Pune, India, May 17, 2023 (GLOBE NEWSWIRE) -- The global bioplastics market size was valued at USD 7,043.9 million in 2020 and is projected to grow to USD 15,552.3 million by 2028 while exhibiting a CAGR of 10.7% between 2021 and 2028. Fortune Business Insights in its latest report, titled, “Bioplastics Market, 2021-2028.”, mentions that the market stood at USD 7,043.9 million in 2020. Factors such as the increasing demand for eco-friendly plastics across the packaging industry and the rising concerns over non-degradable plastic waste are expected to drive the product’s demand in the forthcoming years.

Bioplastics are a type of plastic made from renewable biological sources such as corn starch, sugarcane, and vegetable fats and oils. They can also be made from other materials such as wood chips and cellulose. Bioplastics can be either biodegradable or non-biodegradable.

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List of the Companies Profiled in the Global Bioplastics Market:

Report Scope & Segmentation:

Report AttributesDetails
Forecast Period2021-2028
Forecast CAGR5.1%
2028Value ProjectionUSD 15,552.3 million
Market Size in 2020USD 7,043.9 million
Historical Data2017-2019
No. of Pages199
Report CoverageRevenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends
Segments Covered
  • By Type
  • By Application
Regions Covered
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa
Bioplastics Market Growth DriversIncreasing Demand for Eco-Friendly Plastics to Aid Growth 
Postponement of Green Investment by Government Propel the Product Demand

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Market Segmentation:

Based on type, the bioplastics market is segmented into biodegradable and non-biodegradable. On the basis of application, the bioplastics market t is divided into rigid packaging, flexible packaging, textiles, automotive & transportation, agriculture & horticulture, consumer goods, and others.

Lastly, based on region, the bioplastics industry is categorized into Europe, North America, Asia-Pacific, and Rest of the World. 

Postponement of Green Investment by Government amid COVID- 19 to Hamper Growth

According to Capgemini Research Institute, out of the 300 large energy companies surveyed in October 2020, 37 planned to defer investments in low- carbon systems and structure amid the new coronavirus. The epidemic has downsized the growth prospects of several diligence across the globe. Holdback or halting of several systems is anticipated to hinder the growth prospects of the global request.

DRIVING FACTORS

Adding Demand for Eco-Friendly Plastics to Aid Growth

According to the data by Clean our Ocean, annually plastic is estimated to kill around millions of marine creatures across the globe. The growing concern over plastic disposal is propelling the demand foreco-friendly variants of plastics similar as biodegradable bones. The biggest philanthropist of this type of plastic is the packaging assiduity. The adding relinquishment of terrain-friendly plastics that serve as a rigid and flexible packaging option is anticipated to boost the product’s relinquishment worldwide. thus, the growing enterprises over the disposal of on-degradable plastics will contribute to the global bioplastics request growth in the forthcoming times.

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What does the Report Include?

The global request for bioplastics report includes qualitative and quantitative analysis of several factors similar as the crucial motorists and conditions that will impact growth. also, the report provides perceptivity into the indigenous analysis that covers different regions, contributing to the growth of the request. It includes the competitive geography that involves the leading companies and the relinquishment of strategies to advertise hookups, introduce new products, and unite to further contribute to the growth of the request between 2021 and 2028. also, the exploration critic has espoused several exploration methodologies to prize information about the current trends and assiduity developments that will drive the bioplastics request growth during the cast period.

REGIONAL INSIGHTS

Europe – The region is expected to remain dominant and hold the largest global bioplastics market share during the forecast period. The dominance is attributable to the increasing demand for bio-based plastics for packaging purposes in the region. Europe stood at USD 3,460.8 million in 2020.

Asia-Pacific – The market in the region is expected to experience exponential growth in the forthcoming years. This is ascribable to factors such as the presence of large production capabilities in countries such as China and India that will boost the adoption of bioplastics between 2021 and 2028.

COMPETITIVE LANDSCAPE

Merger and Acquisition Strategy Adopted by Major Companies to Brighten Their Market Prospects

The global market for bioplastics is experiencing dynamic competition from several companies focusing on establishing their strong presence. These companies are acquiring other small companies to expand their product portfolio and boost sales revenue. Moreover, other key players are striving to gain a major chink of the market share by adopting strategies such as collaboration, partnership, and the introduction of new products that will favor the growth of the bioplastics market in the forthcoming years.

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Detailed Table of Content:

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Industry Development:

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Bio-Based Polypropylene Market to Hit USD 996.9 Million by 2028; Increasing Preference for Biodegradable Polymers to Brighten Market Prospects, Says Fortune Business Insights™

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