Bioplastics Market Profiling Key Players, Value Estimation and Analysis by Recent Trends to 2031

 

During the forecast period of 2023-2035, the global bioplastics market is expected to reach an estimated value of ~USD 50 billion by 2035 by expanding at a CAGR of ~18%. The market further generated revenue of ~USD 12 billion in the year 2022. Major key factors propelling the growth of the bioplastics market worldwide are the growing waste generated by petroleum-based plastic, the rising production of bioplastics, and the government proactively boosting its usage.

 

 

Bioplastics are a material made up of renewable biomass sources. It is a polymer that is commercially used for producing various products. The products which are used in making the bioplastics are straw, woodchips, corn starch, fats & oils, and others. Bioplastics are boon for reducing carbon gas emissions, as they have an efficiency of reducing CO2 emissions by around 30-70% in comparison to petroleum plastics. Other than renewable biomass sources, other elements such as insects, seaweeds, and mammals are also been studied to be a source for producing bioplastics.

 

 

 

 

The growth of the global bioplastics market can majorly be attributed to the growing petroleum plastic waste in the world. According to United Nations Environment Programme, 1 million plastic bottles are bought globally every minute, and up to five trillion plastic bags are used annually. Half of all plastic produced is intended for single-use applications, meaning it will only be used once before being discarded. Every year around 400 million tonnes of plastic waste is generated. On the other hand, the market growth can also be attributed to rising volumes of greenhouse gas due to the production of plastic. Researchers predict that the manufacture and combustion of plastic released more than 850 million tonnes of greenhouse gases into the sky globally in 2022. These emissions may reach 2.8 billion tonnes by 2050.

 

The global bioplastics market is also estimated to grow majorly on account of the following:

 

 

The application of bio-plastic is not as versatile as petroleum plastics. Moreover, the production cost of bioplastics is high and there are many substitutes available in the market which can be produced at a lower cost. Hence, these factors are expected to be the major hindrance to the growth of the global bioplastics market during the forecast period.

 

 

 

The packaging segment, amongst all the other segments, is anticipated to garner the largest revenue by the end of 2035. The growth of the segment can be attributed to the growing use of plastic in food and beverage packaging followed by growing awareness of sustainable packaging. A whopping 36% of all plastics made are used in packaging, primarily in single-use items for food and drink containers that are disposed of in landfills. Furthermore, 60% of consumers worldwide consider sustainability to be an important purchasing factor. Moreover, around 54% of consumers under the age of 44 prefer sustainable packaging for the product they are buying and nearly 83% are ready to spend more if the product is wrapped in a sustainable packet.

The Asia Pacific bioplastics market is anticipated to hold the largest market share by the end of 2035 among the market in all the other regions. The market size in the region is expected to expand on the back of higher generations of plastic waste and rising production of bioplastics. The Central Pollution Control Board reported that 3.36 million tonnes of plastic garbage are produced in India each year. Moreover, In January 2021, the “Roadmap for Bioplastics Introduction” was created. According to the strategy, Japan should import 2 million tonnes rather than the present 50,000 tonnes of bio-based plastics.

 

The market research report on global bioplastics also includes the market size, market revenue, Y-o-Y growth, and key player analysis applicable for the market in North America (U.S., and Canada), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), and Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa).

 

 

Some of the key players of the global bioplastics market are Teijin Limited, NatureWorks LLC, Toray Industries, Inc., Toyota Tsusho Corporation, M&G Chemicals S.A., PTT Global Chemical, Showa Denko K. K., Corbion N.V., Solvay S.A., and others.

 

Do You Have Any Query Or Specific Requirement? Ask to Our Expert: https://www.researchnester.com/ask-the-analyst/rep-id-3923

 

 

Research Nester, which is a leading service provider for strategic market research and consulting services, aims to provide unbiased, unparalleled market insights and industry analysis. These analyses help conglomerates, executives, and industries to take wise decisions for their businesses as well as for their future marketing strategy, expansion and investment among others. We believe that our expertise in the field of market research can help businesses to expand to its new horizon. Our team of research analysts can provide businesses a right guidance at the right time, while our out of box thinking helps our clients to take wise decision in order to avoid future uncertainties.