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Bioplastics Market Size to Hit US$ 13,806.1 million by 2028

05-19-2022 02:27 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: The Insight Partners

Bioplastics Market

Bioplastics Market

According to The Insight Partners latest market study on "Bioplastics Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Type and Application," the market is expected to grow from US$ 5,799.8 million in 2021 to US$ 13,806.1 million by 2028; it is estimated to grow at a CAGR of 13.2% from 2021 to 2028. The report highlights key factors driving the market growth and prominent players and their progress in the market.

Rising consumer awareness and government laws are propelling the adoption of bio-based goods like biodegradable plastics and bio-based plastics. Many agricultural plastic product manufacturers have explored biodegradable polymers made from renewable and sustainable essential ingredients that are technically and commercially viable. Aside from encouraging plant development, biodegradable plastics break down in the natural environment and contribute to soil enrichment. As a result, the demand for such bio-based plastics increases in agricultural and horticultural industries, which seems suitable for global bioplastics market growth.

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Bioplastic means "plastic derived from biomass". It is an environment-friendly form of plastic. The increased public awareness of the negative impacts of conventional plastics is pushing the usage of biodegradable polymers. Furthermore, traditional polymers may endanger human health and safety due to their hazardous composition. PVC, for example, has been linked to genetic abnormalities, ulcers, deafness, and eyesight loss. As a result of such significant hazards, there is a greater need for safe items for human health.

CONSUMER PREFERENCES SHIFTING TOWARD BIOPLASTIC PRODUCTS

The higher cost of bioplastics than standard polymers limit market expansion in several application categories. However, some manufacturers are using organic practices to produce crops used for manufacturing bioplastics.

Some of the key players operating in the global bioplastics market include Teijin Limited, Toray Industries, Inc., Sabic, BASF SE, Total Carbion PLA, Braskem S.A., Biome Bioplastics, Mitsubishi Chemical Corporation, Novamont S.P.A., and Natureworks LLC. The major players in the bioplastics market are focusing on strategies such as research and development and new product development to increase the geographical presence and consumer base globally.

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Impact of COVID-19 Pandemic on Bioplastics Market

Initially, the COVID-19 pandemic adversely affected the bioplastics market due to the shutdown of manufacturing facilities and the restrictions on transportation and logistics. The disruptions in the supply chain also hampered the supply of bioplastics. Following the state and regional guidelines, manufacturers had to follow extensive measures to protect the health and safety of their employees. Many global manufacturers temporarily closed their operations or restricted their production capacity. The negative impact of COVID-19 pandemic on the end-use industries has decreased the demand for bioplastics. As per a survey conducted by the Associated General Contractors (AGC) of America, since March 2020, 30% of companies' construction projects have been delayed due to government orders, 37% were stopped due to owner requests associated with the COVID-19 pandemic, and 67% had delayed or canceled a project due to funding issues. However, businesses are recovering, as the governments of various countries have reduced imposed restrictions. Moreover, successful vaccination drives have further eased the current scenario leading to a rise in business activities across the globe. The recovery of various end-use industries is also driving the bioplastics market. The start of operations in the manufacturing units has led to the recovery in the production of bioplastics products, which had a positive impact on the market.

Table of Content:

1. Introduction
1.1 Study Scope

1.2 The Insight Partners Research Report Guidance

1.3 Market Segmentation

2. Key Takeaways
3. Research Methodology
3.1 Scope of the Study

3.2 Research Methodology

3.2.1 Data Collection

3.2.2 Primary Interviews

3.2.3 Hypothesis Formulation

3.2.4 Macro-economic Factor Analysis

3.2.5 Developing Base Number

3.2.6 Data Triangulation

3.2.7 Country Level Data

4. Global Bioplastics Market Landscape
4.1 Market Overview

4.2 Porter's Five Forces Analysis

4.2.1 Bargaining Power of Suppliers

4.2.2 Bargaining Power of Buyers

4.2.3 Threat of New Entrants

4.2.4 Competitive Rivalry

4.2.5 Threat of Substitutes

4.3 Expert Opinion

4.4 Ecosystem Analysis

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About Us:

The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

Contact Us:

If you have any queries about this report or if you would like further information, please contact us:

Contact Person: Sameer Joshi
E-mail: sales@theinsightpartners.com
Phone: +1-646-491-9876

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