Global Bioplastics Market Surges with an 11.4% CAGR, Driven by Eco-Friendliness and Expanding Applications Across Industries

DUBLIN, Sept. 7, 2023 /PRNewswire/ -- The "Bioplastics Market, Size, Global Forecast 2023-2030, Industry Trends, Share, Growth, Insight, Impact of Inflation, Company Analysis" report has been added to ResearchAndMarkets.com's offering.

The global bioplastics market is on track to reach approximately US$ 17.58 billion by 2030, as outlined in a recent report. In a world where over 330 million tons of plastic are produced annually, the bulk of which is non-biodegradable and contributes to environmental challenges, bioplastics offer a promising solution.

Made from renewable sources like maize, sugarcane, and cellulose, bioplastics are durable polymers that can replace petroleum-based plastics.

They have the potential to reduce carbon dioxide emissions by 30% to 70% and lower carbon footprints by 42%. Bioplastics production also consumes 65% less energy compared to traditional petroleum plastics.

Key Factors Driving Bioplastics Market Growth:

1. Eco-Friendliness: Bioplastics are eco-friendly alternatives, favored for their reduced carbon footprints and non-toxic, rapid biodegradability during the breakdown process.
2. Consumer Acceptance: Increased consumer acceptance of bio-based products is driving the demand for bioplastics.
3. Regulations Favoring Biodegradability: Favorable legislation and regulations worldwide encourage the resilience and degradability of bioplastics.
4. Renewable Energy Sources: The availability of renewable energy sources for bioplastics manufacturing contributes to their growth.
5. Energy Efficiency: Bioplastic manufacturing consumes 66% less energy compared to traditional plastics.

Market Growth Insights:

Bioplastics have gained rapid acceptance across various applications, and their use continues to grow in the catering, packaging, agricultural, and automotive industries. These versatile materials are particularly valuable in organic agriculture, where biodegradable mulching films improve farming practices. Major companies like Coca-Cola, Nestle, Ford, and Nike are investing in bioplastic materials for various applications, including plastic bottles and vehicle components.

Governments worldwide are enacting favorable legislation and regulations to promote the use of biodegradable containers. Notably, the European Union has played a pivotal role in supporting the bioplastics industry. As countries aim to stabilize greenhouse gas concentrations and reduce emissions, the development of a bio-based economy becomes essential. The global bioplastics market was valued at US$ 7.41 billion in 2022.

Market Segmentation:

• Biodegradable Plastics: This segment is the leading revenue generator and is expected to witness substantial growth. Government measures aimed at reducing single-use plastics have boosted the use of biodegradable polymers in various industries.
• Non-Biodegradable Plastics: This segment includes a range of polymers made from renewable resources, such as sugarcane and maize. Non-biodegradable bioplastics are widely used in disposables, packaging, consumer goods, electronics, and more.
• Packaging Application: Packaging, including personal care, food and beverage, and household care products, dominates the bioplastics market due to consumer preferences for sustainable packaging.

Regional Insights:

China is poised to lead the global bioplastics market in terms of revenue share, driven by its well-established food and beverage sector and diverse customer base. However, market dynamics in China may change due to its reliance on various raw resources for biodegradable plastic production.

Key Market Players:

Major companies in the global bioplastics market include Total Corbion, Mitsubishi Chemical Holding Corporation, Toray Industries, BASF SE, Green Dot Bioplastics, and Amcor Limited, among others.

Key Attributes:

Key Topics Covered:

1. Introduction

2. Research & Methodology

3. Executive Summary

4. Market Dynamics
4.1 Growth Drivers
4.2 Challenges

5. Global Bioplastics Analysis
5.1 Market
5.2 Volume

6. Share Analysis - Global Bioplastics

7. Material Type - Global Bioplastics Market

8. Biodegradable Plastics Market

9. Non-Biodegradable Plastics Market

10. Application - Global Bioplastics Market

11. Country Market - Global Bioplastics Market

12. Porters Five Forces

13. SWOT Analysis

14. Company Analysis

For more information about this report visit https://www.researchandmarkets.com/r/4lwc4v

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SOURCE Research and Markets

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