Bioplastics Market Growth ,Trends, Covied-19 Imapact, Insight 2023-2028
IMARC Group has recently released a new research study “Bioplastics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.
What are the growth prospects of the Bioplastics Industry ?
The global bioplastics market size reached US$ 11.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach a value of US$ 23.2 Billion by 2028, exhibiting a growth rate (CAGR) of 12.1% during 2023-2028.
What is a Bioplastics Market ?
Bioplastic, also known as biodegradable plastic or bio-based plastic, is a biodegradable material produced from renewable resources like vegetable fats and oils, woodchips, natural sugars, straw, recycled food waste, sawdust, cellulose, sugarcane, corn, and plant starch.
It assists in minimizing plastic waste, requires less energy during the production process, is absorbed by the soil and converted to humus or compost in three to six months, and can be molded into various shapes and sizes. It also aids in enhancing biodegradability, improving food safety, and reducing carbon emissions. As a result, bioplastic is extensively utilized in consumer, agriculture, automotive, transportation, building and construction, textile, and packaging industries.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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What are the major market drivers in the Bioplastics Market ?
The market is primarily driven by the growing awareness among individuals regarding environmental pollution due to the harmful effects of conventional plastic. In addition, the escalating demand for bioplastics in food and consumer goods, owing to benefits such as high tensile strength and less carbon and greenhouse gas emissions, is contributing to the market growth.
Moreover, governments of numerous countries are undertaking initiatives and organizing several campaigns to encourage the use of bioplastics to reduce plastic pollution and address the issues of rising oil prices, which represents another-major growth-inducing factor.
Furthermore, extensive investment in research and development (R&D) activities conducted by key players to launch bio-based nylon, polyethylene, and polyethylene terephthalate (PET) plastic bottles for beverage packaging is also creating a positive market outlook across the globe.
Who is The Major Players in The Global Bioplastics Market?
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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Report Segmentation:
The report has been segmented the market into following categories:
Breakup by Product:
Biodegradable
- Polylactic Acid
- Starch Blends
- Polybutylene Adipate Terephthalate (PBAT)
- Polybutylene Succinate (PBS)
- Others
Non-Biodegradable
- Polyethylene
- Polyethylene Terephthalate
- Polyamide
- Polytrimethylene Terephthalate
- Others
Breakup by Application:
- Flexible Packaging
- Rigid Packaging
- Agriculture and Horticulture
- Consumer Goods
- Textile
- Automotive and Transportation
- Others
Breakup by Distribution Channel:
- Online
- Offline
𝐁𝐲 𝐆𝐞𝐨𝐠𝐫𝐚𝐩𝐡𝐲:
• North America (United States, Canada)
• Europe (Germany, France, United Kingdom,
Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia,
Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates,
Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023- 2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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