Bioplastic Market is expected to generate a revenue of USD 30.2 Billion by 2028, Globally, at 16.36% CAGR: Verified Market Research®
The market report is a good combination of qualitative and quantitative data that highlights significant market changes, obstacles that business and the competition must overcome, as well as new possibilities and trends in the global Bioplastic Market.
JERSEY CITY, N.J., Jan. 31, 2023 /PRNewswire/ -- Verified Market Research® recently published a report, "Bioplastic Market" By Type (Biodegradable and Non-biodegradable), By End-Use Industry (Packaging, Consumer Goods, Automotive, Textiles, Agriculture, and Other), and By Geography.
As per the deep research carried out by Verified Market Research®, the global Bioplastic Market size was valued at USD 8.1 Billion in 2020 and is projected to reach USD 30.2 Billion by 2028, growing at a CAGR of 16.36% from 2021 to 2028.
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Browse in-depth TOC on "Bioplastic Market"
202 - Pages
126 ? Tables
37 ? Figures
Global Bioplastic Market Overview
Bioplastic is an alternative that can meet all the needs of both industries and mother earth as a result of the growing need to safeguard the environment from harmful non-biodegradable plastic. The materials used to make bioplastic are 100% biodegradable, virtually eliminating any potential for pollution and driving up demand for it in this environmentally sensitive era.
PHA plastics are most frequently used for medical services, while PLA plastics are more frequently used for food packaging. Bioplastics are used in a variety of sectors, including agriculture, consumer goods, textiles, automotive and transportation, as well as building and construction. But the packaging sector is where bioplastic is most frequently used. In addition to being used to create disposable things like bags and bottles, straws, containers, and packaging, it is also used to create automobile insulation and medical implants.
We are all drawn to bioplastic because we need to start taking responsibility for the harm that our actions as humans have brought to others. In addition to entirely decomposing, bioplastic improves industry sustainability by reducing dependency on fossil fuels. Corporate consumers are slowly but surely becoming more aware of the environmental impact of their purchases, which is driving up demand for bioplastics. The packaging industry's rising need for eco-friendly polymers is significantly accelerating market growth. Additionally, growing is the demand for renewable feedback-based polymers in sectors including food and medicine.
In addition, sectors including food and pharmaceuticals are seeing an increase in demand for plastics made from renewable feedstocks. As a result, the producers of these goods actively sought out packaging materials that are harmless to the packaged goods, inert to them, and have little to no environmental impact. Consequently, there is now a demand for bioplastics.
Every firm must employ bioplastics due to the stringent rules set forth by the governments of various nations. The usage of traditional plastic will be restricted or subject to additional fees under these regulations. The global market for bioplastics, particularly biodegradable plastic, is being driven by these bans on plastic bags and other plastic products.
Verified Market Research® narrows down the available data using primary sources to validate the data and use it in compiling a full-fledged market research study. The report contains a quantitative and qualitative estimation of market elements that interests the client. The "Global Bioplastic Market" is mainly bifurcated into sub-segments which can provide classified data regarding the latest trends in the market.
Key Players
The "Global Bioplastic Market" study report will provide valuable insight with an emphasis on the global market. The major players in the market are Novamont, NatureWorks, Bio Apply, Braskem, Trifilon, Taghleef Industries, Avantium, Troy Industries, Solvay S.A., and BASF SE.
Based on the research, Verified Market Research® has segmented the global Bioplastic Market into Type, End-Use Industry, and Geography.
- Bioplastic Market, by Type
- Non-biodegradable
- Biodegradable
- Bioplastic Market, by End-Use Industry
- Packaging
- Consumer Goods
- Automotive
- Textiles
- Agriculture
- Other
- Bioplastic Market, by Geography
- North America
- U.S
- Canada
- Mexico
- Europe
- Germany
- France
- U.K
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- ROW
- Middle East & Africa
- Latin America
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