Bioplastics Market Size | Share | Industry Analysis 2022-2028

The global bioplastics market size was valued at USD 8.5 billion in 2021 and is poised to grow at a significant CAGR of 15.6% during the forecast period 2022-28. Bioplastics Market was valued at USD 8.5 billion in 2021 and is expected to reach a value of USD 23.3 billion by 2028, growing at a CAGR of 15.6% from 2022 to 2028. Bioplastics are produced using renewable raw materials like cellulose, sugarcane, and corn. Manufacturers are able to use bio-based plastics because of elements including their environmental friendliness, the availability of renewable feedstocks, and favorable government regulations pertaining to the production of sustainable products. The bioplastic market is expanding due to bioplastics is expanding as a result of the increased use of biodegradable goods and expanded applications for bioplastic in various end-user industries. In addition, compared to traditional synthetic plastic, bioplastic has the ability to reduce carbon dioxide emissions by 30-70%. The use of bioplastic could lower carbon dioxide emissions. During the period of decay, it produces very little greenhouse gas emissions. The development of the bioplastics market is predicted to be driven by these cutting-edge eco-friendly features and functionalities over the forecast period. In addition, market trends are moving away from conventional plastics and toward items made from biomaterials. The need for bioplastics has grown as a result of these considerations. In addition, renewable resources can be used to produce bioplastic.

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Bioplastics Market Growth Factors:
Due to its exceptional technological qualities and capabilities, bioplastic has been adopted quickly across a variety of applications. The business of bioplastics has expanded considerably in a variety of plastic applications as a result of advantageous regulations implemented by a number of nations worldwide. The availability of clean energy raw material sources for the production of bioplastics, increased consumer acceptance of products made from biomaterials, regulatory frameworks for producing biodegradable containers, and the characteristics of bioplastics that make them environmentally friendly are some of the key market drivers. Since the creation of bioplastic uses 66% less energy than that conventional plastic, it is an energy-efficient process. Because they are non-toxic and easily degrade, bioplastics have no negative effects on the planet or the environment. Additionally, the degradation of bioplastic produces very little greenhouse gas emissions.

The global bioplastics market segmentation:
1) By Product Type: Biodegradable, Non-biodegradable
2) By Material: Polylactic Acid (PLA), Polybutylene Adipate Terephthalate (PBAT), Polybutylene Succinate (PBS), Polyhydroxyalkanoates (PHA), Starch Blends, PE, PET, PA, PP, PEF, PTT) by Application (Packaging, Agriculture, Consumer Durables, Textiles, Others

Bioplastics Market Regional Analysis:
With a revenue share of over 45.5% in 2022, Europe will dominate the global market. Numerous essential uses, such as refuge bags, loose packaging, agricultural mulch films, shopping bags, and bottles, make extensive use of bioplastics. Each year, some 100 billion bags are used in the European Union. In all European countries, consumers are becoming accepting of bioplastics. The increasing use of bioplastics in important end-use industries including packaging, consumer goods, textiles, medical devices, automotive & transportation, among others, is also anticipated to have a positive impact on the market.

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Key players in the Bioplastics Market report are BASF SE, Dow Inc., Novamont S.p.A.,, Plantic, Natureworks, Corbion N.V., Biome Technologies, Mitsubishi Chemical, Eastman Chemical Co, Danimer Scientific, Teijin Ltd., Toray Industries, Toyota Tsusho, Braskem, Corbion N.V., Galactic, Solvay SA

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