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The global bioplastics market size was USD 7.6 billion in 2022 and is expected to register a revenue CAGR of 7.8% during the forecast period.

NEW YORK CITY, NEW YORK, UNITED STATES, June 19, 2023/EINPresswire.com/ -- Bioplastics Market Overview

The global bioplastics market size was USD 7.6 billion in 2022 and is expected to register a revenue CAGR of 7.8% during the forecast period. Rising demand for environment-friendly and sustainable alternatives to conventional plastics is the major factor driving market revenue growth. Demand for bioplastics in many end-use sectors is rising due to rising awareness of the harmful effects of plastic waste on the environment and the enforcement of strict laws by various governments. Rapid urbanization, increasing population, and altering lifestyles are other factors contributing to rising demand for bioplastics. These factors have increased consumer demand for single-use plastic items. Moreover, rising use of bioplastics in a variety of industries, including packaging, automotive, consumer products, and agriculture, is a result of the increased focus on decreasing carbon emissions and protecting natural resources.

Bioplastics Market Segments

The global market for bioplastics reached a valuation of USD 7.6 billion in 2022 and is projected to experience a compound annual growth rate (CAGR) of 7.8% throughout the forecast period. The primary driver behind the growth of market revenue is the increasing demand for environmentally friendly and sustainable alternatives to traditional plastics.
The demand for bioplastics is witnessing a surge across various end-use sectors due to the growing awareness of the detrimental impact of plastic waste on the environment, coupled with the implementation of stringent regulations by governments worldwide. Factors such as rapid urbanization, population growth, and evolving lifestyles further contribute to the escalating demand for bioplastics. These factors have led to a rise in consumer preference for single-use plastic products.
Additionally, the heightened emphasis on reducing carbon emissions and preserving natural resources has resulted in the expanded utilization of bioplastics across diverse industries, including packaging, automotive, consumer products, and agriculture.

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Bioplastics Market: Strategic Developments

• In 2021, Danimer Scientific announced a merger with Live Oak Acquisition Corp II, a special purpose acquisition company, with the goal of expanding its product offerings and capabilities.
• In 2020, Braskem launched a biodegradable polypropylene resin made from renewable resources, which can be used in a wide range of applications including food packaging, textiles, and toys.
• In 2020, Mitsubishi Chemical Holdings Corporation announced the acquisition of Welset Plast Extrusions Private Limited, which is an Indian company specializing in plastic films and sheets. The acquisition was aimed at expanding Mitsubishi Chemical's presence in the Indian market and enhancing its product offerings in the bioplastics segment.
• In 2019, BASF SE announced the launch of a new biodegradable polymer, Ecovio EA, which can be used in a range of applications including agricultural films, shopping bags, and food packaging.
• In 2019, Total Corbion PLA announced the expansion of its bioplastics production capacity in Thailand, with the goal of meeting the growing demand for bioplastics in the Asia-Pacific region.

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Bioplastics Market: Competitive landscape

The global bioplastics market is characterized by intense competition, with numerous prominent companies, both large and medium-sized, contributing to a significant portion of the market's revenue. These key players employ various strategies to maintain their market position, such as engaging in mergers and acquisitions, forming strategic agreements and contracts, introducing innovative product offerings, and expanding their geographical presence. The global bioplastics market report features a comprehensive analysis of several major companies, including BASF SE, Biome Technologies PLC, Braskem, Danimer Scientific, Evonik Industries AG, Mitsubishi Chemical Holdings Corporation, NatureWorks LLC, Plantic Technologies Ltd., Tate & Lyle PLC, and Total Corbion PLA. These companies play a crucial role in shaping the market landscape and driving advancements in bioplastics technologies.

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