Major players in the bioplastics market are BASF SE, Corbion NV, Danimer Scientific, Mitsubishi Chemical Holdings, Novamont SPA, PTT Global Chemical, FKuR Kunststoff GmbH, NatureWorks LLC, Teijin Ltd, Toray Industries Inc, Toyota Tsusho, M&G Chemicals, Showa Denko KK, SABIC, Futerro SA, Braskem, Biome Technologies plc, BioApply, Biofase, Advance Bio Material Pvt Ltd, Biotec, PTT MCC Biochem Co Ltd, Bio-On and Avantium, Plantic Technologies.
New York, Sept. 15, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Bioplastics Global Market Report 2022" - https://www.reportlinker.com/p06318538/?utm_source=GNW
The global bioplastics market is expected to grow from $6.77 billion in 2021 to $7.80 billion in 2022 at a compound annual growth rate (CAGR) of 15.27%. The bioplastics market is expected to reach $14.86 billion in 2026 at a compound annual growth rate (CAGR) of 17.49%.
The bioplastics market consists of sales of biodegradable plastics material by entities (organizations, sole traders, and partnerships) that are used to reduce the pollution problem of plastic waste which suffocates the planet and polluting the environment.Bioplastics are a type of plastic produced from natural or renewable resources such as vegetable oils, starch, sugarcane, corn, and microbes like yeast.
Bioplastics are sustainable, largely biodegradable, and biocompatible. Bioplastics play a crucial role in various industrial applications such as food packaging, agriculture, horticulture, composting bags, hygiene, and others.
The main types of bioplastics are biodegradable and non-biodegradable.The biodegradable bioplastics are the plastics that decompose naturally by the action of living organisms such as microbes breaking down into the water, carbon dioxide, and biomass and which are not harmful to environment.
The material that makes up the biodegradable bioplastics maintains its mechanical strength and breaks on elongation.Starch blends, polyhydroxyalkanoates (PHAs), polylactic acid (PLA), and cellulose-based plastics are some examples of biodegradable bioplastics.
Bioplastics has wide range of application in rigid packaging, flexible packaging, textile, agriculture and horticulture, consumer goods, automotive, electronics, building and construction and others.
Asia-Pacific was the largest region in the bioplastics market in 2021. The regions covered in the bioplastics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The bioplastics market research report is one of a series of new reports that provides bioplastics market statistics, including bioplastics industry global market size, regional shares, competitors with a bioplastics market share, detailed bioplastics market segments, market trends and opportunities, and any further data you may need to thrive in the bioplastics industry. This bioplastics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Increasing awareness about the importance of bioplastics is expected to drive the market going forward.Globally, there has been increasing awareness regarding the adverse effects of pollution caused by plastics manufacturing and disposal.
According to a study by Pew Charitable Trusts and SYSTEMIQ, Ltd, the amount of plastic trash that flows into the oceans every year is expected to nearly triple by 2040 to 29 million metric tons, if left unchecked.All this contributes to the increasing pollution levels and making it necessary for customers to focus on sustainability.
For instance, in 2022, according to the Ipsos Global Survey on Attitudes towards Single Use Plastics, at least 8 in 10 urban Indians accounting for 83% said they would like a complete ban on the usage of single use plastics (SUP). Thus, increasing awareness will encourage customers towards bioplastics, and will drive the market.
Companies in the market are focusing on increasing investment in environment-friendly bioplastics.Bioplastics are prepared from biodegradable and renewable resources such as proteins, starch, and polylactic acid (PLA).
The number of available products and suppliers has increased in recent years leading to increase use of bioplastics in commercial markets across the globe. For example, in January 2022, Vikas Ecotech Limited plans to invest in the environment-friendly BioPlastics (PHA) technology and in the advance stage of finalizing a Technology Tie-Up/Joint Venture with Aurapha Private Ltd. (the ’AuraPHA’) to produce Biodegradable Plastics.
In March 2022, CBD Global Sciences, a Canada-based consumer goods and farming company announced the acquisition of Pure BioPlastics Inc., for an undisclosed amount. Through this acquisition, CBD will acquire 100% of Pure BioPlastics Inc. and aims to will create a Bio-Based Technologies Division that will continue to offer advancing solutions to the global environmental issues dealing with plastics. Pure BioPlastics Inc. is a US-based company offering bioplastic materials produced through 100% bio-based pathway.
The countries covered in the bioplastics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
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