Bioplastics Market Size 2023 | Share, Growth, Report and Forecast 2028

How Big is the Bioplastics Market?

The global bioplastics market size reached US$ 11.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 23.2 Billion by 2028, exhibiting a growth rate (CAGR) of 12.1% during 2023-2028.

What are Bioplastics?

Bioplastics are derived from renewable resources, such as corn starch, sugarcane, or algae, instead of the traditional petrochemical sources. They offer a compelling alternative to conventional plastics due to their eco-friendly nature and reduced environmental impact. They represent a significant stride toward a greener and more sustainable future for industries worldwide. They help to biodegrade or be composted, thus mitigating the persistent problem of plastic pollution. This shift towards bioplastics is not only a response to environmental concerns but also a strategic move by businesses to align with evolving consumer preferences for sustainable products.

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What are the growth prospects and trends in the bioplastics industry?

At present, the growing awareness and emphasis on environmental sustainability represents one of the key factors offering a favorable market outlook. Businesses across industries are recognizing the urgent need to reduce their carbon footprint and minimize plastic waste.
Bioplastics offer a compelling solution, as they decompose naturally and leave a significantly smaller environmental footprint.

This eco-conscious shift is increasing due to stringent regulations and mandates promoting sustainable practices. Furthermore, consumer preferences are evolving towards eco-friendly and responsibly sourced products.

This change in demand is prompting businesses to integrate bioplastics into their product lines to meet these expectations and gain a competitive edge. Bioplastics not only reduce the reliance on fossil fuels but also serve as a testament to a company's commitment to environmental stewardship

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Report Segmentation:

The report has segmented the market into the following categories:

Breakup by Product:
• Biodegradable
o Polylactic Acid
o Starch Blends
o Polybutylene Adipate Terephthalate (PBAT)
o Polybutylene Succinate (PBS)
o Others
• Non-Biodegradable
o Polyethylene
o Polyethylene Terephthalate
o Polyamide
o Polytrimethylene Terephthalate
o 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

Some of the Top Key players in the Bioplastics Market

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

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