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Bioplastics Market Analysis 2024 -2033: Forecasted Market Size, Top Segments, And Largest Region | BASF SE, Corbion NV, Danimer Scientific Inc., Mitsubishi Chemical Holdings Corporation, Novamont S.p.A
Bioplastics Market Size
The Business Research Company offers in-depth market insights through Bioplastics Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The bioplastics market size has grown rapidly in recent years. It will grow from $9.22 billion in 2023 to $10.91 billion in 2024 at a compound annual growth rate (CAGR) of 18.3%. The growth in the historic period can be attributed to environmental concerns, government regulations, rise in oil prices, changing consumer preferences for eco-friendly products, increased demand for sustainable packaging.
The bioplastics market size is expected to see rapid growth in the next few years. It will grow to $20.48 billion in 2028 at a compound annual growth rate (CAGR) of 17.1%. The growth in the forecast period can be attributed to rising food and beverage insustry, growing automotive sector, global trade agreements, expansion in emerging markets. Major trends in the forecast period include advanced feedstock sourcing, bio-based materials for durables, industry collaboration, carbon neutrality focus.
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Market Segmentation:
The main types of bioplastics are biodegradable and non-biodegradable. The biodegradable bioplastics are the plastics that decompose naturally by the action of living organisms such as microbes breaking down into the water, carbon dioxide, and biomass and which are not harmful to environment. The material that makes up the biodegradable bioplastics maintains its mechanical strength and breaks on elongation. Starch blends, polyhydroxyalkanoates (PHAs), polylactic acid (PLA), and cellulose-based plastics are some examples of biodegradable bioplastics. These are distributed through online and offline channels with a wide range of applications in rigid packaging, flexible packaging, textile, agriculture and horticulture, consumer goods, automotive, electronics, building and construction and others.
Major Driver - Growing Environmental Awareness Fuels Bioplastics Market Demand
Increasing awareness about the importance of bioplastics is expected to drive the market going forward. Globally, there has been increasing awareness regarding the adverse effects of pollution caused by plastics manufacturing and disposal. According to a study by Pew Charitable Trusts and SYSTEMIQ, Ltd., the amount of plastic trash that flows into the oceans every year is expected to nearly triple by 2040 to 29 million metric tons, if left unchecked. All this contributes to the increasing pollution levels and making it necessary for customers to focus on sustainability. For instance, in 2022, according to the Ipsos Global Survey on Attitudes towards Single Use Plastics, at least 8 in 10 urban Indians accounting for 83% said they would like a complete ban on the usage of single use plastics (SUP). Thus, increasing awareness will encourage customers towards bioplastics, and will drive the bioplastics market.
Competitive Landscape:
Major companies operating in the bioplastics market include BASF SE, Corbion NV, Danimer Scientific Inc., Mitsubishi Chemical Holdings Corporation, Novamont S.p.A., Eastman Chemical Company, Futamura Group, Neste Oyj, NatureWorks LLC, Polymateria Ltd, TIPA Corp Ltd, Biome Bioplastics Limited, Braskem S.A., Indorama Ventures Public Company Limited, Teijin Limited, Toray Industries Inc., Toyota Tsusho Corporation, PTT MCC Biochem Co Ltd., An Phat Holdings Joint Stock Company, Saudi Basic Industries Corporation, Futerro SA, Trinseo S.A., Solvay SA, Trifilon AB, Biofase S.A. de C.V., Bioapply Polymers S.L., LyondellBasell Industries N.V., Avantium N.V., LCY Biosciences Inc., Kaneka Takasago Ltd.
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Top Trend - Increasing Investment In Environment-Friendly Bioplastics Technology
Companies in the market are focusing on increasing investment in environment-friendly bioplastics. Bioplastics are prepared from biodegradable and renewable resources such as proteins, starch, and polylactic acid (PLA). The number of available products and suppliers has increased in recent years leading to increase use of bioplastics in commercial markets across the globe. For example, in January 2022, Vikas Ecotech Limited plans to invest in the environment-friendly BioPlastics (PHA) technology and in the advance stage of finalizing a Technology Tie-Up/Joint Venture with Aurapha Private Ltd. (the 'AuraPHA') to produce Biodegradable Plastics.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Bioplastics Market Characteristics
3. Bioplastics Market Trends And Strategies
4. Bioplastics Market - Macro Economic Scenario
5. Bioplastics Market Size And Growth
…..
27. Bioplastics Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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