Press release
Bioplastics Market Poised for Remarkable Growth, set to Reach USD 56.99 billion by 2032 with a CAGR of 29.0%.
Bioplastics refer to materials that have been made from renewable sources and play an important role in reducing the generation of plastic generation. These types of plastics come from different types of renewable biomass sources such as plant starch, cellulose, vegetable fats, and natural sugars. Biomass-based plastics are gaining immense popularity as an effective alternative to conventional plastics as industries are looking for eco-friendly plastic materials.
Fortune Business InsightsTM displays this information in a report titled, "Bioplastics Market, 2024-2032."
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Bioplastics Market Segmentations:
Biodegradable Plastics to Gain Traction Due to their Wide Usage in Numerous Industries
Based on type, the market is segmented into biodegradable and non-biodegradable. The biodegradable segment is expected to hold a dominant bioplastics market share as this type of plastic is finding robust use in many industries such as textiles, packaging, consumer goods, and agriculture.
Demand for Durable and Sturdy Packaging Solutions to Boost Product Use in Rigid Packaging
Based on application, the market covers rigid packaging, flexible packaging, textiles, automotive & transportation, agriculture & horticulture, consumer goods, and others. The rigid packaging segment is predicted to hold the largest market share as many shipping companies are looking for sturdy yet eco-friendly packaging solutions.
With respect to region, the market covers North America, Europe, Asia Pacific, and Rest of the World.
List of Key Players Present in the Report:
• Novamont S.p.A. (Italy)
• Arkema S.A. (France)
• Matrìca S.p.A. (Italy)
• NatureWorks LLC (U.S.)
• TotalEnergies Corbion (Netherlands)
• PTT MCC Biochem Co., Ltd. (Thailand)
• Roquette Frères (France)
• Biofase (Mexico)
• Genecis (Canada)
• Trifilon (Sweden)
• Solvay S.A. (Belgium)
• Avantium (Netherlands)
• Toray Industries, Inc. (Japan)
• LyondellBasell Industries Holdings B.V. (Netherlands)
• BASF SE (Germany)
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Report Coverage:
The report analyzes the market in detail and sheds light on important areas such as leading product types, players, and applications. It also provides information on the latest market trends and vital industry developments. Besides the abovementioned factors, the report covers several other factors that have contributed to the market's growth in recent years.
Drivers and Restraints:
Growing Adoption of Eco-Friendly Plastics in Packaging Industry to Fuel Market Progress
Biodegradable plastics are finding major uses in many industry verticals. However, one of the most common applications of these plastics is found in the packaging sector as they exhibit properties that are quite similar to those of conventional plastics. They are used in many rigid as well as flexible packaging solutions. Moreover, the e-commerce industry has expanded considerably in recent years, which has further boosted the demand for packaging materials, thereby enhancing the product adoption.
However, the high cost of these products as compared to conventional plastics will fuel the market expansion.
Regional Insights:
Europe Market to Grow Rapidly Due to Growing Research & Development on Bioplastics
Europe is predicted to dominate the global bioplastics market share as the region is increasing its investments in research & development programs and is also a top consumer of bioplastics. Europe also has a strong automotive industry, which is also expected to boost the demand for biodegradable plastics.
Asia Pacific is also expected to hold a major share of the market as the region has one of the biggest production capacities for this product and a booming packaging sector.
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Competitive Landscape:
Key Market Players to Enter Collaborations and Expand Production Capacities to Boost Market Growth
The key companies operating in the market are implementing various growth strategies, such as collaborations and capacity expansions, to retain their leading market position. Novamont is one of the top firms operating in this market that has four production plants and two research centers. It also promotes a bio-economy model that is based on efficient use of resources.
Read Related News:
Plastics Market: https://www.fortunebusinessinsights.com/plastics-market-102176
Polyethylene Terephthalate (PET) Market: https://www.fortunebusinessinsights.com/industry-reports/polyethylene-terephthalate-pet-market-101743
Polyurethane Market: https://www.fortunebusinessinsights.com/industry-reports/polyurethane-pu-market-101801
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