According to the global bioplastics market report by IMARC Group, the bioplastics market report reached a value of US$ 11.3 Billion in 2022, and it is projected to reach a value of US$ 23.2 Billion by 2028, exhibiting a CAGR of 12.1% during 2023-2028.

Bioplastic, also known as biodegradable plastic or bio-based plastic, is a biodegradable material produced from renewable resources like vegetable fats and oils, woodchips, natural sugars, straw, recycled food waste, sawdust, cellulose, sugarcane, corn, and plant starch. It assists in minimizing plastic waste, requires less energy during the production process, is absorbed by the soil and converted to humus or compost in three to six months, and can be molded into various shapes and sizes. It also aids in enhancing biodegradability, improving food safety, and reducing carbon emissions. As a result, bioplastic is extensively utilized in consumer, agriculture, automotive, transportation, building and construction, textile, and packaging industries.  .

Market Trends

The market is primarily driven by the growing awareness among individuals regarding environmental pollution due to the harmful effects of conventional plastic. In addition, the escalating demand for bioplastics in food and consumer goods, owing to benefits such as high tensile strength and less carbon and greenhouse gas emissions, is contributing to the market growth.Moreover, governments of numerous countries are undertaking initiatives and organizing several campaigns to encourage the use of bioplastics to reduce plastic pollution and address the issues of rising oil prices, which represents another-major growth-inducing factor.

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Furthermore, extensive investment in research and development (R&D) activities conducted by key players to launch bio-based nylon, polyethylene, and polyethylene terephthalate (PET) plastic bottles for beverage packaging is also creating a positive market outlook across the globe.

Competitive Landscape:

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

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. 

Report Segmentation:

The report has been segmented the market into following categories:

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

Regional Insights:

• Asia Pacific
• North America
• Europe
• Middle East and Africa
• Latin America

On the geographical front, Asia Pacific enjoys the leading position in the market. This can be attributed to the rising establishment of international companies in the region, on account of low manufacturing costs and cheap labor.

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