Global Bioplastics Market Analysis, 2024-2030

Due to the rising awareness against environmental hazards posted by traditional plastic materials, there has been an unprecedented growth in the demand for bioplastics. Bioplastics are those plastic materials that are produced using natural products such as biomass and food crops. There are two major categories of bio-plastics available in the market based on the properties: - biodegradable bioplastics and non-biodegradable bioplastics. With multiple applications of bioplastics across various industries, its growth has been substantial.

The report on global bioplastics market presents the crux of over 310 hours of synergized efforts of analysts, industry experts, and academician to assess the present market scenario. The findings are substantiated by a thorough analysis of the bioplastics industry value chain coupled with exhaustive secondary and primary research.

The global bioplastic market reached US $ XXXX billion in 2017 and is expected to touch the levels of US $ XXXX billion in 2023, registering a CAGR of XXXX% during 2017–2023. In terms of production capacity, the total bioplastic production in the year 2017 was recorded at XXXX million tonnes and is expected to go beyond XXXX million tonnes by 2023. The global demand for bioplastics has been increasing with steady pace due to increasing awareness amongst users, regarding the adverse effects of traditional plastics, all over the world. This has led to consumers and statutory authorities switching to bioplastics in place of conventional plastics.

The major growth drivers behind this great growth posted by bioplastics on a global scale are many. One of the leading growth drivers being the growing awareness amongst consumers regarding environmental hazards posted by traditional plastic materials. Another reason being the increasing use of natural materials for manufacturing of different products globally and strict guidelines from the government against the use of traditional plastics to ensure effective use of natural resources and management of waste. For instance, in 2017, India banned plastic bags across most of the states and union territories.

The major impediments to the growth of bioplastic market are the higher cost of raw materials as compared to traditional plastics. Another major roadblock that is being faced is the upgradation and modification of manufacturing processes result in higher initial cost, due to which manufacturers are still hesitant to make the switch.

At present, Europe is the biggest regional market for bioplastics. There have been several initiatives by various European countries to incentivize the usage of bioplastics to preserve the environment. Soon, Asia-Pacific region is touted to replace Europe as the leading consumer for bioplastic products. The key influencers in the global bioplastic market are Novamont SPA, BASF SE, Metabolix Inc., Corbion Purac, Natureworks LLC, Biome Technologies PLC, Cardia Bioplastics, Toray Industries Inc.,

Our Approach

At Market Krystal, we believe in a systematic approach towards the problem at hand. The process begins with the identification of a challenge/opportunity, followed by an exhaustive brainstorming by in-house and consulting experts. Based on the outcomes, an in-depth research (primary & secondary) is carried out to collect industry insights. The data is then analysed by a gamut of techniques (Statistics, Machine Learning, Econometrics, and Analytics) to derive inter-disciplinary deductions that are executable and result in value creation.

Hence, the bioplastics market has been segmented based on type, application and geography. Based on type the market is classified as biodegradable and non-biodegradable bioplastics. Biodegradable plastics are further divided into polylactic acid, polyhydroxyalkanoates, cellulose acetate, starch blends, and similar others; whereas the non-biodegradable segment is divided into polyurethanes, epoxies, and similar others. All these types of bioplastics were mapped with different applications such as flexible packaging, rigid packaging, agriculture, textile, automotive, and electronics among others across the globe and the insights were later consolidated in the report.

Market Krystal ensured a holistic approach by involving experts from diverse functionalities and locations (Fig1). This allowed a 3600 view of the industry dynamic.

Figure 1 Primary research breakdown

Contents of the report:

• Insight on the current industry dynamics
• Estimation of the current market size in terms of value and volume
• Market breakup based on type, application, and geography
• Substantiated market forecasting for the next five years
• Detailed analysis of the key companies operating across different nodes of bioplastics industry value chain

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