USD 9.67 billion
Report ID: SQMIG15B2040 | Region: Global | Published Date: February, 2023 | Pages: 282 | Tables: 70 | Figures: 76
Global Bioplastics and Biopolymers Market size was valued at USD 9.67 billion in 2021 and is poised to grow from USD 11.5 billion in 2022 to USD 45.94 billion by 2030, growing at a CAGR of 18.9% in the forecast period (2023-2030).
Since they can dramatically lessen our reliance on fossil resources, which are significantly more damaging to the environment than bioplastics and biopolymers, bioplastics and biopolymers are gaining popularity. In the recent year, there has been major hype to reduce the pollution and create a safer environment. Therefore, scientists have done extensive research around damage control and created the bioplastics and biopolymers which are produced from renewable resources and degradable materials, which can reduce pollution in a real way.
One of the major generators of plastic & polymer waste was packaging. Therefore, in recent days, Industries are shifting from plastic packaging to bioplastic and biopolymers packaging.The development of such sophisticated packaging system for food products has greatly helped the shelf life of the food and it utility helps brand to connect with their customer by showing their consciousness towards the environment.Electronic waste are another major form of plastic waste which society striving to improve.This industry has made big strides in tackling its environmental impact, largely through producing more energy efficient devices and through more efficient recycling options.Bioplastics and biopolymers can be similar as that of the traditional plastics without modifying any machinery and can provide electronic industry with an excellent opportunity to improve their environmental credentials.
Global Market Size
USD 9.67 billion
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Global Bioplastics and Biopolymers market is segmented on the basis of application, type, end use , and region. By application, the market is segmented into Films, Bottles, Fibers, Seed Coating, Vehicle Components, Medical Implants, Others. By type, the market is segmented into Biodegradable, Non-Biodegradable/Biobased. By end use, the market is segmented into Packaging, Consumer Goods, Automotive & Transportation, Textiles, Agriculture & Horticulture, Others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by End User
By End user, the global market is divided into many segments such as Packaging, Consumer Goods, Automotive & Transportation, Textiles, Agriculture & Horticulture, Others.Packaging segment held largest global Bioplastics and Biopolymers market share due to the wide range of benefits provided by Bioplastics and Biopolymers in packaging products. In 2021 packaging segment represented 62% of the worldwide bioplastic and biopolymers market. Food and refreshment packaging, drug packaging, and convey sacks are conceivable packaging portions for bioplastics and biopolymers. Organizations in the PLA business utilize recyclable items, which help to drive the market. The interest for PLA-based polymers is being driven by the developing interest for harmless to the ecosystem packaging produced using bio-based polymers.
Analysis by Type
Based on type, the market is segmented into biodegradable and non biodegradable.The biodegradable segment contributed to the largest bioplastics and biopolymer market share in 2021.PHP bat, PLA and starch blend are the part of biodegradable plastics.To reduce the volume of waste production and to increase the recycling of the product, there has been increased demand for biodegradable plastics.Packaging, medical equipment, automotive, consumer goods, construction, textile, as well as in orthopedic device there has been the use of bioplastic packaging.
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Globally, North America is estimated to hold the largest global Bioplastics and Biopolymers market share in 2021. Main factors during this growth period is the presence of top market players such as BASF SE,Corbion NV and others. Along with this extensive views of bioplastics and biopolymers in various Indus industry sectors is helping North America to dominate this market.
Above all, Asia Pacific is expected to grow fastest during the forecast period. The reason for the same is increasing government regulation regarding plastic bags ban and global warming initiatives.The lower living standards and low disposable income of people in Asia Pacific region will result in the price reduction of bioplastics and biopolymers. Along with this, the eye for sustainable development will provide opportunities for the replacements of traditional plastic with bioplastic in this region.
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Increasing Popularity of Eco Friendly Packaging to Boost Bioplastics and Biopolymers Market
High Cost can Hinder the Market Growth
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Competition in the global Bioplastics and Biopolymers market is expected to increase during the forecast period because new players are expected to enter in the global market and the number of Products compatible with Bioplastics and Biopolymers will also increase. Currently, only a few key players are providing their services in the global market but these numbers will increase in the upcoming years.
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SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global Bioplastics and Biopolymers market analysis, the global market is estimated to have significant growth during the forecast period because of the benefits it consists of such as controlling the plastic waste through food packaging and reducing the plastic waste through medical and electrical wastes.. Bioplastics and Biopolymers will enable products to be more convenient for their users. The market has so much potential for new players also because of the high expected rate of growth and demand.
|Market size value in 2021||USD 9.67 billion|
|Market size value in 2030||USD 11.5 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Bioplastics and Biopolymers Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Bioplastics and Biopolymers Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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