IMARC Group, a leading market research company, has recently releases report titled “Bioplastics Market Report by Product (Biodegradable, Non-Biodegradable), Application (Flexible Packaging, Rigid Packaging, Agriculture and Horticulture, Consumer Goods, Textile, Automotive and Transportation, and Others), Distribution Channel (Online, Offline), and Region 2024-2032”, Offers a comprehensive analysis of the industry, which comprises insights on the global bioplastics market.
How Big is the Bioplastics Market?
The global bioplastics market size reached US$ 12.6 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 31.9 Billion by 2032, exhibiting a growth rate (CAGR) of 10.6% during 2024-2032.
Industry Overview of Bioplastics
Bioplastics are made from renewable resources, such as plants, agricultural byproducts, and microorganisms, reducing reliance on fossil fuel resources. They can be biodegradable and can break down naturally over time, which reduces environmental impact. They offer flexibility, durability, and transparency, making them suitable for a wide range of applications. Besides this, as their production generally results in lower greenhouse gas emissions compared to traditional plastics, the demand for bioplastics is increasing across the globe. They are widely used in various consumer products, including disposable cutlery, toys, and electronics.
For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/bioplastics-market/requestsample
What are the growth prospects and trends in the bioplastics industry?
The growing environmental concerns and the rising awareness among the masses about the detrimental impact of conventional plastics on ecosystems represent one of the key factors driving the demand for sustainable alternatives like bioplastics. Furthermore, the governing authorities of several countries are undertaking various initiatives like imposing bans or restrictions on single-use plastics, creating a conducive environment for bioplastics adoption. Additionally, the implementation of stricter recycling and waste management regulations is driving the demand for biodegradable bioplastics, which can alleviate the burden of plastic waste in landfills and oceans.
Moreover, research institutions and industry players are investing in the development of new bioplastic formulations, enhancing their performance, biodegradability, and cost-effectiveness. Along with this, innovations in bioplastic materials, such as the introduction of polyhydroxyalkanoates and polylactic acid and their expanding applications across various sectors, are stimulating the market growth. Besides this, the increasing use of mulch films in the agriculture sector is positively influencing the market.
These films help improve soil health, conserve water, and reduce the need for chemical pesticides, making them an attractive choice for environmentally conscious farmers. In addition, several bioplastics manufacturers are forming partnerships and collaborations with raw material suppliers and end-product manufacturers to expand their market reach and increase overall profitability. This integration ensures a reliable and consistent supply of bioplastic materials and facilitates the development of new applications, further fueling the growth of the industry.
Leading Companies Operating in the Global Bioplastics Industry:
- 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
- Trinseo
Bioplastics Market Report Segmentation:
The report has segmented the market into the 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
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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