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Growing demand from the packaging industry is the key factor driving market revenue growth
VANCOUVER, BC, CANADA, July 11, 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.
The report analyzes the leading players of the global bioplastics market by inspecting their market share, recent developments, new product launches, partnerships, mergers, or acquisitions, and their target markets. This report also includes an exhaustive analysis of their product profiles to explore the products and applications their operations are concentrated on in the global bioplastics market. Additionally, the report gives two distinct market forecasts, one from the perspective of the producer and another from that of the consumer. It also offers valuable recommendations for new as well as established players of the global bioplastics market. It also provides beneficial insights for both new as well as established players of the global bioplastics market.
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Major Players/Manufacturers profiled in the report are:
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.
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.
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For better understanding, the report further divides the market into key segments such as product types and application spectrum. The report also offers estimates about the segment and sub-segment expected to grow at a rapid pace and the key factors expected to drive revenue growth of the segments during the forecast timeline of 2021-2028.
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
Regional Segmentation;
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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The report offers insightful information about the market dynamics of the Bioplastics market. It offers SWOT analysis, PESTEL analysis, and Porter’s Five Forces analysis to present a better understanding of the Bioplastics market, competitive landscape, factors affecting it, and to predict the growth of the industry. It also offers the impact of various market factors along with the effects of the regulatory framework on the growth of the Bioplastics market.
Key Benefits of the Report:
Comprehensive analysis of the competitive scenario and its changing dynamics
Analytical data with detailed SWOT analysis and Porter’s Five Forces analysis
In-depth 8 year analysis of the Global Bioplastics Market
Critical assessment of the key market segments
Comprehensive analysis of the drivers, restraints, trends, and opportunities
Detailed regional analysis and extensive company profiling
Extensive assessment of current and emerging trends of the market
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