According to a research report by Stratview Research, the Bioplastics Biopolymers Market was estimated at USD 10.66 billion in 2021 and is likely to grow at a CAGR of 22.23% during 2022-2028 to reach USD 43.72 billion in 2028.

What are bioplastics?

Plastic materials produced from renewable biomass sources are known as bioplastics. They are generally made up of corn starch, straw, woodchips, sawdust, vegetable fats and oils, and recycled food waste and have vast applications in the packaging industry.

COVID-19 IMPACT

Covid-19 had resulted in lockdowns and restrictions, stricter border controls. This made big businesses, the government, and the plastics industry to renew supply chains. The pandemic had a major impact on the social and financial sectors across the globe, and all the major industries suffered. However, the need for bioplastic and biopolymer biodegradable takeaway containers saw an increase in demand. Still, the pandemic had an uneven effect on the bioplastics biopolymers market.

Market Dynamics

The growth of the bioplastics biopolymers market is primarily driven by-

• Increasing demand from the packaging industry
• Government’s efforts to promote bio-products by regulating stringent rules citing environmental concerns.

Segments' Analysis

Based on the type, the market is segmented as non-biodegradable/bio-based and biodegradable. The bio-based segment is expected to register the larger share of the market, during the forecast period, driven by the increasing environmental concerns and stringent rules by the government to encourage the use of bio-based bioplastics.

Based on the end-use industry type, the market is segmented as packaging, consumer goods, automotive transportation, textiles, agriculture horticulture, and others. The packaging industry is expected to occupy the largest share of the market, during the forecast period, owing to the increasing demand to replace conventional plastics in the packaging industry to address environmental concerns.

In terms of regions, Asia-Pacific is estimated to be the fastest-growing market during the forecast period. Increasing population, purchasing power, and increasing preference of customers towards eco-friendly plastic products generate huge demand for bioplastics biopolymers in the region, which is driving the growth of the region’s market.

Research Methodology

This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both the qualitative and quantitative insights.

Leading Players Covered in the Bioplastics Biopolymers Market Report:

The following are the key players in the Bioplastics Biopolymers Market -

• NatureWorks
• Braskem
• BASF
• Total Corbion
• Novamont
• Biome Bioplastics
• Mitsubishi Chemical Holding Corporation
• Biotec
• Toray Industries
• Plantic Technologies

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