Hyderabad, July 14, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled "Bioplastics Market Report (2023-2028)," the market volume is estimated at 1,783.16 kilotons in 2023. It is expected to register a CAGR of 17.25% during the forecast period.
Bioplastics refer to products that are created using renewable sources like straw, woodchips, vegetable fats, corn starch, and sawdust. During the COVID-19 pandemic, production halts adversely affected the bioplastics market.
Report Summary:
| Report Attribute | Details |
| Market Volume (2023) | 1,783.16 kilotons |
| Market Volume (2028) | 3,951.43 kilotons |
| CAGR (2023-2028) | 17.25% |
| Study Period | 2018-2028 |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Europe |
| Forecast Units | Volume (kilotons) |
| Report Scope | Market Dynamics, Revenue Forecast and Segmentation, Competitive Landscape and Recent Developments, Market Growth, Future Opportunities, and Trends |
| Key Market Drivers | Rise in environmental issues encouraging the promotion of bioplastics. |
| Increase in the use of electronics. |
Which are the Top Companies in the Bioplastics Market?
The bioplastics market is highly competitive and fragmented, with established players who have made substantial investments in products and manufacturing plants.
The most significant players in the global bioplastics market are:
- Trinseo
- Arkema
- BASF SE
- BIOTEC
- Braskem
- Danimer Scientific
- Rodenburg Biopolymers
- Futerro
- Indorama Ventures Public Company Limited
- Minima
- Natureworks LLC
- Novamont SpA
- Total Corbion PLA
Other Reports That Might Be of Your Interest:
- Bioplastics Packaging Market Report - The bioplastics packaging market is expected to register a CAGR of 15.20% during the forecast period (2023-2028).
- Southeast Asia Bioplastics Market Report - The Southeast Asian bioplastics market is expected to register a CAGR of more than 10.00% during the forecast period (2023-2028).
Key Highlights from the Bioplastics Market Report:
Flexible Packaging is Predicted to Dominate the Market
- One of the primary uses of bioplastics is their application in flexible packaging, as they are not harm-free and are degradable in nature.
- Bioplastics are used in packaging films for food items, beverage bottles and medicines. They are also used in packing non-food items like tissues, nappies, toilet paper and napkins.
Europe is Expected to Dominate the Market
- The bioplastics market in Europe is witnessing rapid growth driven by the demand from France, the United Kingdom, Germany, and Italy.
- In the year 2021, France produced around 13,51,308 units of vehicles which was about 3% higher than in 2020.
What are the Latest Developments in the Bioplastics Market?
- In August 2022, BASF Venture Capital GmbH made an investment in Sea6 Energy Pvt. Ltd. BASF Venture Capital GmbH is a corporate venture company of BASF SE and Aqua-Spark.
- In April 2022, MAGNUM BIO ABS was launched by Trinseo for automotive applications. This launch expanded the company’s sustainably advantaged portfolio and encouraged its efforts to meet its sustainability goals.
Mordor Intelligence has Segmented the Bioplastics Market Based on Type, Application, and Geography:
- By Type (Market Size and Forecast based on Volume (kilotons), 2018-2028)
- Bio-based Biodegradables
- Starch-based
- Polylactic Acid (PLA)
- Polyhydroxy Alkanoates (PHA)
- Polyesters (PBS, PBAT, and PCL)
- Other Bio-based Biodegradables
- Bio-based Non-biodegradables
- Bio Polyethylene Terephthalate (PET)
- Bio Polyethylene
- Bio Polyamides
- Polytrimethylene Terephthalate
- Other Non-biodegradables
- Bio-based Biodegradables
- By Application (Market Size and Forecast based on Volume (kilotons), 2018-2028)
- Flexible Packaging
- Rigid Packaging
- Automotive and Assembly Operations
- Agriculture and Horticulture
- Construction
- Textiles
- Electrical and Electronics
- Other Applications
- By Geography (Market Size and Forecast based on Volume (kilotons), 2018-2028)
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- United Kingdom
- Italy
- France
- Rest of Europe
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- Asia-Pacific
In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the Bioplastics Market Report (2023-2028).
Mordor Intelligence constantly tracks industry trends. Some relevant market reports from the analysts that might be of interest to you:
- Plastic Additives Market Report - The plastic additives market is expected to register a CAGR of more than 3.50% during the forecast period (2023-2028).
- Engineering Plastics Market Report - The engineering plastics market size is estimated at USD 114.5 billion in 2023. It is expected to reach USD 171.5 billion by 2029, registering a CAGR of 6.96% during the forecast period (2023-2028).
- Phenol Derivatives Market Report - The phenol derivatives market is expected to register a CAGR of more than 4.50% during the forecast period (2023-2028).
About Mordor Intelligence:
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
Our market research reports are comprehensive and provide exclusive data, facts and figures, trends, and the competitive landscape of the industry.
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