Global Bioplastics Market Highlights over 2022 – 2031
The global bioplastics market is estimated to grow at a CAGR of ~18% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the growing demand for plastic that is biodegradable, in order to reduce environmental pollution caused by chemically manufactured plastics. Moreover, plastics are extensively used in various day-to-day activities, such as, packaging, which generates a significant amount of waste. To reduce this waste, bioplastics are the most feasible alternative to plastics. Therefore, the growing awareness amongst people regarding environmental conservation is estimated to boost the market growth. Additionally, bioplastics possess advanced technical properties, such as, reducing greenhouse gases, and increasing the source efficiency, and is being increasingly adopted amongst various end-user industries. For instance, in 2020, over 2 million metric tons of bio plastic was produced globally. Along with this, the stringent regulations by the government on plastics, and supportive initiatives to promote bioplastics are anticipated to further encourage the market growth.
The market is divided by product into biodegradable, and non-biodegradable out of which, the biodegradable segment is anticipated to hold a substantial share in the global bioplastics market over the forecast period on account of growing environmental awareness amongst people, leading to the higher adoption of naturally biodegradable plastics. CLICK TO DOWNLOAD SAMPLE REPORT
Major Macro-Economic Indicators Impacting the Market Growth
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favourable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labour as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
Global Bioplastics Market Regional Synopsis
On the basis of geographical analysis, the global bioplastics market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of increasing awareness regarding plastic waste in developing countries, along with growing government initiatives to curb plastic waste. According to a report by the Central Pollution Control Board, in India, 3.36 million tons plastic waste is generated per annum. Moreover, growing adoption of bioplastics is estimated to boost the market growth.
The market in the North America region is anticipated to gain a notable market share throughout the forecast period owing to the increasing adoption of advanced materials and technology, supported by the growing research and development activities in the region. Along with this, the growing government initiatives to promote the use of bioplastics, is estimated to boost the regional market growth. For instance, the USDA’s BioPreferred Program is aimed to increase the purchase and use of bio-based products.
The global bioplastics market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global bioplastics market includes the following segments:
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
The increasing environmental concerns amongst the people, as well as, the government authorities are estimated to boost the market growth.
The market is anticipated to attain a CAGR of ~18% over the forecast period, i.e., 2022 – 2031.
The major players in the market are Teijin Limited, NatureWorks LLC, Toray Industries, Inc., Toyota Tsusho Corporation, M&G Chemicals S.A., PTT Global Chemical, Showa Denko K. K., Corbion N.V., and Solvay S.A.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by product, application, and by region.
The biodegradable segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
The high production cost of bioplastics is estimated to hamper the market growth.
The Asia Pacific region is anticipated to provide more business opportunities over the forecast period on the back of the increasing government initiatives to curb plastic waste generation.
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