(EMAILWIRE.COM, July 05, 2024 ) The report ” Bioplastics & Biopolymers Market by Product Type (Biodegradable, Non-Biodegradable/ Bio-Based), End-Use Industry (Packaging, Consumer Goods, Textiles, Agriculture & Horticulture, AnT, Coatings & Adhesives), & Region- Global Forecast to 2029 ” The global market for bioplastics and biopolymers, valued at USD 15.3 billion in 2024, is anticipated to reach USD 45.2 billion by 2029, with a CAGR of 24.2% during the forecast period.
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261 – Market Data Tables
54 – Figures
318 – Pages
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The Asia-Pacific region is forecasted to witness the highest growth and emerge as the largest market for bioplastics and biopolymers. The emergence of new applications and substantial potential in Southeast Asian nations like Thailand and Indonesia present significant growth opportunities. Additionally, Asia Pacific’s attractiveness as an investment destination for bioplastic and biopolymer manufacturers is bolstered by the availability of cost-effective raw materials and labor, alongside rising domestic demand.
In terms of product type, Polylactic Acid (PLA) dominates the biodegradable segment of the bioplastics and biopolymers market by value. PLA, known for its versatility and excellent barrier properties, serves as an ideal replacement for materials like polystyrene (PS), polypropylene (PP), and acrylonitrile butadiene styrene (ABS) in demanding applications.
Sugarcane and sugar beet constitute over a quarter of the total market volume in terms of raw material usage for bioplastics and biopolymers. Bioplastics derived from sugarcane ethanol exhibit similar physical and chemical properties to traditional plastics while maintaining full recyclability. Furthermore, the carbon footprint of sugarcane ethanol-based bioplastics is lower due to the CO2 absorption during sugarcane growth. These bioplastics find applications in various products such as bags, covers, tubes, films, wraps, and stretch films, contributing to a shift towards more environmentally friendly packaging solutions.
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Within the end-use industry, packaging stands as the largest consumer of bioplastics and biopolymers. Increasing environmental regulations and evolving consumer lifestyles have driven the demand for bioplastics and biopolymers in packaging applications. Attributes like high durability and water impermeability have spurred plastic usage in packaging. Moreover, food and beverage manufacturers are increasingly adopting bioplastics and biopolymers to address environmental and economic concerns. Starch and PLA emerge as the most prevalent biodegradable materials used in food and beverage packaging, with escalating fuel prices and concerns over fossil fuel usage driving the transition towards these sustainable alternatives.
Bioplastics & Biopolymers Market Key Players
NatureWorks LLC (US), Braskem (Brazil), BASF SE (Germany), TotalEnergies Corbion (Netherlands), Novamont S.P.A (Italy), Biome Bioplastics Limited (UK), Mitsubishi Chemical Group Corporation (Japan), Biotec Biologische Naturverpackungen GmbH & Co. (Germany), Plantic Technologies Limited (Australia), and Toray Industries, Inc. (Japan) are the key players in the bioplastics & biopolymers market.
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