Pune, India, May 17, 2023 (GLOBE NEWSWIRE) -- The global bioplastics market size was valued at USD 7,043.9 million in 2020 and is projected to grow to USD 15,552.3 million by 2028 while exhibiting a CAGR of 10.7% between 2021 and 2028. Fortune Business Insights in its latest report, titled, “Bioplastics Market, 2021-2028.”, mentions that the market stood at USD 7,043.9 million in 2020. Factors such as the increasing demand for eco-friendly plastics across the packaging industry and the rising concerns over non-degradable plastic waste are expected to drive the product’s demand in the forthcoming years.
Bioplastics are a type of plastic made from renewable biological sources such as corn starch, sugarcane, and vegetable fats and oils. They can also be made from other materials such as wood chips and cellulose. Bioplastics can be either biodegradable or non-biodegradable.
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List of the Companies Profiled in the Global Bioplastics Market:
- Novamont S.p.A. (Italy)
- Arkema S.A. (France)
- Matrìca S.p.A. (Italy)
- Solvay S.A. (Belgium)
- NatureWorks LLC (U.S.)
- Total Corbion PLA bv (Netherlands)
- PTT MCC Biochem Co., Ltd. (Thailand)
- Roquette Frères (France)
- Avantium (Netherlands)
- Toray Industries, Inc. (Japan)
- LyondellBasell Industries Holdings B.V. (Netherlands)
- BASF SE (Germany)
- BioApply (Switzerland)
- Braskem (Brazil)
- Biofase (Mexico)
- Genecis (Canada)
- Trifilon (Sweden)
- Kaneka Takasago (Japan)
- Danimer Scientific (U.S.)
- Taghleef Industries (U.A.E.)
- Advance Bio Material P. Ltd. (India)
Report Scope & Segmentation:
| Report Attributes | Details |
| Forecast Period | 2021-2028 |
| Forecast CAGR | 5.1% |
| 2028Value Projection | USD 15,552.3 million |
| Market Size in 2020 | USD 7,043.9 million |
| Historical Data | 2017-2019 |
| No. of Pages | 199 |
| Report Coverage | Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends |
| Segments Covered |
|
| Regions Covered |
|
| Bioplastics Market Growth Drivers | Increasing Demand for Eco-Friendly Plastics to Aid Growth |
| Postponement of Green Investment by Government Propel the Product Demand |
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Market Segmentation:
Based on type, the bioplastics market is segmented into biodegradable and non-biodegradable. On the basis of application, the bioplastics market t is divided into rigid packaging, flexible packaging, textiles, automotive & transportation, agriculture & horticulture, consumer goods, and others.
- Based on application, the automotive & transportation segment held a bioplastics market share of about 6.0% in 2020 and is expected to experience significant growth in the forthcoming years. This is due to the increasing adoption of bioplastics in the manufacturing of lightweight automotive components worldwide.
Lastly, based on region, the bioplastics industry is categorized into Europe, North America, Asia-Pacific, and Rest of the World.
Postponement of Green Investment by Government amid COVID- 19 to Hamper Growth
According to Capgemini Research Institute, out of the 300 large energy companies surveyed in October 2020, 37 planned to defer investments in low- carbon systems and structure amid the new coronavirus. The epidemic has downsized the growth prospects of several diligence across the globe. Holdback or halting of several systems is anticipated to hinder the growth prospects of the global request.
DRIVING FACTORS
Adding Demand for Eco-Friendly Plastics to Aid Growth
According to the data by Clean our Ocean, annually plastic is estimated to kill around millions of marine creatures across the globe. The growing concern over plastic disposal is propelling the demand foreco-friendly variants of plastics similar as biodegradable bones. The biggest philanthropist of this type of plastic is the packaging assiduity. The adding relinquishment of terrain-friendly plastics that serve as a rigid and flexible packaging option is anticipated to boost the product’s relinquishment worldwide. thus, the growing enterprises over the disposal of on-degradable plastics will contribute to the global bioplastics request growth in the forthcoming times.
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What does the Report Include?
The global request for bioplastics report includes qualitative and quantitative analysis of several factors similar as the crucial motorists and conditions that will impact growth. also, the report provides perceptivity into the indigenous analysis that covers different regions, contributing to the growth of the request. It includes the competitive geography that involves the leading companies and the relinquishment of strategies to advertise hookups, introduce new products, and unite to further contribute to the growth of the request between 2021 and 2028. also, the exploration critic has espoused several exploration methodologies to prize information about the current trends and assiduity developments that will drive the bioplastics request growth during the cast period.
REGIONAL INSIGHTS
Europe – The region is expected to remain dominant and hold the largest global bioplastics market share during the forecast period. The dominance is attributable to the increasing demand for bio-based plastics for packaging purposes in the region. Europe stood at USD 3,460.8 million in 2020.
Asia-Pacific – The market in the region is expected to experience exponential growth in the forthcoming years. This is ascribable to factors such as the presence of large production capabilities in countries such as China and India that will boost the adoption of bioplastics between 2021 and 2028.
COMPETITIVE LANDSCAPE
Merger and Acquisition Strategy Adopted by Major Companies to Brighten Their Market Prospects
The global market for bioplastics is experiencing dynamic competition from several companies focusing on establishing their strong presence. These companies are acquiring other small companies to expand their product portfolio and boost sales revenue. Moreover, other key players are striving to gain a major chink of the market share by adopting strategies such as collaboration, partnership, and the introduction of new products that will favor the growth of the bioplastics market in the forthcoming years.
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Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Key Developments: Mergers, Acquisition, Partnership, etc.
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Qualitative Insights on Impact of COVID-19 on Global Bioplastics Market
- Supply Chain Analysis & Challenges
- Steps taken by Government / Companies to Overcome this Impact
- Potential Challenges and Opportunities due to COVID-19 Outbreak
TOC Continued...!
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Industry Development:
- January 2021 – Novamont announced the acquisition of BioBag Group, a leading provider of low-impact solutions for the packaging sector. The acquisition is expected to strengthen Novamont’s presence in North America, North-eastern Europe, and Australia.
Read Related Insights:
Bio-Based Polypropylene Market to Hit USD 996.9 Million by 2028; Increasing Preference for Biodegradable Polymers to Brighten Market Prospects, Says Fortune Business Insights™
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