According to the latest report by IMARC Group, titled “Bioplastics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global bioplastics market size reached US$ 11.3 Billion in 2022. Bioplastics are a category of polymers derived from renewable biomass sources, such as plant-based materials, which serve as alternatives to traditional petrochemical-based plastics. Bioplastics can be classified into two main categories: biodegradable and non-biodegradable. Biodegradable bioplastics can break down naturally through biological processes, making them suitable for specific applications, such as single-use items like food containers and packaging. Non-biodegradable bioplastics, on the other hand, do not readily decompose and behave similarly to conventional plastics. They are often used in durable goods and applications where long-term functionality is required. The primary distinction between bioplastics and conventional plastics lies in their origin, while conventional plastics are produced from fossil fuels. Bioplastics are manufactured from biomass feedstocks like corn, sugarcane, or cellulose. These sustainable materials offer several environmental advantages over conventional plastics. They are considered carbon-neutral or carbon-negative, as the plants used to create them absorb carbon dioxide during their growth. Consequently, bioplastics can help mitigate greenhouse gas emissions when compared to their petroleum-based counterparts. Additionally, bioplastics have a reduced ecological impact, as they require fewer fossil fuel resources during production.
Global Bioplastics Market Trends:
The growing awareness about the environmental impact of conventional plastics, particularly their contribution to pollution and climate change, has led to rising demand for bioplastics. Bioplastics offer a more sustainable alternative as they are derived from renewable resources and can potentially reduce greenhouse gas emissions. Additionally, consumers are increasingly conscious of their ecological footprint and prefer products with environment-friendly packaging. Other than this, the concept of a circular economy, which emphasizes recycling, reuse, and composting, has gained traction. Bioplastics align with these principles, especially biodegradable variants, offering a viable solution for reducing plastic waste. Besides this, bioplastics find applications in diverse sectors, including packaging, automotive, textiles, electronics, and agriculture. The expansion of these industries contributes to the increased demand for bioplastics globally. In line with this, numerous companies are adopting sustainability goals and commitments to address environmental challenges. The use of bioplastics in their products aligns with these initiatives and enhances their reputation as environmentally responsible entities. Furthermore, ongoing research and development efforts have led to improvements in performance, cost-effectiveness, and versatility of biologics. Moreover, advancements in manufacturing processes and the development of novel biopolymer blends expand the potential applications of bioplastics across various industries. Moreover, various governments around the world have implemented regulations and policies to curb plastic waste and promote the use of biodegradable materials. Furthermore, subsidies, tax benefits, and supportive policies encourage industries to adopt bioplastics, driving market growth. Looking forward, the market value is projected to reach US$ 23.2 Billion by 2028, expanding at a CAGR of 12.1% during 2023-2028.
- Based on the product, the market has been segmented into biodegradable (polylactic acid, starch blends, polybutylene adipate terephthalate (PBAT), polybutylene succinate (PBS), and others) and non-biodegradable (polythene, polythene terephthalate, polyamide, polytrimethylene terephthalate, and others).
- On the basis of the application, the market has been divided into flexible packaging, rigid packaging, agriculture and horticulture, consumer goods, textile, automotive and transportation, and others.
- Based on the distribution channel, the market has been classified into online and offline.
- Region-wise, the market has been segmented into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Middle East and Africa, and Latin America (Brazil, Mexico, and others). Amongst these, North America is the leading market, accounting for the majority of the global share.
- The competitive landscape of the market has also been examined, with some of the key players being 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 and Trinseo.
|Base Year of the Analysis
||Product, Application, Distribution Channel, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||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 and Trinseo
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