Bioplastics Market Share Analysis 2023: Potential Growth and Outlook till 2031

The bioplastics industry is a sector within the larger plastics industry that focuses on the development, production, and use of biodegradable and environmentally friendly plastics. Bioplastics are a type of plastic made from renewable resources such as cornstarch, sugarcane, potato starch, or other plant-based materials, as well as from microorganisms like bacteria and yeast. They are designed to be a more sustainable alternative to traditional petroleum-based plastics, which are known for their negative environmental impact due to their non-biodegradable nature.

According to the report published by Allied Market Research, the global bioplastics market generated $6.3 billion in 2021, and is projected to reach $18.7 billion by 2031, growing at a CAGR of 11.7% from 2022 to 2031.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐏𝐃𝐅 𝐁𝐫𝐨𝐜𝐡𝐮𝐫𝐞: https://www.alliedmarketresearch.com/request-sample/726

𝐇𝐞𝐫𝐞 𝐚𝐫𝐞 𝐬𝐨𝐦𝐞 𝐤𝐞𝐲 𝐩𝐨𝐢𝐧𝐭𝐬 𝐚𝐛𝐨𝐮𝐭 𝐭𝐡𝐞 𝐛𝐢𝐨𝐩𝐥𝐚𝐬𝐭𝐢𝐜𝐬 𝐢𝐧𝐝𝐮𝐬𝐭𝐫𝐲:

Types of Bioplastics: Bioplastics can be divided into two main categories: bio-based and biodegradable plastics.

- Bio-based plastics are made from renewable biomass sources, reducing dependence on fossil fuels.
- Biodegradable plastics are designed to break down in the environment more quickly, reducing plastic waste.

Increase in inclination toward bio-based products to reduce the dependency over conventional plastics, rise in environmental concerns among consumers, and surge in demand for eco-friendly alternatives are expected to drive the growth of the global bioplastics market. Closed manufacturing facilities, reduced workforce, and unavailability of raw materials during the COVID-19 pandemic had a negative impact on the growth of the market.

𝐒𝐮𝐬𝐭𝐚𝐢𝐧𝐚𝐛𝐥𝐞 𝐌𝐚𝐭𝐞𝐫𝐢𝐚𝐥𝐬: Bioplastics can be produced from various sources, including corn, sugarcane, cassava, and algae. Some bioplastics can even be made from waste materials or agricultural byproducts.

𝐄𝐧𝐯𝐢𝐫𝐨𝐧𝐦𝐞𝐧𝐭𝐚𝐥 𝐁𝐞𝐧𝐞𝐟𝐢𝐭𝐬: Bioplastics are often promoted for their potential environmental benefits. They can reduce carbon emissions compared to traditional plastics and mitigate the problem of plastic pollution by breaking down more rapidly in certain conditions.

𝐀𝐩𝐩𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬: Bioplastics are used in a wide range of applications, including packaging materials (bags, containers, and films), disposable tableware (cutlery, plates), textiles, automotive components, and even medical devices.

The biodegradable plastic segment held the dominating market share in 2021, holding nearly three-fifths of the global market, and is expected to maintain its leadership status during the forecast period. In addition, the same segment is expected to cite the fastest CAGR of 12.2% during the forecast period. The report also analyses other segment of the market such as non-biodegradable plastic.

𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭𝐞𝐝 𝐢𝐧 𝐏𝐫𝐨𝐜𝐮𝐫𝐢𝐧𝐠 𝐓𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭? 𝐕𝐢𝐬𝐢𝐭 𝐇𝐞𝐫𝐞: https://www.alliedmarketresearch.com/bioplastics-market/purchase-options

𝐂𝐡𝐚𝐥𝐥𝐞𝐧𝐠𝐞𝐬: The bioplastics industry faces several challenges, including cost competitiveness with traditional plastics, limited recycling infrastructure, and varying biodegradability characteristics based on environmental conditions.

𝐑𝐞𝐠𝐮𝐥𝐚𝐭𝐢𝐨𝐧𝐬 𝐚𝐧𝐝 𝐒𝐭𝐚𝐧𝐝𝐚𝐫𝐝𝐬: Governments and organizations have introduced regulations and standards to promote the use of bioplastics and ensure their environmental claims are accurate. These regulations vary by region.

𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐚𝐧𝐝 𝐈𝐧𝐧𝐨𝐯𝐚𝐭𝐢𝐨𝐧: Ongoing research and innovation in materials science are driving advancements in bioplastics. Researchers are working to improve the performance, durability, and biodegradability of bioplastics.

The flexible packaging segment held the largest market share in 2021, garnering more than one-fourth of the global market, and is expected to maintain its leadership status during the forecast period. The consumer goods segment, on the other hand, is predicted to cite the fastest CAGR of 13.8% during the forecast period.

𝐌𝐚𝐫𝐤𝐞𝐭 𝐆𝐫𝐨𝐰𝐭𝐡: The bioplastics industry has experienced significant growth in recent years due to increasing consumer awareness of environmental issues and the demand for more sustainable products. However, it still represents a small portion of the overall plastics market.

𝐒𝐮𝐬𝐭𝐚𝐢𝐧𝐚𝐛𝐥𝐞 𝐏𝐚𝐜𝐤𝐚𝐠𝐢𝐧𝐠: One of the primary areas of focus for the bioplastics industry is sustainable packaging. Biodegradable and bio-based plastics are used to create packaging solutions that reduce waste and environmental impact.

The market across Asia-Pacific region held the dominating market share in 2021, holding more than two-fifths of the global market, and is expected to maintain its leadership status during the forecast period. In addition, the same segment is expected to cite the fastest CAGR of 12.4% during the forecast period. The report also analzyes other regions such as North America, Europe, and LAMEA.

𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐏𝐥𝐚𝐲𝐞𝐫𝐬: Various companies and startups are actively engaged in the bioplastics sector. Major players include NatureWorks LLC, Braskem, Novamont, BASF, and others.

The bioplastics industry is continually evolving as it seeks to address environmental concerns associated with traditional plastics. Its growth and impact on reducing plastic pollution and greenhouse gas emissions will depend on advancements in technology, increased consumer adoption, and supportive government policies.

The key players analzyed in the global bioplastics market report include Eastman Chemical Company, Kuraray Co. Ltd., LG Chem, BASF SE, Biome Technologies Plc., CJ CheilJedang Corp., Corbion N.V., Danimer Scientific, Dow Inc., Mitsubishi Chemical Holdings, Novamont S.P.A and SKC.

𝐎𝐛𝐭𝐚𝐢𝐧 𝐑𝐞𝐩𝐨𝐫𝐭 𝐃𝐞𝐭𝐚𝐢𝐥𝐬: https://www.alliedmarketresearch.com/bioplastics-market

Contact:

David Correa

United States

1209 Orange Street,

Corporation Trust Center,

Wilmington, New Castle,

Delaware 19801 USA.

Int'l: +1-503-894-6022

Toll Free: +1-800-792-5285

Fax: +1-800-792-5285

help@alliedmarketresearch.com

𝐀𝐛𝐨𝐮𝐭 𝐔𝐬

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

This release was published on openPR.