Bioplastics Market to Surpass USD 15,552.3 Million by 2028 | CAGR of 10.7%
Fortune Business Insights
6 min read
Fortune Business Insights
Companies covered in Bioplastics Market are Toray Industries, Inc. (Japan), Kaneka Takasago (Japan), Taghleef Industries (U.A.E.), Matrìca S.p.A. (Italy), NatureWorks LLC (U.S.), PTT MCC Biochem Co., Ltd. (Thailand), Novamont S.p.A. (Italy), LyondellBasell Industries Holdings B.V. (Netherlands) and many more
Pune, India, Nov. 24, 2022 (GLOBE NEWSWIRE) -- According to Fortune Business Insights™, the worldwide bioplastics market size is growing tremendously due to shifting trends toward biodegradable substances, as stated in a report title, “Bioplastics Market Size, Share and Global Analysis, 2021-2028.”As per the report, the market size stood at USD 7,043.9 Million in 2020. It is projected to grow from USD 7,616 Million in 2021 to USD 15,552.3 Million by 2028 at a CAGR of 10.7% during the forecast period.
The demand for bioplastics in the farming area is supposed to develop essentially by virtue of the rising spotlight on decreasing ecological contamination and giving a favorable climate to fertilizing the soil.
Biodegradable products are progressively being used in nurseries and cultivation attributable to their unrivaled properties, for example, advancing the development of plant seedlings and forestalling the spoiling of natural products. This is supposed to impact the extension and increment the entrance of bioplastics in the horticulture area.
List of the Companies Profiled in the Bioplastics Market:
Imposition of Lockdown Hampered New Opportunities for Bioplastics Market Players
Due to the pandemic, many governments and organizations postponed legislation on single-use plastics and green investments, which has resulted in a decrease in the adoption of bio-based alternatives. The COVID-19 outbreak reduced the application of biodegradable bags due to the disruption in the supply chain and increasing lead time of raw materials. However, the increase in PPE packaging, pharma, and plastics provides an excellent choice over conventional plastics to boost product demand.
Report Scope & Segmentation
Report Attribute
Details
Market size value in 2020
USD 7,043.9 Million
Revenue forecast in 2028
USD 15,552.3 Million
Growth Rate
CAGR of almost 10.7% 2021-2028
Base Year
2020
Historic Years
2017 - 2019
Forecast Years
2021- 2028
Segments Covered
By End-Use, By Application
Forecast Units
Value (USD Billion), and Volume (Units)
Quantitative Units
Revenue in USD million/billion and CAGR from 2021 to 2028
Regions Covered
North America, Europe, Asia Pacific, South America, and Middle East & Africa, and Rest of World
Countries Covered
Unites States, Canada, Mexico, Unites Kingdom, Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others
Segmentation-
Increasing Application in Various Industries Spurs Non- Biodegradable Segment Growth
On the basis of type, the Bioplastics Market share is bifurcated into non-biodegradable and biodegradable. The non-biodegradable segment will dominate due to its high strength and utility application, such as carrying electronics equipment and automotive housings.
Growing Investments in R&D Surge demand from the Automotive & TransportationSector
In terms of application, the Bioplastics Market value is categorized into flexible packaging, rigid packaging, agriculture & horticulture, textiles, consumer goods, automotive & transportation, and others. The flexible packing is further sub-divided into shopping/waste bags, pouches, and others. The rigid packing is further sub-divided into trays, bottle and jars and others. The automotive & transportation segment will gain traction due to its essential properties such as rust-proof, durability, reducing the vehicle's weight, and fuel consumption.
The report includes qualitative and quantitative analysis of several factors, such as the key drivers and restraints that will impact the Bioplastics Market data analysis. The adoption of strategies by major players to introduce partnerships, collaboration, and new products will contribute to the Bioplastics Market growth.
The report provides insights into the regional analysis covering different regions, contributing to the market's growth.
Drivers and Restraints
Increasing Applications in Agriculture & Horticulture Sector to Stimulate Growth
Due to the high consumer acceptance for bio-based products, environmental-friendly properties of bioplastics, and availability of renewable raw material sources, the demand for bioplastics products has increased. Also, its capability to reduce plastic pollution in the ecosystem and the growing trend for e-commerce globally are some significant factors that boost the bioplastic market growth. Furthermore, protecting crops from pests, resisting weeds growth, and regulating soil moisture and nutrient content have bolstered the product demand. Meanwhile, the increased cost compared to conventional plastics could hamper the Bioplastics industry growth.
Regional Insights
Growing Demand from Packaging Industry Bolstered Growth in the Asia Pacific
Stakeholders have projected remarkable growth in regions such as Japan, India, and China during the forecast period due to the growing packaging industry development. Also, the growing demand for bioplastics in horticulture & agriculture is another factor that could influence the market's growth.
Europe is expected to showcase significant growth due to growing investment in R&D, skills, and technologies to expand its presence. Also Japan increasing demand for bioplastic packaging products by various firms could favor the region’s growth.
North America held the prominent bioplastic market share and is expected to lead the global market due to growing demand for electronics goods and lightweight automobile parts. Also, the growing adoption of quality products and the high living standards of the people could foster the region’s growth.
Competitive Landscape
Collaboration among Companies to Secure Their Brand Values in Global Market
Leading companies will likely invest in R&D activities, technological advancements, and product rollouts to expand their geographical presence. With soaring investments in innovation and advanced design, stakeholders could inject funds into mergers and acquisitions.
Browse Detailed Summary of Research Report with TOC:
March 2021: To reduce non-recyclable waste, Iren and Novamont signed a three-year agreement in the field of integrated waste collection systems to implement the objectives of a circular bioeconomy.
January 2021: Novamont acquired BioBag Group to expand its distribution channels in the untapped regions.
Read Related Insights:
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Recycled Plastic Market Size to Reach USD 76.23 Billion by 2028 | With 8.2% CAGR during 2021-2028
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