Mar 15, 2022   SOURCE: BusinessWire

Worldwide Bioplastics Industry to 2029 - Untapped Markets in Emerging Economies Presents Opportunities - ResearchAndMarkets.com

The "Bioplastics Market by Type (Starch-based, PLA, PHA, Polyester, Bio-PET, Bio-PE, Bio-PTT, Bio-PA), Application (Packaging, Automotive, Consumer Electronics, Construction, Agriculture, Textile), and Geography - Global Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.

The global bioplastics market is expected to grow at a CAGR of 13.1% from 2022-2029 to reach $25.93 billion by 2029.

Following a comprehensive primary and secondary research and an in-depth analysis of the market scenario, this report provides the key drivers, constraints, challenges, and opportunities of the industry. The main driving factors are the increasing consumer preference for biobased products over synthetic products, the rising research and development in bioplastics, the growing adoption of bioplastics in the packaging industry, and the increased utilization of flexible packaging by the food & beverages industry.

Furthermore, the increasing number of regulations & legal acts supporting bioplastics usage and the untapped markets in emerging economies are expected to boost the growth of this market. However, the high costs of bioplastics compared to conventional plastics are expected to restrain the growth of this market. In addition, the specific requirements for the biodegradation process of bioplastics pose a major challenge for the players operating in this market.

Based on type, the biodegradable bioplastics segment is estimated to command the largest share of this market in 2022. The large market share of this segment is attributed to the wide range of industrial applications and the increasing innovations in biodegradable bioplastics.

Based on application, the packaging bioplastics segment is estimated to command the largest share of this market in 2022. The large market share of this segment is attributed to the benefits offered by bioplastics, such as reduced carbon footprint, energy savings in production, and reduced non-biodegradable waste. In addition, the growing usage of bioplastics as an alternative packaging material and the increasing demand for bioplastics for wrapping organic food and premium and branded products further drive the growth of this segment.

Based on packing type, the flexible packaging segment is estimated to command the largest share of the bioplastics market for packing in 2022. The large share of this segment is attributed to the growing use of bioplastics as a flexible packaging material and the benefits offered by bioplastics, such as reduced carbon footprint, energy savings in production, and reduced non-biodegradable waste.

An in-depth analysis of the geographical scenario of the bioplastics market provides detailed qualitative and quantitative insights about the five major geographies (Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa) along with the coverage of major countries in each region. Asia-Pacific is expected to command the largest share of the global bioplastics market in 2022, followed by North America.

Market Dynamics

Drivers

  • Consumer Preference for Biobased Products Over Synthetic Products
  • Adoption of Bioplastics in the Packaging Industry
  • Increased Utilization of Flexible Packaging by the Food & Beverage Industry
  • Rising R&D in Bioplastics

Restraints

  • Highly Priced Bioplastics

Opportunities

  • Regulations & Legal Acts Supporting Bioplastics Usage
  • Untapped Markets in Emerging Economies

Challenges

  • Specific Requirements for the Biodegradation Process

Companies Mentioned

  • BASF SE (Germany)
  • BIOME BIOPLASTICS LIMITED (U.K.)
  • DuPont de Nemours Inc. (U.S.)
  • FUTERRO SA (Belgium)
  • Saudi Basic Industries Corp (Saudi Arabia)
  • FKuR Kunststoff GmbH (Germany)
  • AKRO-PLASTIC GmbH (Germany)
  • BIOTEC (Germany)
  • Braskem S.A. (Brazil)
  • NOVAMONT S.p.A. (Italy)
  • Plantic Technologies Ltd (Australia)
  • PTT Global Chemical (Thailand)
  • SHOWA DENKO K.K. (Japan)
  • Solvay SA (Belgium)
  • Mitsubishi Chemical Holdings Corporation (Japan)
  • Teijin Limited (Japan)
  • Green Dot Bioplastics Inc. (U.S.)
  • Toray Industries Inc's (Japan)
  • Total Corbion PLA (Netherlands)
  • Toyota Tsusho Corporation (Japan).

For more information about this report visit https://www.researchandmarkets.com/r/s72ty9