Global Bioplastics Market Report 2023: Bioplastics are Gaining Popularity in the Automotive Sector, Particularly in Electric Vehicles – ResearchAndMarkets.com

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This comprehensive report sheds light on the dynamics, trends, challenges, and growth drivers of the global bioplastics market.

Bioplastics, derived from renewable biomass sources such as plant fats and oils, maize starch, straw, woodchips, sawdust, and recovered food waste, represent a more eco-friendly alternative to traditional plastics. Bioplastics can be bio-based, biodegradable, or possess both properties.

Despite a decline in global plastic production, the bioplastics market has been expanding. Increased demand for bioplastics in the medical sector, technological advancements, and intensified research and development efforts are expected to propel market growth. The global bioplastics market is projected to reach US$10.61 billion by 2023, with a notable compound annual growth rate (CAGR) of 14.21% during the forecast period.

Key Highlights:

• Biodegradable bioplastics dominate the market, with the biodegradable segment having the largest share in terms of value and production capacity.
• Polylactic acid (PLA), one of the most widely used bioplastics globally, is a prominent type among biodegradable bioplastics.
• Flexible packaging is the leading application segment, driven by its efficiency and cost-effectiveness.
• The agriculture & horticulture segment is anticipated to experience the fastest growth in production capacity.

Geographic Coverage: The report segments the global bioplastics market into four regions: Asia Pacific, Europe, North America, and the Rest of the World. Key countries covered include the US, Canada, Mexico, the UK, Germany, France, China, Japan, India, and more.

Asia Pacific holds the largest market share, driven by increased demand from the packaging industry and favorable government regulations. China leads in both value and production capacity due to high per capita consumption, consumer preference for bio-based products, and government initiatives.

Germany, a major European economy, has experienced the fastest growth in its bioplastics market. The government has actively supported the use of certified bio-based and compostable bio waste plastic bags, contributing to market growth. Canada is committed to reducing single-use plastics and adopting more sustainable plastic products.

Key Impacting Factors:

• Growth Drivers:

  • Increasing Fossil Fuel Prices: The rise in fossil fuel prices has made bioplastics more economically attractive compared to traditional plastics.
  • Increasing Demand for Eco-Friendly Goods: Growing environmental awareness has led to higher demand for eco-friendly bioplastics.
  • Emergence of Bio-based and Renewable Raw Materials: Bioplastics benefit from renewable plant-based resources rather than fossil fuels.
  • Reduced Greenhouse Gas Emissions: Bioplastics contribute to reducing greenhouse gas emissions compared to conventional plastics.

• Challenges:

  • High Cost Associated: Bioplastics production is more expensive than conventional plastics due to costly raw ingredients and R&D.
  • Limited Regulations in Developing Countries: Developing nations often lack comprehensive regulations related to bioplastics.

• Trends:

  • Increasing Demand for Electric Vehicles: Bioplastics are gaining popularity in the automotive sector, particularly in electric vehicles.
  • Growing Demand in the Medical Sector: Bioplastics find applications in the medical industry, contributing to market growth.
  • Technological Advancements: Ongoing research and development efforts are leading to new bioplastic technologies.
  • Increasing Research and Development: Intensive R&D activities are driving the development of innovative bioplastics.

Analysis of Key Players: The global bioplastics market is characterized by a consolidated landscape. Key players in the market include BASF SE, Avantium N.V., Toray Industries Inc., Biome Technologies PLC, Carbion N.V., Futerro, NatureWorks LLC, Kuraray Co., Ltd (Plantic Technologies Ltd.), Eastman Chemical Company, Mitsubishi Chemical Group, Novamont S.p.A., and PTT MCC Biochem Co. Ltd.

The “Global Bioplastics Market (by Production Capacity, Type, Application, & Region): Insights and Forecast (2022-2027)” report offers a comprehensive overview of the market, highlighting key dynamics, trends, and challenges.

For more information about this report visit https://www.researchandmarkets.com/r/c7q1q2

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