DUBLIN–(BUSINESS WIRE)–The “Bioplastics and Biopolymers – Global Market Trajectory & Analytics” report has been added to ResearchAndMarkets.com’s offering.
Global Bioplastics and Biopolymers Market to Reach $14.9 Billion by 2024
The global market for Bioplastics and Biopolymers is projected to reach US$14.9 Billion by 2024, registering a compounded annual growth rate (CAGR) of 15.6% over the analysis period.
Bio-plastics are rapidly emerging as an effective alternative to traditional plastics for reducing pollution. These innovative materials can biodegrade in a short time, and are derived from organic, renewable sources like wastes in a cost-efficient manner. These materials can also be digested enzymatically by certain microorganisms living in the soil or sea.
Some of the key properties of Bio-plastics that are driving for market growth include recyclable, resemble petroleum-based PET by nature and environment friendly. Europe represents the largest regional market for Bioplastics and Biopolymers, accounting for an estimated 35.2% share of the global total. The market is projected to reach US$5 Billion by the close of the analysis period. China is expected to spearhead growth and emerge as the fastest growing regional market with a CAGR of 21.1% over the analysis period.
The global market for biopolymers and bioplastics is primarily driven by growing preference for sustainable products among both consumers and brands, stringent government regulations aimed at low carbon emissions, less toxicity, and better human health; and continuous efforts by bioplastics manufacturers to develop innovative materials with new functionalities and improved properties.
Growth in the market is also supported by increasing attention towards sustaining green environment, changing consumer lifestyles and growing consumer awareness about protecting surroundings and increasing preference for natural polymers, which protect goods from damage while being distributed, stored or transported. While government subsidies on bioplastics and taxes on traditional plastics are likely to augment market growth, technological advances are expected to result in introduction of innovative and sustainable bioplastics offerings.
Europe is considered one of the major bioplastic producers in the world accounting for about 20% of the global bioplastics capacity. Growth in the region is rapidly depleting landfill capacity; gas and fossil fuel dependence, growing need to inhibit greenhouse gas emissions; strong regulations in terms of certification and commercialization of new polymers, and increasing consumer awareness about sustainable practices.
Rapid growth of polymer industries is contributing to the rising demand for bio polymers in North America. Increasing awareness about environmental conservation and government regulations are fueling demand for biopolymers in the Asia-Pacific region.
Key Topics Covered:
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- Influencer Market Insights
- World Market Trajectories
- Impact of Covid-19 and a Looming Global Recession
- Biopolymers and Bioplastics; An Answer to the Growing Plastic Waste Menace
- Petroleum-based Plastics Vs Bioplastics
- Classification of Biopolymers and Bioplastics
- Bio-based and Non-biodegradable Polymers Register Strong Growth
- Packaging: The Dominant Application Market
- Europe Continues to Hold Ground as the Largest Market for Biodegradable Polymers
- North America: Another Major Market
- Asia-Pacific to Spearhead Future Growth
- A Glance at Major Applications of Bioplastics
- Impact of Plastic Ban Augers Well for Bioplastics & Biopolymers Market
- Competitive Landscape
- Biodegradable Plastic Brands of Select Manufacturers
- Recent Market Activity
- Capacity Expansions to Boost Bioplastics Market
- Global Production Landscape
2. FOCUS ON SELECT PLAYERS (Total 80 Featured)
- Arkema SA (France)
- BASF SE (Germany)
- BIOTEC GmbH & Co. KG (Germany)
- Braskem (Brazil)
- Good Natured Products, Inc. (Canada)
- Kingfa Sci. & Tech. Co., Ltd. (China)
- Mitsubishi Chemical Corporation (Japan)
- NatureWorks LLC (USA)
- Novamont SpA (Italy)
- Plantic Technologies Limited (Australia)
- Total Corbion PLA (Netherlands)
3. MARKET TRENDS & DRIVERS
- Increased Adoption of Bioplastics-based Materials by Prominent Players to Sustain Demand
- Bioplastics from Agro-Wastes Gain Demand for Food Packaging Applications
- Food Industry to Curb Plastic Waste, Make Use of Organic Waste for Biopolymer Production
- Increased Focus on Sustainable Production
- Industry Witnesses Increasing Number of Startups Joining the Race
- Key Recent Environment-Friendly Bioplastic Innovations
- Expanding Range of Applications for Biopolymers Drives Market Growth
- Polylactic Acid (PLA): A Promising Biodegradable Polymer
- Packaging Applications Lead PLA Consumption
- Bio-Polylactic Acid (PLA) Films Market: A High-Growth Market
- Starch Blended Biodegradable Polymers: Expanding Applications Fuel Growth
- Bio-based Polypropylene to Garner Demand
- Industrial Usage of Bio-based, Biodegradable Plastics on Rise
- Automakers Move towards Bioplastics to Quell Environmental Concerns
- Trend towards Green Food Packaging Augurs Well for Biodegradable Polymers Market
- Nanotechnology to Improve Degradability of Packaging Material
- Growing Use of Bioabsorbable Polymers in the Healthcare Space
- Biodegradable Polymers in Nano Drugs: A Growing Market
- Biodegradable Circuitry to Address Concerns over Growing E-Waste
- Navigating the Fast-Changing Landscape of Bioplastics and Biomaterials
- Historical Note on Bioplastics
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
For more information about this report visit https://www.researchandmarkets.com/r/6cbh1g
The content is by Business Wire. Headlines of Today Media is not responsible for the content provided or any links related to this content. Headlines of Today Media is not responsible for the correctness, topicality or the quality of the content.