The ‘Global Bioplastics Market Share, Report and Forecast 2023-2028’ by Expert Market Research, gives an extensive outlook of the global bioplastics market, assessing the market on the basis of its segments like type, application, and major regions.
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 14.30%
The growing need to keep carbon emissions at bay and minimise dependence on fossil fuels like petroleum in order to protect the environment, is addressed by the global bioplastics market. Due to the rising working population, automobile and transportation sectors have shown an increase in sales which further boosts the need for bioplastics in the market. As bioplastics can be easily manufactured from renewable biomass sources, their production is likely to be scaled up in coming years, encouraging their use in replacement of traditional plastics.
The demand for bioplastics in the agriculture sector is also likely to increase in the foreseen period, as bioplastics provide a favourable environment for composting. Being the better alternatives to plastic, bioplastics are expected to continue being in demand in the upcoming years. Further, the use of bioplastics in the agriculture sector protects crops from layers of pesticides in contrast to conventional plastic that prevents the roots of the crops from accessing water and nutrients from the soil.
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The applications of the bioplastics market for making personal care items like diapers and sanitary napkins is expected to grow due to its biodegradable nature and its suitability for easy disposal, without harming the environment. Increasing exports and changing consumer-purchasing patterns have led to the expansion of the bioplastic packaging market and thus on the global level, the bioplastics market is expected to flourish.
Bioplastics Industry Definition and Major Segments
Bioplastics refers to natural, bio-friendly plastics which are extracted from renewable biomass sources. These are used to make a large variety of disposable products such as forks, spoons, straws, and food and beverage packing. Bioplastics have an edge over the conventional plastics as they are produced from renewable resources, are recyclable and can be biodegradable in nature.
On the basis of type, the market is classified into:
- Breakup by type
- Starch Blends
- Polylactic Acid (PLA)
- Polybutylene Adipate Terephthalate (PBAT)
- Polybutylene Succinate (PBS)
- Polyhydroxyalkanoates (PHA)
- Breakup by type
- Bio-Polyethylene Terephthalate (Bio-PET)
- Bio-Polyamide (Bio-PA)
- Bio-Polyethene (Bio-PE)
- Bio-Polytrimethylene Terephthalate (Bio-PTT)
Based on application, the market is segmented into:
- Rigid Packaging
- Breakup by type
- Bottles and Jars
- Flexible Packaging
- Breakup by type
- Shopping/Waste Bags
• Automotive and Transportation
• Agriculture and Horticulture
• Consumer Goods
On the basis of region, the market is divided into:
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Bioplastics Market Trends
For the purpose of sustainability, more people are preferring to replace conventional plastics with bioplastics. There has been a spike in the use of bioplastics in the consumer-goods sector, ranging from durable bioplastic-phone cases to electronic appliances like laptops, loudspeakers, etc. Several market players have switched to bioplastics for making bioplastic containers, jars, and bottles for the packaging of food items. Bioplastics are non-toxic in nature and do not emit toxic gases during incineration, due to which, the packaging becomes environment friendly.
In addition to this, the governments of various countries have taken the initiative to ban single-use plastics, which further promotes the global bioplastics market. Increased investments in the research and development of this market are expected to further expand the market and encourage the use of bioplastics. The readily available raw materials and increased functionalities make situations favourable enough for the steady growth of the global bioplastics market.
The prime objective and focus of the automobile industry now is to continue to reduce the pollution and also, lower the weight of vehicles, which is aided by bioplastics. Various companies have now shifted their focus on exploring renewable resources for the manufacture of furniture, in order to reduce dependency on exhaustible natural resources.
Key Market Players
The major players in the global bioplastics market report are Novamont S.p.A., Eastman Chemical Company, Arkema, Corbion NV, and Mitsubishi Chemical Corporation, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
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