Press release
Bioplastics Market is likely to surpass US$ 26.2 Bn in revenues by 2032-end at a CAGR of 11.3%
Bioplastics Market
The global bioplastics market is estimated at US$ 8.98 Bn in 2022 and is expected to reach US$ 26.2 Bn by 2032. Bioplastic demand is anticipated to surge at 11.3% CAGR from 2022 to 2032 in terms of value.
Bioplastics are a type of plastic made from renewable biomass sources such as corn starch, sugarcane, or pea starch instead of petroleum. They are biodegradable, compostable and have a lower carbon footprint compared to traditional plastics. The increasing demand for eco-friendly products, rising environmental concerns, and stringent government regulations on the use of traditional plastics are some of the factors driving the growth of the bioplastics market.
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The market is driven by a number of factors including increasing demand for biodegradable packaging solutions, the adoption of stringent regulations related to plastic waste management, the promotion of sustainable practices among consumers, government initiatives to promote bio-based materials, rising consumer awareness about environmental issues due to climate change, and technological advancements.
In terms of geography, Asia Pacific dominates the Bioplastics Market with a share of around 45% in 2018 due to its high demand from countries such as China and India. Europe is second largest regional market with a share of around 32%, followed by North America with around 19%. The Latin American region is expected to experience significant growth over the forecast period due to increasing demands for eco-friendly products manufactured using biodegradable sources.
Key Players-
• BASF SE
• Toray Industries
• SABIC
• Teijin Ltd.
• Toyota Tsusho
• M& G Chemicals
• PTT Global Chemical Public Company Ltd.
• Showa Denko K.K.
• NatureWorks LLC
• Futerro SA
• E. I. du Pont de Nemours and Company
• Braskem and more
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Bioplastics Market Segmentation
The bioplastics market is segmented based on type, application, and geography.
• Bioplastics Market Based on type, the market is segmented into biodegradable and bio-based.
• Bioplastics Market Based on application, the market is segmented into packaging, agriculture, consumer goods, and others.
• Geographically, the market is segmented into North America, Europe, Asia-Pacific, South America, and Middle East & Africa.
Regional analysis
The Asia-Pacific region is expected to be the largest market for bioplastics, with the highest growth rate during the forecast period. This is due to the increasing demand for bioplastics in countries such as China and India. North America is also expected to be a significant market for bioplastics, owing to the presence of a large number of bioplastics manufacturers in the region. Europe is expected to be a significant market for bioplastics, due to the increasing demand for eco-friendly products and the presence of stringent government regulations on the use of traditional plastics.
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Conclusion
The global bioplastics market is expected to grow significantly during the forecast period, owing to the increasing demand for eco-friendly products, rising environmental concerns, and stringent government regulations on the use of traditional plastics. The Asia-Pacific region is expected to be the largest market for bioplastics, with the highest growth rate during the forecast period. Key players in the market are focusing on expanding their product offerings and increasing their market presence through partnerships and collaborations.
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