable, Non-Biodegradable
2) By Distribution Channel: Online, Offline
3) By Application: Rigid Packaging, Flexible Packaging, Textile, Agriculture And Horticulture, Consumer Goods, Automotive, Electronics, Building And Construction, Other Applications
Asia-Pacific was the largest region in the bioplastics market in 2023. Asia-Pacificis expected to be the fastest-growing region in the forecast period. The regions covered in the bioplastics market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
The rising awareness of the significance of bioplastics is anticipated to fuel market growth in the coming years. Globally, there is a growing recognition of the detrimental environmental impacts associated with traditional plastics manufacturing and disposal. A study conducted by Pew Charitable Trusts and SYSTEMIQ, Ltd. suggests that without intervention, the annual influx of plastic waste into oceans could nearly triple by 2040, reaching 29 million metric tons. This alarming trend underscores the urgent need for sustainable alternatives. For instance, findings from the Ipsos Global Survey on Attitudes towards Single Use Plastics in 2022 revealed that 83% of urban Indians surveyed expressed support for a complete ban on single-use plastics (SUP). This increasing consciousness about environmental issues is expected to drive consumer preference towards bioplastics, thereby propelling the bioplastics market forward.
Key Industry Players
Major companies operating in the bioplastics market include BASF SE, Corbion NV, Danimer Scientific Inc., Mitsubishi Chemical Holdings Corporation, Novamont S.p.A., Eastman Chemical Company, Futamura Group, Neste Oyj, NatureWorks LLC, Polymateria Ltd, TIPA Corp Ltd, Biome Bioplastics Limited, Braskem S.A., Indorama Ventures Public Company Limited, Teijin Limited, Toray Industries Inc., Toyota Tsusho Corporation, PTT MCC Biochem Co Ltd., An Phat Holdings Joint Stock Company, Saudi Basic Industries Corporation, Futerro SA, Trinseo S.A., Solvay SA, Trifilon AB, Biofase S.A. de C.V., Bioapply Polymers S.L., LyondellBasell Industries N.V., Avantium N.V., LCY Biosciences Inc., Kaneka Takasago Ltd.
The bioplastics market report table of contents includes:
1. Executive Summary
- Bioplastics Market Characteristics
- Bioplastics Market Trends And Strategies
- Bioplastics Market – Macro Economic Scenario
- Global Bioplastics Market Size and Growth
- Bioplastics Market Segmentation
- Bioplastics Market Regional And Country Analysis
……………
- Key Mergers And Acquisitions In The Bioplastics Market
- Bioplastics Market Future Outlook and Potential Analysis
- AppendixList of tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Bioplastics Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Bioplastics Market, Segmentation By Distribution Channel, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Bioplastics Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
……………..
Table 74: BASF SE Financial Performance
Table 75: Corbion NV Financial Performance
Table 76: Danimer Scientific Inc. Financial Performance
Table 77: Mitsubishi Chemical Holdings Corporation Financial Performance
Table 78: Novamont S.p.A. Financial Performance
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