The scope of our recent study on “Bioplastics Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type (Biodegradable and Non-Biodegradable) and Application (Packaging, Agriculture, Consumer Goods, Automotive & Transportation, Textiles, Building & Construction, and Others)” includes the factors fueling the market growth, revenue estimation and forecast, and market share analysis, along with the identification of significant market players and their key developments.
The bioplastics market is expected to grow from US$ 5,799.8 million in 2021 to US$ 13,806.1 million by 2028; it is estimated to grow at a CAGR of 13.2% from 2021 to 2028
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Bioplastic means “plastic derived from biomass”. It is an environment-friendly form of plastic. The increased public awareness of the negative impacts of conventional plastics is pushing the usage of biodegradable polymers. Furthermore, traditional polymers may endanger human health and safety due to their hazardous composition. PVC, for example, has been linked to genetic abnormalities, ulcers, deafness, and eyesight loss. As a result of such significant hazards, there is a greater need for safe items for human health. Rising consumer awareness and government laws are propelling the adoption of bio-based goods like biodegradable plastics and bio-based plastics. Many agricultural plastic product manufacturers have explored biodegradable polymers made from renewable and sustainable essential ingredients that are technically and commercially viable. Aside from encouraging plant development, biodegradable plastics break down in the natural environment and contribute to soil enrichment. As a result, the demand for such bio-based plastics increases in agricultural and horticultural industries, which seems suitable for global bioplastics market growth.
The higher cost of bioplastics than standard polymers limit market expansion in several application categories. However, some manufacturers are using organic practices to produce crops used for manufacturing bioplastics.
Bioplastics are plastic material made from renewable biomass sources, such as vegetables fats and oils, cornstarch, straw, woodchips, sawdust, and recycled food waste. Bioplastics have the potential to reduce 30–70% of carbon dioxide emissions and represent ~ 42% reduction of carbon footprints.
Based on application, the bioplastics market is segmented into packaging, agriculture, consumer goods, automotive & transportation, textiles, building & construction, and others. In 2020, the packaging segment dominated the market. Also, the market for the same segment is expected to grow at the fastest rate during the forecast period. In the packaging industry, bioplastics are increasingly used as an alternative to conventional fossil-fuel-based plastics and is mostly used for food contact materials. The most common bioplastic used in the industry is polylactic acid (PLA), which is typically utilized for bags, food containers, bottles, disposable tableware, and cutlery
Some of the key players operating in the global bioplastics market include Teijin Limited, Toray Industries, Inc., Sabic, BASF SE, Total Carbion PLA, Braskem S.A., Biome Bioplastics, Mitsubishi Chemical Corporation, Novamont S.P.A., and Natureworks LLC. The major players in the bioplastics market are focusing on strategies such as research and development and new product development to increase the geographical presence and consumer base globally.
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