Global Bioplastics market overview 2024, Forecast To 2033
25 Jan, 2024
The bioplastics market has witnessed rapid growth, increasing from $9.22 billion in 2023 to $10.91 billion in 2024, demonstrating a compound annual growth rate (CAGR) of 18.3%. The growth in the historic period is attributed to environmental concerns, government regulations, the rise in oil prices, changing consumer preferences for eco-friendly products, and increased demand for sustainable packaging. Envisaging swift growth, the market is expected to reach $20.48 billion in 2028, maintaining a substantial CAGR of 17.1%. The forecasted growth is attributed to the rising food and beverage industry, the growing automotive sector, global trade agreements, and expansion in emerging markets. Key trends in the forecast period encompass advanced feedstock sourcing, the adoption of bio-based materials for durables, industry collaboration, and a focus on carbon neutrality.
Global Bioplastics Market Key Driver
Awareness about pollution's impact is set to boost the bioplastics market, aligning with global sentiments. The Ipsos Global Survey reveals an 83% preference for banning single-use plastics among urban Indians in 2022. This consciousness is expected to steer consumers towards bioplastics, reflecting a growing market trend through 2023, 2024, and 2028.
Get A Free Sample Of The Global Bioplastics Market ReportGlobal Bioplastics Market Segments
The global bioplastics market covered in this report is segmented –
1) By Type: Biodegradable, Non-Biodegradable
2) By Distribution Channel: Online, Offline
3) By Application: Rigid Packaging, Flexible Packaging, Textile, Agriculture And Horticulture, Consumer Goods, Automotive, Electronics, Building And Construction, Other Applications
By Geography: The regions covered in the Bioplastics market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa.
Major Bioplastics Industry Players
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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Bioplastics Market Overview
The bioplastics are used to reduce the pollution problem of plastic waste which suffocates the planet and polluting the environment. Bioplastics are a type of plastic produced from natural or renewable resources such as vegetable oils, starch, sugarcane, corn, and microbes like yeast. Bioplastics are sustainable, largely biodegradable, and biocompatible. Bioplastics play a crucial role in various industrial applications such as food packaging, agriculture, horticulture, composting bags, hygiene, and others.
Bioplastics Global Market Report 2023 provides data on the global bioplastics market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The bioplastics market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.