What is Bioplastics & Biopolymers Market?
The bioplastics & biopolymers market accounted for US$ 11.6 billion in 2022 and is estimated to be 49.3 billion by 2032 and is anticipated to register a CAGR of 15.6%.
The Bioplastics & Biopolymers market is experiencing a notable shift as environmental concerns and sustainability goals drive the demand for eco-friendly alternatives to traditional plastics. Bioplastics and biopolymers, derived from renewable sources like plants or microorganisms, offer a promising solution to mitigate the environmental impact associated with conventional plastics. These materials are biodegradable and have a lower carbon footprint, making them increasingly attractive to various industries, including packaging, automotive, and healthcare. As governments and businesses globally commit to reducing plastic waste and lowering greenhouse gas emissions, the Bioplastics & Biopolymers market has witnessed substantial growth, and this trend is expected to continue as innovations and consumer awareness further shape the industry.
Segmentation:
- Bytype- the non-biodegradable segment is accounted to grow at a substantial rate in the global market. In the non-biodegradable segment, the bio-PET is extensively used polymer due to its high durability. Growing demand for flexible films and bio-based bottles in the beverage sector is projected to boost the growth of the segment. Increasing adoption of bio-PET bottles for packaging of carbonated soft drinks is accounted to drive the growth of the segment over the forecast period.
- By end-user industry-the packaging segment lead the bioplastics & biopolymers market. Growing demand for bioplastics and biopolymers in the food & beverage industry is expected to boost the growth of the segment. Increasing demand for bio-based material for packaging of organic food products is anticipated to boost the growth of the segment.
- By region- Europe bioplastics & biopolymers market is accounted to lead significant share in the bioplastics & biopolymers market over the forecast period, owing to growing demand for bioplastics in the packaging industry. Increasing demand for plastics in agricultural applications in countries such as UK, Germany, Italy, France, and Russia is anticipated to boost the growth of the global market.
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Competitive Landscape:
The prominent player operating in the global bioplastics & biopolymers market includes,
NatureWorks LLC, BASF SE, Braskem S.A., Total Corbion PLA, Arkema S.A., Eastman Chemical Company, Mitsubishi Chemical Corporation, Biome Bioplastics Limited, Novamont S.p.A., and Plantic Technologies Limited.
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The growth of the Bioplastics & Biopolymers market:
- Environmental Concerns: Increased awareness of the harmful effects of traditional plastics on the environment has prompted a shift toward more sustainable alternatives. Bioplastics and biopolymers are seen as eco-friendly options due to their biodegradability and reduced carbon footprint.
- Government Regulations: Governments in various regions have imposed regulations and incentives to promote the use of biodegradable and renewable materials. This has provided a significant boost to the bioplastics market.
- Consumer Demand: Growing consumer interest in sustainable products and a preference for brands that are environmentally conscious have driven the adoption of bioplastics in packaging, textiles, and other consumer goods.
- Innovation: Ongoing research and development efforts have led to the creation of biopolymers with improved properties, making them more suitable for a wider range of applications.
- Corporate Sustainability Goals: Many companies are setting ambitious sustainability goals, including reducing plastic waste and carbon emissions. Bioplastics align with these objectives and are being adopted by businesses across various sectors.
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