Market Overview
According to market research firm Future Market Insights, the Bioplastics Market is predicted to grow at a 10% CAGR over the forecast period (MRFR). Two significant reasons driving the market evaluation are environmental considerations prompting a paradigm shift and rising demand for bioplastics in flexible packaging. The environmental concern caused by excessive amounts of greenhouse gas emissions in the atmosphere is one of the key drivers for the bioplastic sector since bioplastics help to reduce dependency on fossil resources, reduce greenhouse gas (GHG) emissions, and improve resource efficiency. Flexible packaging is likely to lead the global market in terms of volume throughout the forecast period. Future opportunities are expected to come from alternatives to petroleum-based plastics and government regulations on existing plastics.
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Market Segmentation
The market is segmented into rigid packaging, flexible packaging, textiles, automotive and transportation, consumer products, and other applications including agriculture, construction, and electronics. Packaging is the primary application for bioplastics. The rigid packaging segment has the largest market share, followed by flexible packaging.
The key segments: Types and Applications have been investigated by the authors of this study report. The study dives into the categories of types and applications, as well as their sub-categories. The profitability and growth potential of this industry have been investigated by industry specialists in this research.
Regional Classification
In 2019, the European Union had the highest market share in the bioplastics business, with 33.7 per cent. This is due to the European Union's stringent regulations on the manufacture and use of plastics. It also boasts a big number of bioplastic businesses. The European Union as a whole has implemented numerous laws and regulations making it far more difficult for businesses and consumers to utilize single-use plastics. Most European Union corporations are also investing much more in the technologies required to manufacture bioplastics. These elements are also propelling this region's development. The general public in Europe is aware of the negative effects that plastics have on the environment as they degrade, and they are taking steps to minimize the manufacturing and use of traditional plastics.
North America has the third-largest market share in the bioplastics business. This is due to the implementation of new rules and regulations making the use of traditional plastics illegal.
Because of a lack of awareness of the numerous benefits of bioplastics, the Latin American, Middle Eastern, and African markets are lagging in terms of market growth and share.
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Industry News
By 2027, the bioplastics sector is expected to grow at a 10% CAGR. By then, the bioplastics market is estimated to be worth USD 11.68 billion! Companies can now produce plastic products out of organically grown materials thanks to technological breakthroughs. Every year, more and more individuals throughout the world want to use them because they are environmentally beneficial. This is due to a growing awareness of how vulnerable the environment is and the urgent need to safeguard it.
The European Union holds the largest proportion of the bioplastics market. Because most European governments are becoming considerably tougher about the processes that corporations can employ to create plastic products, this is happening. They're also tougher about what resources these corporations can utilize to produce these polymers.
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