Bioplastics Market Size Worth USD 22.1 Billion by 2026
Posted by shivf on February 1st, 2021
Bioplastics are items manufactured from renewable feedstocks such as corn, sugarcane, and cellulose. As compared to conventional synthetic plastics, bio-based plastics have the potential to reduce carbon dioxide emissions by around 30% to 70% and require 65% less energy. Therefore, the production of bioplastics is environment friendly, cost-effective, and efficient. The key market players of the bioplastics market are NatureWorks, Braskem, Biome Bioplastics, Toray Industries, Plantic Technologies, PTT MCC Biochem, Green Dot Bioplastics, etc.
The global bioplastics market was valued at USD 8.0 billion in 2019. It is expected to display growth at a compounded annual growth rate of over 15.6% from 2020 to 2026, thereby raising its valuation to more than USD 22.1 billion.
Growing population and resulting rapid urbanization is anticipated to drive the growth of the packaging industry. The demand thus generated by the packaging industry is projected to positively affect the growth of the global bioplastics market. Moreover, the penetration of bioplastics in industries such as agriculture, consumer goods, textile, construction, automotive and transportation will contribute to the market rise. Stringent regulations set by governments globally with regards to green procurement policies will increase the requirements for biodegradable plastics. The issue of the high cost of biodegradable plastic items can be resolved with the advancement in R&D. However, the huge investment required for these R&D activities restricts the progress of the market.
Global Bioplastics Market by Type
Global Bioplastics Market by Application
Europe dominated the global bioplastics market capturing around 44% of the total market share in 2019. Factors responsible for this growth are the increasing environmental concerns, rising R&D investments by private as well as public organizations, and the enactment of government laws pertaining to single-use plastics.
North America is estimated to witness significant growth during the forecast period due to the soaring demand from the food and beverage, medical as well as the packaging industry. Additionally, efforts by the United States of America and Canada to reduce pollution generated by single-use plastics are fueling the market growth.
Company Profiles and Competitive Intelligence Covered in Bioplastics Market Report are:
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About the Authorshivf
Joined: October 12th, 2020
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