Bioplastics Market Share 2023-2028 |Industry Size, Growth and Forecast

The global bioplastics market size reached US$ 11.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach a value US$ 23.2 Billion by 2028, exhibiting a growth rate (CAGR) of 12.1% during 2023-2028.

Bioplastics refer to biodegradable plastic materials produced from renewable biomass sources, including vegetable oils and fats, corn starch, recycled food waste, etc. They do not require fossil fuel as a raw material as compared to common plastics or petro-based polymers. Bioplastics are highly durable, lightweight, and can be molded into multiple shapes and sizes. They consume less amount of energy during the manufacturing process and are easily absorbed by the soil and converted to humus or compost. Bioplastics reduce the need for more landfills and help to decrease plastic waste polluting the environment. Consequently, they find extensive applications across numerous sectors, such as agriculture, consumer goods, textile, automotive, pharmaceutical, etc.

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Bioplastics Market Trends:

The growing concern about the harmful impact of plastics across the globe is primarily driving the bioplastics market. Additionally, the escalating demand for bio-based packaging in the consumer goods segment, owing to their higher tensile strength, and the increasing product usage in various other industries to lower carbon and greenhouse gas emissions are further stimulating the global market. Besides this, the launch of favorable initiatives and policies by government bodies across countries aimed at promoting the use of bioplastics to minimize plastic pollution is acting as another significant growth-inducing factor.

Moreover, the shifting preferences toward these plastic products, on account of the inflating oil prices, are also positively influencing the market growth. Apart from this, the rising investments by leading market players in research and development (R&D) activities to innovate bio-based polyethylene and polyethylene terephthalate (PET) plastic bottles for beverage packaging are expected to propel the bioplastics market over the forecasted period.

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Bioplastics Market 2023-2028 Competitive Analysis and Segmentation:

Competitive Landscape With Key Players:

The competitive landscape of the bioplastics market has been studied in the report with the detailed profiles of the key players operating in the market.

Some of these key players include:

• Arkema S.A.
• BASF SE
• Biome Bioplastics Limited (Biome Technologies plc)
• Eastman Chemical Company
• FKuR Kunststoff GmbH
• Kuraray Co. Ltd.
• Mitsubishi Chemical Corporation (Mitsubishi Chemical Holdings Corporation)
• Novamont S.p.A.
• Solvay S.A.
• Teijin Limited
• Total Corbion PLA
• and Trinseo.

Key Market Segmentation:

The report has segmented the bioplastics market on the basis of product, application and distribution channel.

Breakup by Product:

Biodegradable

• Polylactic Acid
• Starch Blends
• Polybutylene Adipate Terephthalate (PBAT)
• Polybutylene Succinate (PBS)
• Others

Non-Biodegradable

• Polyethylene
• Polyethylene Terephthalate
• Polyamide
• Polytrimethylene Terephthalate
• Others 

Breakup by Application:

• Flexible Packaging
• Rigid Packaging
• Agriculture and Horticulture
• Consumer Goods
• Textile
• Automotive and Transportation
• Others

Breakup by Distribution Channel:

• Online
• Offline

Breakup by Region:

• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Turkey, South Africa, Others)

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This report can serve as an excellent guide for investors, researchers, consultants, marketing strategists and all those who are planning to foray into the market in any form.

Key Highlights of the Report:

• Market Performance (2017-2022)
• Market Outlook (2023-2028)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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