Press release
Bioplastics and Biopolymers Market is estimated to reach USD 31.8 in 2029, registering 16.6% CAGR during 2022-2029 | Size, Share & Forecast
Bioplastics and Biopolymers Market
Bioplastics and biopolymers market was valued at USD 9.3 billion in 2021 and is predicted to reach USD 31.8 Billion in 2029, registering a CAGR of 16.6% over the Forecast period, 2022-2029
For Additional Insights, Click to Access Complete Report - https://www.gmiresearch.com/report/global-bioplastics-and-biopolymers-market/
Expansion in the packaging industry, favourable government norms, and increasing inclination towards biodegradable packaging are some prominent factors fuelling the bioplastic and biopolymers market. Also, accelerating technological innovations in developed nations and intensified investment in cutting-edge technologies have propelled market growth. With the increasing petrol prices, petroleum-based products have been replaced with bioplastics or biopolymers. Bioplastic and biopolymers are used across packaging, consumer goods, textiles, and automotive & transportation industries. However, the coronavirus pandemic has severely impacted all the industries across the world due to restrictions on logistics, unavailability of the workforce, and material.
Product Type Analysis
Bio-PET market is anticipated to hold the largest share over the forecast period due to its remarkable properties such as strength, elasticity, heat resilience, and lower carbon emissions. Also, the lower carbon footprint and recycling property make them the most suitable choice for various end-use industries such as automotive, consumer goods, and packaging.
Application Analysis
Packaging and bottles segment is projected to lead the market during the forecast period. Bioplastics are used in the production of bags, textiles, agriculture foils, toys, lamination films, overwraps, and disposable housewares. The growing preference for bio-packaged products by consumers will further strengthen the market size.
Regional Analysis
European region is anticipated to lead the market with the largest share over the forecast period, owing to the rising concerns about human health. Further, strict government policies and a growing emphasis on sustainable packaging have bolstered the market share.
Bioplastics and Biopolymers Market Segmentation:
Bioplastics and Biopolymers Market by Type
Bio-PE
Bio-PET
Regenerated Cellulose
Poly Hydroxyalkonates
Bioplastics Market by Application
Packaging & Bottles
Automotive
Textiles
Agriculture
Others
Bioplastics and Biopolymers Market by Region:
Asia Pacific
China
Japan
India
Rest of APAC
North America
United States of America
Canada
Europe
United Kingdom
Germany
France
Spain
Rest of Europe
RoW
Brazil
South Africa
Saudi Arabia
UAE
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
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