Stringent Government Regulations Against Single-Use Plastics Is Fueling The Growth Of The Global Bioplastics Market

 


The global Bioplastics Market is estimated to be valued at US$ 1344.26 Mn in 2023 and is expected to exhibit a CAGR of 14.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Bioplastics are biodegradable plastics derived from renewable sources such as vegetable fats and oils, corn starch, or microbiota. They help reduce dependency on fossil fuels and lower carbon footprint. Bioplastics find usage in various end-use industries like packaging, textiles, automotive & transportation and agriculture due to properties like biodegradability and renewability.

Market key trends:
Stringent government regulations against single-use plastics and initiatives banning polythene usage are fueling demand for eco-friendly bioplastic alternatives. Many countries have implemented bans or taxes on plastic bags and other single-use plastic items. Growth in population and rising disposable incomes in developing nations are also driving more product sales through food packaging and consumer goods sectors. Furthermore, evolving consumer preference for sustainable packaging is compelling leading brands to adopt bioplastics in their product packaging. However, high production costs and limited availability of renewable biomass remain key challenges for bioplastics market.


Segment Analysis
The global bioplastics market is broadly divided into three key segments based on type, application, and region. The starch blends segment dominated the market in 2021 and accounted for the largest revenue share of over 30%. Starch blends offer properties similar to conventional plastics and are highly preferred for disposable items. With the rising awareness regarding non-degradable plastics, the demand for starch blends is experiencing strong growth.

Key Takeaways
The Global Bioplastics Market Size is expected to witness high growth, exhibiting CAGR of 14.8% over the forecast period, due to increasing environmental concerns and favorable government policies promoting sustainable plastic usage. The market size is expected to reach US$ 1344.26 Mn by 2023.

Regional analysis North America dominated the global market in 2021 and accounted for revenue share of over 35%, owing to supportive regulatory framework and presence of major bioplastics manufacturers in the US and Canada. Asia Pacific is anticipated to witness the fastest growth during the forecast period, with China and India emerging as high growth markets.

Key players operating in the bioplastics market are BASF SE, Braskem S.A., Koninklijke DSM N.V., Arkema S.A., Innovia Films. Ltd., Metabolix, Inc., NatureWorks, LLC, Novamont S.p.A., and The Dow Chemical Company. These players are focusing on new product launches and investments for business expansion to strengthen their market position. For instance, in 2022, BASF launched ultra-clear and fully biobased ecovio PHA bioplastic to cater to the packaging industry.

Read More: https://www.ukwebwire.com/bioplastics-market-size-share-and-growth-forecast-2023-2023/

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