The Bioplastics Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Bioplastics Global Market Report 2024, The bioplastics
market size has grown rapidly in recent years. It will grow from $9.22 billion in 2023 to $10.91 billion in 2024 at a compound annual growth
rate (CAGR) of 18.3%. The growth in the historic period can be
attributed to environmental concerns, government regulations, rise in oil
prices, changing consumer preferences for eco-friendly products, increased
demand for sustainable packaging.
The bioplastics market size is expected to see rapid growth in the next few
years. It will grow to $20.48 billion in
2028 at a compound annual growth rate (CAGR) of 17.1%. The growth in the forecast period can be
attributed to rising food and beverage insustry, growing automotive sector,
global trade agreements, expansion in emerging markets. Major trends in the
forecast period include advanced feedstock sourcing, bio-based materials for
durables, industry collaboration, carbon neutrality focus.
Increasing awareness about the importance of bioplastics is expected to drive
the market going forward. Globally, there has been increasing awareness
regarding the adverse effects of pollution caused by plastics manufacturing and
disposal. According to a study by Pew Charitable Trusts and SYSTEMIQ, Ltd., the
amount of plastic trash that flows into the oceans every year is expected to
nearly triple by 2040 to 29 million metric tons, if left unchecked. All this contributes to the increasing pollution
levels and making it necessary for customers to focus on sustainability. For
instance, in 2022, according to the Ipsos Global Survey on Attitudes towards
Single Use Plastics, at least 8 in 10 urban Indians accounting for 83% said
they would like a complete ban on the usage of single use plastics (SUP). Thus, increasing awareness will encourage
customers towards bioplastics, and will drive the bioplastics market.
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The bioplastics market covered in this report is segmented –
1) By Type: Biodegradable, Non-Biodegradable
2) By Distribution Channel: Online, Offline
3) By Application: Rigid Packaging, Flexible Packaging, Textile, Agriculture
And Horticulture, Consumer Goods, Automotive, Electronics, Building And
Construction, Other Applications
Companies in the market are focusing on increasing investment in
environment-friendly bioplastics.
Bioplastics are prepared from biodegradable and renewable resources such
as proteins, starch, and polylactic acid (PLA). The number of available
products and suppliers has increased in recent years leading to increase use of
bioplastics in commercial markets across the globe. For example, in January
2022, Vikas Ecotech Limited plans to invest in the environment-friendly
BioPlastics (PHA) technology and in the advance stage of finalizing a
Technology Tie-Up/Joint Venture with Aurapha Private Ltd. (the 'AuraPHA') to
produce Biodegradable Plastics.
The bioplastics market report table of
contents includes:
1. Executive Summary
2.
Bioplastics Market Characteristics
3.
Bioplastics Market Trends And Strategies
4.
Bioplastics Market - Macro Economic Scenario
5. Global
Bioplastics Market Size and Growth
.
31. Global Bioplastics Market Competitive Benchmarking
32. Global
Bioplastics Market Competitive Dashboard
33. Key
Mergers And Acquisitions In The Bioplastics Market
34.
Bioplastics Market Future Outlook and Potential Analysis
35.
Appendix
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