IMARC Group, a leading market research company, has recently releases report titled “Bioplastics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global bioplastics market growth, size, trends, share, and forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Industry Overview of Bioplastics

Bioplastics are a class of materials derived from renewable biomass sources and organic materials. They can be derived from biomass sources, which include polylactic acid (PLA), polyhydroxyalkanoates (PHA), and polyethylene made from sugarcane (PE Green). They also include polybutylene adipate terephthalate (PBAT) and polycaprolactone (PCL), which undergo decomposition through natural processes, minimizing environmental impact. They can be produced from various renewable materials, including starch, corn, and other plant-based sources. They have the ability to biodegrade, breaking down into natural elements over time, unlike traditional plastics, which persist in the environment for hundreds of years. They play a vital role in environmental conservation by reducing the demand for non-renewable resources and mitigating the pollution associated with traditional plastics. They generally have a lower carbon footprint than traditional plastics due to their renewable sourcing and efficient production methods. Bioplastics can contribute to reducing the amount of plastic waste in landfills and oceans, especially if they are designed to be compostable or biodegradable. They are commonly used in packaging materials, including bags, films, and containers. They are also employed for the production of disposable items, such as cutlery, plates, and cups. They are used to make mulch films, which are essential in the agriculture sector.

How Big Is the Bioplastics Market?

The global bioplastics market size reached US$ 11.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 23.2 Billion by 2028, exhibiting a growth rate (CAGR) of 12.1% during 2023-2028.

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What are the growth prospects and trends in the bioplastics industry?

At present, the increasing awareness about the harmful effects of using single-use traditional plastics is encouraging individuals to purchase products that are packaged in materials that are biodegradable, compostable, and derived from renewable resources. This shift in preference is also compelling businesses to adopt bioplastics as a viable and responsible packaging alternative. Besides this, bioplastics, with their ability to be recycled and reused, align seamlessly with the principles of a circular economy. Stakeholders in various industries are recognizing the importance of adopting materials that contribute to a closed-loop system, thereby minimizing waste and reducing the overall environmental footprint.

In addition, the growing research and development (RD) efforts are leading to breakthroughs in bioplastic formulations, enhancing their mechanical properties, durability, and versatility. The rising availability of bio-based polyethylene, bio-PET, and biodegradable polymers is also expanding the scope of bioplastics across a broad spectrum of applications. Apart from this, governing agencies of various countries are banning single-use plastics as those are amplifying the impacts of water pollution and degrading and destroying marine life. They are also encouraging individuals and businesses to adopt bioplastics and imposing taxes on conventional plastics.

Additionally, companies are actively seeking eco-friendly alternatives to meet expectations and adhere to global sustainability goals. The use of bioplastics allows businesses to align their operations with environmentally conscious practices, contributing to a positive corporate image and long-term brand value. Moreover, the increasing utilization of bioplastics in the textile industry for the production of fibers and fabrics is bolstering the market growth. Furthermore, the rising employment of bioplastics for the manufacturing of various automotive components, such as interior panels and trim, is supporting the market growth.

What is included in market segmentation?

The report has segmented the market into the 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

Breakup by Region:

• North America: (United States, Canada)
• Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa

Who are the key players operating in the industry?

The report covers the major market players including:

• 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
• Trinseo

If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.

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