Portland, OR, Aug. 17, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global bioplastics market generated $6.3 billion in 2021, and is projected to reach $18.7 billion by 2031, growing at a CAGR of 11.7% from 2022 to 2031. The report offers a detailed analysis of the top winning strategies, evolving market trends, market size and estimations, value chain, key investment pockets, drivers & opportunities, competitive landscape and regional landscape. The report is a useful source of information for new entrants, shareholders, frontrunners and shareholders in introducing necessary strategies for the future and taking essential steps to significantly strengthen and heighten their position in the market.
Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $6.3 billion |
| Market Size in 2031 | $18.7 billion |
| CAGR | 11.7% |
| No. of Pages in Report | 405 |
| Segments covered | Type, application, and region. |
| Drivers | Increase in awareness about environmental issues |
| Extensive applications in packaging films for food items, medicines, and others | |
| Opportunities | Increase in the number of online shoppers |
| Surge in demand for eco-friendly alternatives | |
| Restrains | Extortionate cost of luxury jewellery |
| Limited to specific consumers |
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COVID-19 Scenario:
- The outbreak of COVID-19 pandemic has had a negative impact on the growth of the global bioplastics market, owing to the occurrence of lockdowns in various countries across the globe.
- Lockdowns resulted in the closure of numerous manufacturing facilities including those of bioplastics, which adversely impacted its demand. This was majorly due to the stringent social distancing restrictions imposed by the government to remarkably limit the spread of the virus during the pandemic.
- Apart from that, several countries made rigorous changes in their regulations regarding disposable and single-use plastics to prevent further spread of the virus. Furthermore, supply chain disruptions due to irregular transport led to increase in lead time of raw materials, adversely impacting the entire production process.
- Additionally, strict regulations were also imposed on the import and export of raw materials and goods, which further aggravated the impact on the market.
- However, the market is expected to recoup soon.
The report offers a detailed segmentation on the global bioplastics market based on type, application, and region. The report provides a detailed analysis of every segment and their respective sub-segment with the help of graphical and tabular representation. This analysis can appreciably help numerous market players, investors, and new entrants in not only determining, but also devising strategies based on fastest growing segments and highest revenue generating segments that is mentioned in the report.
Based on type, the biodegradable plastic segment held the dominating market share in 2021, holding nearly three-fifths of the global market, and is expected to maintain its leadership status during the forecast period. In addition, the same segment is expected to cite the fastest CAGR of 12.2% during the forecast period. The report also analyses other segment of the market such as non-biodegradable plastic.
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Based on application, the flexible packaging segment held the largest market share in 2021, garnering more than one-fourth of the global market, and is expected to maintain its leadership status during the forecast period. The consumer goods segment, on the other hand, is predicted to cite the fastest CAGR of 13.8% during the forecast period.
Based on region, the market across Asia-Pacific region held the dominating market share in 2021, holding more than two-fifths of the global market, and is expected to maintain its leadership status during the forecast period. In addition, the same segment is expected to cite the fastest CAGR of 12.4% during the forecast period. The report also analzyes other regions such as North America, Europe, and LAMEA.
The key players analzyed in the global bioplastics market report include Eastman Chemical Company, Kuraray Co. Ltd., LG Chem, BASF SE, Biome Technologies Plc., CJ CheilJedang Corp., Corbion N.V., Danimer Scientific, Dow Inc., Mitsubishi Chemical Holdings, Novamont S.P.A and SKC.
The report analyzes these key players of the global luxury jewellery market. These market players have made rigorous use of effective strategies such as joint ventures, collaborations, expansion, new product launches, partnerships, and others to maximize their foothold and prowess in the industry. They also tend to significantly increase their competitive edge in the market with the help of these startegies. The report is helpful in analyzing recent developments, product portfolio and business performance and operating segments by prominent players of the market.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
