Latest News- Bioplastics Market: Non-biodegradable is expected to lead the Type segment during 2024-2028

The Bioplastics Market is being driven by Emergence of bio-based and renewable raw materials

The Bioplastics Market is expected to grow at a CAGR of 39.04% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 253983.2 million. In the business sphere, the bioplastics market is experiencing substantial expansion due to growing corporate social responsibility initiatives and supportive government regulations. The packaging industry, in particular, is poised for significant growth. Compostable waste bags, a key bioplastics application, enhance the composting process and improve compost quality by collecting organic waste, thereby reducing landfill issues. Biodegradable mulch films, another application, bring about labor and cost savings in agriculture by eliminating the need for disposal. In the food sector, bioplastics are increasingly utilized for catering needs, including trays, cutlery, cups, and dishes. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Type
  • Non-biodegradable
  • Biodegradable
• Application
  • Packaging and food service
  • Agriculture and horticulture
  • CG and HA
  • Automotive
  • Others
• Geography
  • Europe
    • France
    • Germany
    • UK
  • North America
    • US
    • Canada
    • Mexico
  • APAC
    • China
    • India
    • Japan
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Emergence of bio-based and renewable raw materials
• Changing consumer preference toward eco-friendly packaging
• Government emphasis on use of biopolymers and efficient plastic waste management

However, the market also witnesses some limitations, which are as follows:

• Cost-effectiveness of conventional plastic over bioplastics
• Low durability of bioplastics
• High manufacturing cost

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Market Scope in Bioplastics Market Research Report

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Research Analysis Overview

In the evolving landscape of sustainable materials, bioplastics have emerged as a significant alternative to traditional fossil fuel-based plastics. Bioplastics, derived from renewable feedstocks such as Polypropylene, Polyethylene, Cellulose acetate, Polycaprolactone, PHA, PBAT, PBS, and Starch blends, offer eco-friendly properties that mitigate environmental issues. The composting infrastructure plays a crucial role in the biodegradability of these materials. Bioplastics find extensive applications in various sectors, including food items packaging and electronics industry. As the world grapples with the need for cheaper alternatives and a paradigm shift towards circular economy, bioplastics have gained traction. Biodegradable plastics, with their ability to decompose naturally, have become a preferred choice for numerous industries. Companies like Danone have adopted flexible packaging made from bioplastics to reduce carbon dioxide emissions. Hybrid material innovations continue to push the boundaries of bioplastics, offering enhanced properties and versatility. The market for bioplastics is poised for growth, driven by increasing awareness of environmental issues and the need for sustainable solutions. Production halts of fossil fuel-based plastics due to their negative impact on nature further bolster the demand for bioplastics.

Market Research Overview

The bioplastics market encompasses businesses specializing in the production of eco-friendly industrial and basic chemicals, such as biodegradable plastics, synthetic fibers, and biocompatible films. This sector excludes companies manufacturing diversified chemicals, fertilizers, agricultural chemicals, industrial gases, and specialty chemicals. According to Technavio, the global bioplastics market size is determined by the combined revenue generated by these manufacturers. Key growth drivers include the expanding demand for sustainable packaging solutions and the increasing preference for biodegradable materials over traditional plastics.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/