Browse 65 market data Tables and 50 Figures spread through 152 Pages and in-depth TOC on "Bioplastics & Biopolymers MarketBioplastics & Biopolymers Market by Type (Non-Biodegradable/Bio-Based, Biodegradable), End-Use Industry (Packaging, Consumer Goods, Automotive & Transportation, Textiles, Agriculture & Horticulture), Region
The global bioplastics & biopolymers market size is expected to grow from to grow from USD 10.5 billion in 2020 and USD 27.9 billion by 2025, at a CAGR of 21.7% during the forecast period. The major factors driving the bioplastics & biopolymers industry include the focus of governments on green procurement policies and regulations and increasing use of bioplastics in the packaging end-use industry.
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The growing need to reduce the dependency on conventional fossil fuels is propelling the demand for bio-based products. This is also supported by the new policies and regulations implemented and adopted by the government bodies globally. These regulations include banning or implementing additional surcharges on the use of conventional plastics in applications, such as shopping bags, packaging materials, and disposables. These increasing regulations and prohibitions against plastic bags and other plastic items are driving the market for bioplastics, especially biodegradable plastics worldwide.
Packaging is one of the end-use industries that dominate the bioplastics & biopolymers market. Bioplastics, and especially biodegradable bioplastics, have increasing demand to replace conventional plastics to address environmental concerns. The use of bioplastics is increasing in applications such as bottles, films, clamshell cartons, waste collection bags, carrier bags, mulch films, and food service-ware.
Based on region, the bioplastics & biopolymers market has been segmented into APAC, Europe, North America, RoW. APAC is the fastest-growing bioplastics & biopolymer market owing to the increasing consumer preferences towards eco-friendly plastic products with the rapidly growing population of the region. Increasing consumer purchasing power has propelled the growth of various end-use industries in this region. These factors are expected to lead to increasing demand for bioplastics & biopolymers in the region during the forecast period.
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The bioplastics & biopolymers market comprises major players such as NatureWorks (Italy), Braskem (Brazil), BASF (Germany), Total Corbion (Netherlands), Novamont (Italy), Biome Bioplastics (UK), Mitsubishi Chemical Holding Corporation (Japan), Biotec (Germany), Toray Industries (Japan), and Plantic Technologies (Australia), Arkema (France), Cardia Bioplastics (Australia), Futerro (Belgium), FKUR Kunstsoff (Germany), Green Dot Bioplastics (US), PTT MCC Biochem (Thailand), Succinity (Germany), Synbra Technology (Netherland), Tianan Biologic Materials (China), Zhejiang Hisun Biomaterials (China). NatureWorks is among the leading bioplastics & biopolymers manufacturers globally. The company is one of the three largest Bioplastics & biopolymers producers. New product launch, joint venture, and expansion were the key strategies adopted by the company to penetrate the global bioplastics & biopolymers market.
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