The global Bioplastics Market size is expected to reach USD 43.7 billion by 2030, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 17.1% from 2022 to 2030. Bioplastics are plastics that are made from renewable sources such as corn, sugarcane, potato, wheat, rice, vegetable oil, or cellulose. There are two types of bioplastics, namely biodegradable plastics and non-biodegradable plastics. Biodegradable plastics include polylactic acid, starch blends, PBAT, and PBS while non-biodegradable plastics include polyethylene, polyethylene terephthalate, polyamide, and polytrimethylene terephthalate.
The global bioplastics plastics market is highly
competitive and fragmented in nature, with the presence of various key players
such as BASF SE, NatureWorks LLC., SABIC, Braskem, M&G Chemicals, Teijin
Limited, and Toray Industries as well as a few medium and small-scale regional
players operating across the globe.
The market is witnessing a transformation of the value
chain from a linear economy into a circular one. Major players in the market
are transitioning to a circular economy to obtain more sustainable solutions
and minimize their dependency on crude oil in the future. This trend has led to
a rise in the demand for renewable raw materials such as vegetable oil, and
plastic waste to produce plastics in recent years.
Increasing concerns regarding toxicity-related issues
pertaining to petrochemicals, along with depleting crude oil reserves,
have been driving the development of bio-based polymers. Factors including
stringent environment protection laws, such as EN 13432, EN 14995, and EN
17033; increasing environmental concerns among consumers; and the rising focus
of key players on the production of bioplastics are expected to be the key
growth contributors over the forecast period.
Related Press Release@ Bioplastics Market Report
Bioplastics Market Report
Highlights
- Biodegradable plastics segment led the market with a share of more
than 52.0% in 2021 and is expected to maintain a healthy growth rate over
the forecast period. Growing demand for bio-based plastics in various
end-use industries is expected to drive their demand over the forecast
period.
- The growing demand for electrical & electronic products along
with rising environmental concerns is expected to drive the demand for
bioplastics in the consumer goods application segment.
- The packaging application led the market with a revenue share of
more than 62.0% in 2021. Increasing utilization of bioplastics to produce
bags for compost, agricultural foils, horticultural products, nursery
products, toys, and textiles is the key factor responsible for the segment
growth.
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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