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.
Bioplastic is a biodegradable material produced from natural resources, such as vegetable oils and starches, which is used to reduce plastic waste polluting the environment. It is highly durable and lightweight and can be molded into different shapes and sizes. It requires less amount of energy during the manufacturing process. As bioplastic is absorbed by the soil and converted to compost or humus, there is no need to add more landfills. In addition, it is recyclable and does not need any fossil fuel for recycling as compared to conventional plastics. As a result, it is widely used in agricultural products, coating, packaging, and consumer goods across the globe.
Bioplastics Market Trends:
- The growing concerns among the masses about the harmful impact of plastics represent one of the key factors driving the market. Besides this, there is a rise in the demand for bio-based packaging in consumer goods as they have higher tensile strength. This, along with the increasing utilization of bioplastics in various industries to reduce carbon and greenhouse gas emissions, is contributing to the growth of the market. In addition, bioplastics are manufactured from renewable sources, such as corn, wheat, maize, and sugarcane, which is offering a positive market outlook. Moreover, governments of several countries are undertaking initiatives to promote the usage of bioplastics for reducing plastic pollution. They are also organizing various campaigns for using bioplastic products due to the increasing oil prices across the globe. Apart from this, key market players are extensively investing in research and development (R&D) activities to introduce bio-based polyethylene, nylon, and polyethylene terephthalate (PET) plastic bottles for beverage packaging, which is positively influencing the market.
Key Market Segmentation:
- IMARC Group provides an analysis of the key trends in each sub-segment of the global bioplastics market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on product, application and distribution channel.
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:
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
Competitive Landscape:
- The competitive landscape of the industry has also been examined along with the profiles of the key players being 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.
- Key Questions Answered in This Report
- 1. What was the size of the global bioplastics market in 2022?
- 2. What is the expected growth rate of the global bioplastics market during 2023-2028?
- 3. What are the key factors driving the global bioplastics market?
- 4. What has been the impact of COVID-19 on the global bioplastics market?
- 5. What is the breakup of the global bioplastics market based on the product?
- 6. What is the breakup of the global bioplastics market based on the application?
- 7. What are the key regions in the global bioplastics market?
- 8. Who are the key players/companies in the global bioplastics market?