Bioplastics and Biopolymers Market is Estimated to Touch USD 29.09 Billion by 2028 at a CAGR of 10.02% from 2022 to 2028; Growing Demand for Sustainable Alternatives coupled with Government Initiatives Positively Impacting the Market
SkyQuest has released a comprehensive research report for the bioplastics and biopolymers market, offering a comprehensive industry analysis using a robust methodology. The report covers various aspects, such as SWOT analysis, technology assessment, economic evaluation, product benchmarking, recent developments, and forecasting, to provide reliable and precise insights into the market. Additionally, the report provides accurate forecasting, which can help businesses make informed decisions about their future investments in the market.
Westford USA, March 06, 2023 (GLOBE NEWSWIRE) — North American region is bringing huge growth opportunities for the bioplastics and biopolymers market driven by various factors increasing the demand for sustainable and eco-friendly alternatives to traditional plastics. In addition, governments worldwide are introducing regulations and policies promoting sustainable materials, including bioplastics and biopolymers. As a result, researchers and manufacturers continually improve bioplastics and biopolymers’ properties, making them more durable, flexible, and cost-effective. These advancements are enabling bioplastics and biopolymers to be used in a broader range of applications.
The European Union (EU) and the American Chemical Council’s Plastics Division have jointly committed to reducing the environmental impact of plastics. The goal is to use 100% recyclable, reusable, and compostable plastics by 2025 and 2040, respectively. The bioplastics and biopolymers market is predicted to benefit greatly from these regulations. Bioplastics are made from renewable resources, making them an environmentally friendly alternative to conventional plastics.
Browse in-depth TOC on “Bioplastics and Biopolymers Market”
- Pages – 282
- Tables – 70
- Figures – 70
Bioplastics and biopolymers are innovative materials gaining popularity as an alternative to traditional plastics. Bioplastics are plastic made from renewable biomass sources, such as plant starches, cellulose, and sugar cane. On the other hand, biopolymers are polymers that are derived from natural sources, such as proteins and carbohydrates.
Prominent Players in Bioplastics and Biopolymers Market
- BASF
- Biotec
- NatureWorks
- Novamont
- Braskem
- Toray Industries
- Total Corbion
- Futerro
- Plantic Technologies
- Mitsubishi Chemical Holding Corporation
- Biome Bioplastics
- FKUR Kunststoff
- Arkema
- Cardia Bioplastics
- Plantic Technologies
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Packaging Remains the Dominant Segment Thanks to the Increasing Use of Bioplastics and Biopolymers for Developing Sustainable Packaging Solutions
According to a recent market analysis, the packaging segment is predicted to play a significant role in the growth of the global bioplastics and biopolymers market. In 2021, this segment contributed the largest market share and is likely to maintain its leading position through 2028. Bioplastics and biopolymers are eco-friendly alternatives to traditional petroleum-based plastics, and they are increasingly used in the packaging industry to address environmental concerns. This major trend is projected to continue over the coming years as governments worldwide implement stricter regulations to reduce plastic waste and encourage the use of sustainable materials.
The North American region experienced a substantial increase in revenue in 2021, with the expanding utilization of bioplastics and biopolymers across various industries such as automotive, packaging, and consumer goods. According to SkyQuest, with more than 64% of North American consumers showing a willingness to pay extra for packaging that meets their functional needs, there is a clear opportunity for active companies to invest in sustainable packaging solutions. By incorporating bioplastics and biopolymers into their packaging designs, businesses can meet consumers’ demands and contribute to a more sustainable future.
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Biodegradable Segment to Witness Higher Traction owing to Rapid Development of New Biodegradable Materials and Technology
According to market research, the biodegradable segment was the leading revenue generator in the bioplastics and biopolymers market in 2021. This trend is expected to continue as the demand for eco-friendly and sustainable materials increases. As a result, the biodegradable segment is projected to experience a robust CAGR between 2022 and 2028. Biodegradable materials are particularly prevalent in the packaging industry, where companies seek alternatives to traditional plastics. Various factors, including government regulations, consumer preferences, and corporate sustainability initiatives, drive the growing popularity of biodegradable materials.
The Asia Pacific region is poised to experience substantial growth bioplastics and biopolymers market by 2028 due to various factors such as rapid economic development, urbanization, and industrial expansion. India’s food and grocery market has secured the sixth position globally, as per the research conducted by SkyQuest. With the retail sector contributing to a whopping 74% of the sales, it is undoubtedly one of the most significant industries in the country. Additionally, the food processing industry accounts for 36% of India’s total food market and ranks fifth in production, consumption, export, and anticipated growth. The growth potential of the food and grocery market, coupled with the increasing demand for sustainable products, makes it a suitable time for the bioplastics and biopolymers industry to flourish in India and the region.
A recently published research report sheds light on the global bioplastics and biopolymers market. The report provides a key analysis of the market size, share, and key players operating in the industry. It also includes an in-depth assessment of the current market scenario and the impact of significant events and market conditions across different regions. The report, prepared by SkyQuest, highlights the crucial trends affecting the global market’s growth rate and valuation estimates and how these trends impact the market’s overall performance.
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Key Developments in Bioplastics and Biopolymers Market
- Origin Materials, a leading company focusing on creating negative carbon materials, has partnered with Avantium to boost the mass production of furandicarboxylic acid (FDCA) and polyethylene furanoate (PEF) for advanced chemicals and bioplastics. This partnership is expected to accelerate the commercialization of PEF, a sustainable alternative to traditional PET plastics derived from fossil fuels. PEF has superior barrier properties and thermal resistance, making it an excellent option for applications in packaging, textiles, and other industries.
- Kelpi, a promising startup based in England, has recently raised over £3 million in funding. The company plans to utilize the funds to develop further its innovative and eco-friendly packaging made from seaweed, which is fully compostable. The success of Kelpi’s fundraising campaign is a testament to the growing awareness and concern among consumers and investors about sustainability and the need to reduce our reliance on non-biodegradable materials.
- CJ Biomaterials, a division of CJ CheilJedang, and NatureWorks have joined forces to develop sustainable material solutions using their proprietary biopolymers. The companies have signed a Master Collaboration Agreement (MCA) to explore the potential applications of Phact Biodegradable Polymers and Ingeo biopolymers in various industries. This collaboration aims to provide sustainable materials solutions for compostable food packaging, food serviceware, personal care products, films, and other end products.
Key Questions Answered in Bioplastics and Biopolymers Market Report
- What specific factors are hindering the growth of the target market, and how are these factors impacting the overall market performance and projected growth rate?
- Among the sub-segments of the target market, which are expected to have the highest growth rate, and what are the key drivers of their growth?
- What are the primary strategies top players use to differentiate themselves from their competitors, and how effective are these strategies in contributing to their success or challenges in the market?
- How do the demand and supply dynamics of the target market vary across different regions, and what are the implications of these variations for revenue growth in each region?
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