The recent analytical report published by Markntel Advisors (a leading consulting, data analytics, and market research firm), Bioplastic Market comprises a detailed study of critical and major aspects of market dynamics, i.e. market trends, size, forecasts, growth factors, challenges, and competitor landscape.
In-Depth Market Overview of Bioplastic Industry (2023-2028):
According to the latest report, The Bioplastic Market size is valued at around USD 8.21 billion in 2024 and is projected to grow at a CAGR of around 10.12% during the forecast period, i.e., 2023-28. The report demonstrates the prominent factors propelling the exponential growth of the Bioplastic industry.
Key Takeaways: Beneficial for Stakeholders and Clients:
- Historical Data: 2018-21
- Base Year: 2022
- Forecast Period: 2023-28
- CAGR: 10.12%
- Market Value (2024): USD 8.21 billion
What are the major Driver the Bioplastic industry?
Growing Consumer Awareness Towards Sustainable Packaging Products – Consumers are becoming more health-conscious & adopting sustainable practices in terms of their purchase decisions, which is being reflected in the growing demand for sustainable & green products across the globe. Bioplastics cause less harm & are easily biodegradable, due to which the customers are inclining more towards sustainable packaging of products which has induced the need for these resources & resulted in the growth of the respective market. The growing popularity of reusable & biodegradable alternatives, such as bamboo straws, glass water bottles, cloth bags, etc., among consumers has again benefitted the market through an enhanced avenue of expansion.
Moreover, the consumer’s perception of these resources has also changed due to the COVID-19 pandemic in 2020. With the increased focus on sustainability, cleanliness, and others, consumers have become more conscious in terms of their purchases & selecting environment-friendly products with keen observation, especially in developed & fast-developing economies. Therefore, the improved awareness among individuals would expand the adoption of bioplastic-based products in the coming years, thereby pushing market expansion in the ensuing years.
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Bioplastic Market Segmentation
The Bioplastic Market analysis of Markntel Advisors explores the industry by emphasizing the growth parameters and categorizes including geographical segmentation, to offer a comprehensive understanding of the market dynamic. The further bifurcations are as follows:
- By Revenue (USD Million)
- Quantity Sold (Thousand Tons )
- Market Share & Analysis
- By Product Type
- Biodegradable
- Polylactic Acid
- Cellulose Film
- Starch Blend
- Polybutylene Adipate Terephthalate (PBAT)
- Polybutylene Succinate (PBS)
- Others
- Non-Biodegradable
- Polyethylene
- Polyethylene Terephthalate
- Polyamide
- Polytrimethylene Terephthalate
- Others
- Biodegradable
- By Raw Material
- Sugarcane
- Potato
- Corn Starch
- Switch grass
- Vegetable Oil
- Cassava
- Wheat
- Others
- By End-User
- Packaging
- Rigid Packaging
- Flexible Packaging
- Agriculture
- Consumer Goods
- Automotive & Transport
- Agriculture & Horticulture
- Electrical & Electronics
- Textiles
- Others (Building & Construction, coatings & adhesives, etc.)
- Packaging
- Region
- North America
- South America
- Europe
- The Middle East & Africa
- Asia Pacific
- By Product Type
- Market Share & Analysis
As per the regional aspect, the Bioplastic Market is expected to be dominated by North America by capturing the potential market share.
Explore further details about this research report – https://www.marknteladvisors.com/research-library/bioplastic-market.html
Top Companies in the Bioplastic Market
Novamont S.p.A, Arkema S.A., Matrica S.p.A., Solvay S.A., NatureWorks LLC, Total Corbion PLA bv, PTT MCC Biochem Co. Ltd, Roquette Feres, Avantium, Toray Industries Inc., LyondellBasell Industries Holding B.V., BASF SE, BioApply, Braskem, Biofase, Genecis, Trifilon, Kaneka Takasaho, Danimer Scientific, Taghleef Industries, Others
Global Bioplastic Industry Recent DevelopmentsÂ
2023: Solvay S.A. launched ISCC PLUS certified mass balance hydroquinone & hydroquinone monomethyl ether as raw materials in epoxy & polyester coatings, etc. Products are produced to manage the polymer, coating, adhesive, pharmaceutical, and agrochemical businesses’ demand for enhanced sustainability, environmental-friendly feedstock, and a lower carbon footprint.
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