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The global bioplastics market size is expected to showcase significant growth by reaching USD 15,552.3 million by 2028. Fortune Business Insights in its latest report, titled, “Bioplastics Market Size, Share & COVID-19 Impact Analysis, By Type (Biodegradable and Non-Biodegradables), Application (Rigid Packaging, Flexible Packaging, Textiles, Automotive & Transportation, Agriculture & Horticulture, Consumer Goods, and Others), and Regional Forecast, 2021-2028.”, mentions that the market stood at USD 7,043.9 million in 2020 and is likely to exhibit an astonishing CAGR of 10.7% between 2021 and 2028. This is attributable to the growing demand for compostable plastics in order to improve the quality of soil across the globe.
Total Corbion PLA to Build Second PLA Plant with a Capacity of 100,000 tons/year
On 24th September 2020, Total Corbion PLA, a joint venture with equal stakes between Corbion and Total, announced its plan to build a second PLA plant that will ramp up the production capacity to over 100,000 tons per year. According to the company, the aim is to leverage opportunity provided by the growing demand for Luminy PLA resins and further position itself as the global leader in the market. The new plant is expected to be developed in Grandpuits, France and plans to commence operations completely by 2024. The rising demand for eco-friendly polymers and the growing focus on reducing environmental degradation has led to several companies like Total Corbion to introduce bioplastics worldwide.
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Increasing Demand for Compostable Plastics in Agriculture to Augment Growth
The global problem of plastic waste has propelled the manufacturers to address the challenge in a circular economy. The increasing concerns over ocean plastic and microplastic waste across other industrial verticals presents a socio-economic and regional challenge before the world. To mitigate the problem, the manufacturers are adopting renewable raw materials to produce fine-grade compostable plastics. These plastics are used extensively in the agriculture sector to develop greenhouses, bins, and silos. Moreover, they aid in protecting the crops from pests and regulate nutrient content and soil moisture by creating a micro-climate suitable for improving the soil quality. Therefore, these factors are expected to contribute to the global bioplastics market growth in the forthcoming years.
Major Players Focus on Product Launches to Intensify Industry Competition
The market is witnessing healthy competition amongst the companies positioned in it. These companies are focusing on gaining a competitive edge over their rivals by developing and launching innovative bioplastics that cater to the growing demand from several industrial applications. In addition to this, the adoption of organic and inorganic strategies by other key players to maintain their presence is anticipated to drive the market growth during the forecast period.
List of the Companies Profiled in the Global Market:
Further Report Findings:
Table of Segmentation:
Value (USD Million) and Volume (Kiloton)
Type; Application; and Geography