According to Stratistics MRC, the Global Bioplastics Market is accounted for $12.14 billion in 2022 and is expected to reach $34.67 billion by 2028 growing at a CAGR of 19.1% during the forecast period.
A form of plastic known as “bioplastic” is produced from naturally biodegradable materials. It is a polymer that may be produced into a useful product using renewable or natural resources. There are numerous methods used to create bioplastics. Bioplastics’ ability to degrade is determined by their molecular makeup rather than their origin.
The qualities of biodegradable plastics are identical to those of traditional plastic. Additionally, during the anticipated period, the government’s initiative and investment in the production of bioplastics will accelerate market growth. As a result, it is predicted that the market would be boosted by the rising use of bioplastics in important end-use sectors such packaging, textiles, consumer goods, automotive & transportation, and among others.
By geography, Europe is projected to have the highest CAGR over the forecast period, owing to growing adoption of bioplastics in important end-use industries, including among others packaging, textiles, consumer goods and automotive & transportation. Bioplastics are widely employed in a variety of crucial applications, including bottles, shopping bags, loose packaging, and films for agricultural mulch. All over Europe, there is an increase in the general acceptance of bioplastics among consumers.
Some of the key players profiled in the Bioplastics Market include Toyota Tsusho Corporation, SABIC, BASF SE, Trinseo S.A., Total Corbion PLAIR, Futerro, Braskem, Koninklijke DSM N.V., NatureWorks, LLC, Dow Chemical Company, Danimer Scientific, Indorama Ventures Public Company Limited, Novamont SpA, M& G Chemicals, Lyondellbase and Succinity GmbH.
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Products Covered:
- Non Biodegradable
- Biodegradable
- Other Products
Applications Covered:
- Consumer goods
- Packaging
- Agriculture
- Textile
- Building & Construction
- Automotive & Transportation
- Other Applications
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