Bioplastics & Biopolymers Market Size Worth $28.94 Bn, Globally, by 2028 at 21.5% CAGR, (Strategic Investment Plans | Business Opportunities | SWOT Analysis): Exclusive Report by Zion Market Research
NEW YORK, May 4, 2022 /PRNewswire/ -- As per Zion Market Research study, The global Bioplastics & Biopolymers Market was worth around USD 10.51 billion in 2021 and is estimated to grow to about USD 28.94 billion by 2028, with a compound annual growth rate (CAGR) of approximately 21.90 percent over the forecast period. The report analyzes the Bioplastics & Biopolymers Market's drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the Bioplastics & Biopolymers Market.
Key Industry Insights & Finding of the Bioplastics & Biopolymers Market Reports:
- As per the analysis shared by our research analyst, the Bioplastics & Biopolymers Market is expected to grow annually at a CAGR of around 21.5% (2022-2028).
- Through the primary research, it was established that the Bioplastics & Biopolymers Market was valued approximately USD 10.51 Billion in 2021 and is projected to reach to roughly USD 28.94 Billion by 2028.
- APAC is the quickest bioplastics and biopolymer market, owing to growing consumer demand for sustainable and environment friendly plastic products and the region's rapidly growing population.
- Germany, Italy, France, Spain, and the United Kingdom are the leading countries in the European bioplastics and biopolymers market.
Zion Market Research published the latest report titled as "Bioplastics & Biopolymers Market By type (Biodegradable, Non- Biodegradable), By End User (Packaging, Consumer Goods, Automotive and Transportation, Textiles, Agriculture & Horticulture), and By Region – Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data and Forecasts 2022 – 2028." into their research database.
Bioplastics & Biopolymers Market: Overview
The market for bioplastics and biopolymers has expanded due to stringent government regulations mandating businesses to reduce their carbon footprint, which has increased demand for bio-based products in the industry. Automobiles, the building industry, and the packaging industry are the market's primary sectors. The Bioplastics & Biopolymers industry varies in size and responsibilities among countries. In many regions, the target market is highly fragmented. In addition, the Bioplastics and Biopolymers Market is becoming increasingly commercial. Because of the increased demand for Bioplastics and Biopolymers, the global Bioplastics and Biopolymers Market is expected to develop at a CAGR of 21.90% during the forecast period.
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Industry Dynamics:
Bioplastics & Biopolymers Market: Growth Dynamics
Consumer preferences shifting toward eco-friendly plastic products.
Consumer awareness of sustainable plastic alternatives and widespread initiatives to eliminate the use of non-biodegradable conventional plastics are driving the growth of the bioplastics market. Traditional plastics, typically petroleum-based, take decades to break down or degrade and can be found in landfills for an extended period. When biodegradable plastics are discarded, they degrade faster and are incorporated back into the natural system. Furthermore, the degradation rate of biodegradable plastics by microbial activity is substantially faster than that of regular plastics.
Bioplastics & Biopolymers Market: Restraints
Price difference between bioplastics than conventional plastics
The greater cost of bioplastics over standard polymers limits market expansion in several application categories. PHAs have a wide range of applications, including binders, synthetic papers, medical devices, electronic parts, food packaging, and agriculture, however they have high production costs, low yields, and restricted availability. PLAs are more expensive than petroleum-based PE and PP, although having a lower production cost than PHAs. Bio-based materials are still in the early stages of development. They have not yet reached the same level of commercialization as their petrochemical counterparts, which have been developing fast for more than 50 years.
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Global Bioplastics & Biopolymers Market: Segmentation
- The global Bioplastics & Biopolymers market is segregated based on type, end users and region.
By type, the biopolymers & bioplastics market has been segmented into biodegradable and non-biodegradable (biobased). Due to the increased reliance of businesses and consumers on environmentally friendly solutions to satisfy their daily needs, the biodegradable category is expected to grow rapidly in the future years.
Based on the end-use industry type, the market is segmented as packaging, consumer products, automotive & transportation, textiles, agricultural & horticulture, and others. Because of the increasing desire to replace conventional plastics in the packaging industry to address environmental concerns, the packaging industry is likely to hold the most significant share of the market throughout the projection period.
By region, the Bioplastics & Biopolymers market is segmented into APAC, Europe, North America, and the Rest of the World (ROW).
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List of Key Players of Bioplastics & Biopolymers Market:
- NatureWorks (US)
- Braskem (Brazil)
- BASF (Germany)
- Total Corbion (Netherlands)
- Novamont (Italy)
- Biome Bioplastics (UK)
- Mitsubishi Chemical Holding Corporation (Japan)
- Biotec (Germany)
- Toray Industries (Japan)
- Plantic Technologies (Australia).
Key questions answered in this report:
- What are the growth rate forecast and market size for Bioplastics & Biopolymers Market?
- What are the key driving factors propelling the Bioplastics & Biopolymers Market forward?
- What are the most important companies in the Bioplastics & Biopolymers Market Industry?
- What segments does the Bioplastics & Biopolymers Market cover?
- How can I receive a free copy of the Bioplastics & Biopolymers Market sample report and company profiles?
Report Scope:
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Regional Dominance:
- Europe is expected to be the largest market for bioplastics and biopolymers
APAC is the quickest bioplastics and biopolymer market, owing to growing consumer demand for sustainable and environment friendly plastic products and the region's rapidly growing population. Rising consumer spending power has fostered the expansion of many end-use industries in this region. During the forecast period, these factors are likely to boost demand for bioplastics and biopolymers in the region.
In terms of value, Europe is expected to be the largest market for bioplastics and biopolymers. Germany, Italy, France, Spain, and the United Kingdom are the leading countries in the European bioplastics and biopolymers market. Because of heightened environmental concerns and the enforcement of severe legislation prohibiting the use of petroleum-based plastics, the country's demand for bioplastics and biopolymers is constantly increasing.
Global Bioplastics & Biopolymers Market is segmented as follows:
Bioplastics & Biopolymers Market: By Type Outlook (2022-2028)
Biodegradable
- PLA
- Starch Blends
- PHA
- PBS
- Others
- PCL
- PBAT
Non-Biodegradable/Biobased
- BIO-PET
- BIO-PABIO-PE
- BIO-PTT
- Others
- BIO-PP
- BIO-PEF
Bioplastics & Biopolymers Market: By End Use Industry Outlook (2022-2028)
Packaging
- Rigid Packaging
- Flexible Packaging
Consumer Goods
- Electrical Appliances
- Domestic Appliances
- Others
Automotive & Transportation
- Interior
- Exterior
- Under Hood
Textiles
- Medical & Healthcare Textile
- Personal care, clothes, and other textiles
Agriculture & Horticulture
- Tapes & Mulch Films
- Others
Bioplastics & Biopolymers Market: By Region Outlook (2022-2028)
North America
- The U.S.
- Canada
Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
Press Release For Bioplastics & Biopolymers Market: https://www.zionmarketresearch.com/news/global-bioplastics-biopolymers-market
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