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The global bioplastics market size stood at USD 7.49 billion in 2023. The market value is slated to rise from USD 7.41 billion in 2024 to USD 56.99 billion by 2032 at a CAGR of 29.0% during 2024-2032. Fortune Business Insights™ presents this information in its report titled “Bioplastics Market Size, Share & Industry Analysis, By Type (Biodegradable {Starch blends, Polylactic acid (PLA), Polybutylene Adipate Terephthalate (PBAT), Polybutylene Succinate (PBS), Polyhydroxyalkanoates (PHA), and Other Biodegradables} and Non-Biodegradable {Bio- Polyethylene Terephthalate (PET), Bio-Polyamide (PA), Bio-Polyethylene (PE), Bio-Polytrimethylene Terephthalate (PTT), and Other Non-Biodegradables}), By Application (Rigid Packaging {Bottles & Jars, Trays, and Others}, Flexible Packaging {Pouches, Shopping/Waste Bags, and Others}, Textiles, Automotive & Transportation, Agriculture & Horticulture, Consumer Goods, and Others), and Regional Forecast, 2024-2032”
Bioplastics, which come from renewable sources, work as a promising solution to prevent plastic waste. The rise in the demand from the automotive industry is expediting the market growth. The high demand for the product in automotive applications owing to their superior attributes is poised to generate favorable growth prospects for market players.
Moreover, the COVID-19 pandemic asserted a significant influence on market expansion owing to restrictions on raw material transportation. In spite of problems experienced by the market on its growth due to the influence of the pandemic and the prohibitive cost than conventional plastics, the market is witnessing a surging demand for the product from many industries, which can be attributed to concerns pertaining to the environment.
Toray Industries Released Bio-based Adipic Acid to Strengthen Its Position
In August 2022, Toray Industries announced the release of the first-ever 100% bio-based adipic acid, a raw material for nylon 66 (polyamide 66). Moreover, it is obtained from sugars extracted from inedible biomass. This product was launched by deploying a proprietary synthesis method merging microbial fermentation technology and chemical purification technology.
Market Value to Grow Owing to Surging Demand for Eco-friendly Plastics from the Packaging Industry
The bioplastics market growth is driven by a rise in the demand for eco-friendly plastics from the packaging industry. Several players with expertise in agricultural plastics are shifting toward biodegradable options made from sustainable and renewable sources. Both economic viability and technical feasibility are provided by these polymers.
Despite an expanding scope for the adoption of the product, the limited infrastructure for composting facilities may impede the market growth.
Leading Companies Emphasize Partnerships to Increase Their Footprint
Novamont is one of the prominent companies in the market. Two research centers, a distribution network spanning 25 nations, and four production sites are operated by the company. In addition, more than 1800 patent applications have been filed and five proprietary technologies have been innovated by the company. A wide array of companies are forging partnerships to boost their footprint.
To get a detailed report summary and research scope of this market, click here:
https://www.fortunebusinessinsights.com/industry-reports/bioplastics-market-101940
List of Key Players Profiled:
Key Industry Development
Further Report Findings
Table of Segmentation
ATTRIBUTE | DETAILS |
Study Period | 2019-2032 |
Base Year | 2023 |
Estimated Year | 2024 |
Forecast Period | 2024-2032 |
Historical Period | 2019-2022 |
Growth Rate | CAGR of 29.0% from 2024 to 2032 |
Unit | Value (USD Billion), Volume (Kiloton) |
Segmentation | By Type
By Application
By Geography
|