Richmond, Feb. 28, 2024 (GLOBE NEWSWIRE) -- According to a research report "Sugarcane Bagasse Based Bio-Plastics Market”, by Product Type (Polylactic Acid (PLA), Polyhydroxyalkanoates (PHA), Polybutylene Succinate (PBS)), By Application Sector (Food Service Industry, Packaging Industry, Automotive Industry, Consumer Goods, Others), and Region - Global Forecast to 2030.
Global Sugarcane Bagasse Based Bio-Plastics Market Report Scope:
| Report | Details |
| Market size value in 2023 | USD 150.0 Million |
| Market size value in 2030 | USD 617.4 Million |
| CAGR (2023-2030) | 22.4% |
| Forecast Period | 2023–2030 |
| Historic Data | 2019 |
| Forecast Units | Value (USD Million/USD Billion) |
| Segments Covered | Product, Application Sector, End User and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and RoW |
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| Sample of Companies Covered |
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TOC Covers in Depth & Breath on Sugarcane Bagasse Based Bio-Plastics Market
170 - Market Data Tables
65 - List of Figures
225 – Pages
The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.
Market Overview
The sugarcane bagasse -based plastics market is experiencing rapid growth within the bioplastics industry, fueled by escalating consumer demand for sustainable alternatives to traditional petroleum-based plastics. Derived from renewable sugarcane feedstock, sugarcane-based plastics offer several environmental benefits, including reduced greenhouse gas emissions and diminished reliance on fossil fuels. This surge is driven by a combination of factors, including growing environmental concerns and regulatory pressures pushing for sustainable alternatives, heightened consumer awareness regarding the detrimental effects of plastic pollution, and government initiatives worldwide promoting the use of biodegradable and renewable materials. Moreover, ongoing research and development efforts are continuously improving the properties and cost-effectiveness of sugarcane-based plastics, making them increasingly competitive in comparison to traditional plastics.
The market for sugarcane-based plastics is witnessing significant growth across regions, with notable developments observed in North America, Europe, Asia Pacific, and Latin America. The Asia Pacific region, in particular, dominates the market share due to the presence of key sugarcane-producing countries like Brazil and India, coupled with a rising level of industrialization and heightened consumer awareness. This burgeoning market landscape is characterized by intense competition among key players such as Braskem, NatureWorks LLC, Novozymes, and others. These companies are strategically focusing on research and development activities, forging strategic partnerships, and innovating their product offerings to gain a competitive edge. Looking ahead, the sugarcane-based plastics market is poised for sustained expansion, driven by the growing emphasis on sustainability, escalating investments in bio-based materials, and evolving consumer preferences. Technological advancements and supportive government policies are expected to further propel market growth, presenting lucrative opportunities for stakeholders within the bioplastics industry.
Major vendors in the global Sugarcane Bagasse Based Bio Plastics Market are
- Braskem
- Avantium
- BASF SE
- Corbion
- DuPont
- Ester Industries Limited
- Mitsubishi Chemical Corporation
- NatureWorks LLC
- Novozymes
- PTT Global Chemical
- Reverdia
- Total Corbion PLA
- Others
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Increasing consumer awareness of plastic pollution’s Environmental Impact
The demand for Sugarcane Bagasse Based Bio-plastics- is witnessing growth, driven by increasing consumer awareness of plastic pollution's environmental impact. As awareness spreads about the detrimental effects of traditional plastics on the environment, consumers are actively seeking sustainable alternatives. Sugarcane Bagasse Bio-plastics presents an eco-friendly option, being derived from agricultural waste and offering biodegradability. Consumers, now more than ever, prioritize products with minimal environmental footprint, pushing industries to adopt sustainable practices. The unique selling proposition of Sugarcane Bagasse Based Bio-plastics lies in their ability to address concerns related to plastic pollution, offering a renewable and biodegradable solution. The rising consciousness among consumers about the ecological consequences of conventional plastics is a key driver propelling the adoption of bio-based alternatives like Sugarcane Bagasse Based Bio-plastics.
Market Dynamics
Drivers:
- Increasing Consumer Awareness of Plastic Pollution’s Environmental Impact
- Support from Government Agencies and Initiatives
Opportunities:
- Growing Demand for Sustainable Packaging Solutions
- Expansion in Automotive Applications and emerging markets in developing countries
Growing Demand for Sustainable Packaging Solutions
The Global Sugarcane Bagasse Based Bio-plastics Market benefits from the increasing demand for single-use plastic medical devices and packaging materials. Single-use plastics are critical in healthcare settings as they help reduce the risk of cross-contamination and infections. The ongoing emphasis on infection control, particularly considering global health crises, has propelled the adoption of disposable plastic products. These range from syringes, IV bags, and catheters to packaging materials like sterile pouches and wraps. As healthcare facilities and providers prioritize patient safety and stringent hygiene protocols, the market for Sugarcane Bagasse Based Bio-plastics is poised to witness sustained growth, further bolstered by advancements in plastics technology to enhance safety and performance
Asia Pacific dominates the market for sugarcane bagasse-based bio-plastics market
The Asia Pacific region, including nations such as Brazil, India, China, Thailand, and Indonesia, boasts significant sugarcane production. This results in ample availability of sugarcane bagasse, the fibrous residue remaining after juice extraction, serving as a sustainable and abundant resource to produce bio-based plastics. Moreover, various governments in the Asia Pacific have enacted policies and regulations to encourage the use of bio-based and biodegradable plastics. Through subsidies, incentives, and favorable regulations, these governments actively support the advancement and acceptance of sugarcane bagasse based bio-plastics, thereby stimulating market growth.
The increasing emphasis in Europe on mitigating the environmental repercussions of plastic manufacturing and usage has prompted several European nations to investigate sugarcane bagasse-based bioplastics as a substitute for traditional plastics. Brazil, a major player in global sugarcane production, has been notably engaged in advancing and manufacturing sugarcane bagasse based -bioplastics.
The packaging Segment is anticipated to hold the Largest Market Share during the Forecast Period
In the global Sugarcane Bagasse Based Bio-plastics Market, the Packaging segment comprises various categories among which the packaging industry dominates the market. Sugarcane bagasse stands as a versatile and sustainable resource, offering myriad possibilities for packaging solutions. Among its various applications, one prevalent use is in crafting disposable food containers like plates, bowls, and takeaway boxes. Leveraging bagasse for packaging not only champions eco-conscious practices but also delivers practical functionality. Given its abundant and renewable nature, sugarcane bagasse emerges as a top contender for sustainable packaging endeavors, contributing to safeguarding our planet for generations to come. Opting for bagasse-based packaging presents a far superior choice over plastic, notably reducing the carbon footprint, particularly for catering businesses. Rather than being discarded, this byproduct of sugarcane cultivation finds purpose in transforming into packaging materials, thus curbing waste and carbon emissions simultaneously.
Moreover, the production of bagasse necessitates significantly less energy and water compared to plastic, amplifying its environmental credentials. Embracing sugarcane-based food packaging allows businesses to proudly demonstrate their dedication to sustainability while offering clientele environmentally-friendly alternatives.
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