Bioplastics Market Size: Future Growth, Share, New Investments, In-Depth Survey, Key Player and Forecast 2022-2030
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VANCOUVER, BC, CANADA, September 12, 2022 /EINPresswire.com/ -- The global bioplastics market size was USD 10.64 Billion in 2021 and is expected to register a revenue CAGR of 16.8% over the forecast period, according to the latest analysis by Emergen Research. Increase in demand for bioplastics from the automotive industry and demand for compostable plastics to improve soil quality are factors expected to support revenue growth of the market between 2022 and 2030. The automotive industry's primary objective and challenge is to reduce fuel consumption and pollutants by reducing vehicle weight. Bioplastics are effective materials for achieving this purpose. These smart plastics, such as bio-PA and bio-PP, have been embraced by major vehicle manufacturers to reduce environmental impact and provide additional strength to automobile components. Thus, demand for these plastics in the automotive industry owing to their excellent properties is anticipated to create lucrative growth prospects for companies in the market.
Plastics have a wide range of applications in agriculture and horticulture. For example, they're used to make greenhouses, storage bags and bins, and silos. Moreover, current semi-intensive and intensive farming practices include the use of large numbers of mulching films and harvest-protection bags to suppress weed development, protect crops from pests, and manage soil moisture and nutrient content to create a beneficial microclimate. Conventional plastic, on the other hand, is not biodegradable and can persist in the environment for many harvest seasons. It harms the environment and inhibits growth of crops and products by preventing roots from accessing water and nutrients in the soil. Many agricultural plastics manufacturers have explored biodegradable plastics that are both technically and commercially viable, derived from sustainable and renewable raw materials. Compostable plastics decompose in the environment and contribute to soil enrichment, in addition to supporting plant growth. Thus, demand for bio-based plastics is growing in the agricultural industry, which will help drive revenue growth of the global bioplastics market over the forecast period.
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Some Key Highlights from the Report
The biodegradable segment accounted for largest revenue share in 2021, owing to high demand from the packaging, textiles, agricultural, and consumer goods industries. These industries favor biodegradable varieties since they provide the required performance attributes while also being biologically sustainable. Biodegradable bioplastics have many advantages, including lower carbon footprint, less energy usage, eco-friendly disposable solutions, and recyclability. Moreover, biodegradable bioplastics aid in the monitoring of petroleum reserves.
The packaging segment is expected to lead in terms of revenue growth rate during the forecast period. Increasing use of bioplastics in the production of compost bags, agricultural foils, nursery products, toys, horticultural items, and textiles is driving revenue growth of the segment. Bioplastics are also used in the manufacturing of clingfilm, disposable cups, plates, bowls, and food containers. Development of food-grade bioplastics has increased the shelf life of food products, which drives their demand and boosts revenue growth of the segment.
The bioplastics market in Europe is expected to account for largest revenue share among other regional markets during the forecast period, due to the surging demand for bioplastics from several end-use industries such as packaging, textile, automotive & transport, agriculture, medical, and construction, among others. The region is observing increased investment in R&D and the rising production of bioplastics with producers focusing on expanding their production capacity to cater to consumers' growing demand. Besides, stringent regulatory norms to limit the use of synthetic polymer, in turn, would drive the demand for bioplastics.
On 1 July 2021, Solvay completed its acquisition of Bayer's global seed coatings business. The acquisition will expand Solvay's existing seed care portfolio in bio-based, seed-applied treatments, and allows Bayer to reinvest.
Top Companies Covered In This Report:
BASF SE, Natureworks LLC, Biome Bioplastics Limited, BIOTEC, Plantic Technologies Ltd, Mitsubishi Chemical Holdings Corporation, FUTERRO S.A., Danimer Scientific, Novamont S.p.A., and Green Dot Bioplastics, Inc.
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Emergen Research has segmented the global bioplastics market on the basis of type, distribution channel, application, and region:
Type Outlook (Revenue, USD Billion; 2019–2030)
Biodegradable
Polybutylene Adipate Terephthalate (PBAT)
Polybutylene Succinate (PBS)
Polylactic Acid (PLA)
Polyhydroxyalkanoate (PHA)
Starch Blends
Others
Non-Biodegradable
Polyethylene (PE)
Polyamide (PA)
Polyethylene Terephthalate (PET)
Polyethylene Furanoate (PEF)
Polytrimethylene Terephthalate (PTT)
Polypropylene (PP)
Others
Distribution Channel Outlook (Revenue, USD Billion; 2019–2030)
Online
Offline
Application Outlook (Revenue, USD Billion; 2019–2030)
Packaging
Textile
Automotive & Transportation
Consumer Goods
Agriculture
Building & Construction
Others
Finally, the report majorly enlightens the key growth and limiting factors that majorly target the center of the market affecting the growth and its development to either positive or negative extent. The report also specifies the impact of regulations and policies implemented by the administration on the current growth and upcoming opportunities that may lead to market development escalation. The Bioplastics Market report offers a superior vision of the global market, which will help clients to manage the business precisely with better growth and expansion compared to its contenders in the market.
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How will this Report Benefit you?
A 250-page report from Emergen Research includes 194 tables and 189 charts and graphics. Anyone in need of commercial, in-depth assessments for the global Bioplastics market, as well as comprehensive market segment analysis, can benefit from our new study. You can assess the whole regional and global market for Bioplastics with the aid of our recent study. To increase market share, obtain financial analysis of the whole market and its various segments. We think there are significant prospects in this industry for rapidly expanding energy storage technology. Look at how you may utilise the current and potential revenue-generating prospects in this sector. The research will also assist you in making better strategic decisions, enabling you to build growth strategies, strengthen competitor analysis, and increase business productivity.
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What Questions Should You Ask before Buying a Market Research Report?
• How is the Bioplastics market evolving?
• What is driving and restraining the Bioplastics market?
• How will each Bioplastics submarket segment grow over the forecast period and how much revenue will these submarkets account for in 2030?
• How will the market shares for each Bioplastics submarket develop from 2022 to 2030?
• What will be the main driver for the overall market from 2022 to 2030?
• Will leading Bioplastics markets broadly follow the macroeconomic dynamics, or will individual national markets outperform others?
• How will the market shares of the national markets change by 2030 and which geographical region will lead the market in 2030?
• Who are the leading players and what are their prospects over the forecast period?
• What are the Bioplastics projects for these leading companies?
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