Bioplastics Market Growth with Forecast Overview to 2024 - DuPont, Toray Industries, Arkema, BASF, Ecospan, Novamont S.p.A and NatureWorks

The global Bioplastics Market is expected to reach approximately USD 94.35 billion by 2023, while registering itself at a compound annual growth rate (CAGR) of 28.67% during the forecast period. Increasing demand for packing that is eco-friendly has pushed many plastic manufacturers and packaging merchants to move towards the usage of bioplastics in packaging. The growing need to adhere to government controls is pushing sellers to concentrate on assembling bioplastics and devour more green packaging labels to build their marking and client procurement. With the expansion in focus on maintainability and positive government controls for green procurement approaches, the worldwide bioplastic market will encounter huge opportunities in the packaging and consumer goods industry in the coming years.

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The leading players in the market are DuPont, Toray Industries, Arkema, BASF, Ecospan, Novamont S.p.A and NatureWorks. The major players in the market are profiled in detail in view of qualities, for example, company portfolio, business strategies, financial overview, recent developments, and share of the overall industry.

Type Outlook and Trend Analysis

In 2015, the non-biodegradable bioplastics fragment ruled the bioplastics market and represented around 62% of the aggregate share of the overall industry. A significant part of the market's development is because of the high usage of bio-based bundling in consumer goods, food products, and different applications. Non-biodegradable or incompletely bio-based tough plastics bolster in decreasing the carbon footprint of the products and can likewise be mechanically reused in the pre-existing streams.

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Application Outlook and Trend Analysis

The food services and packaging section will be the quickest developing portion in the bioplastics market regarding application and is foreseen to hold a significant share of the market. Bioplastics are useful to fabricate loose-fill, pots, flexible films, cups, blows, flexible films, and different products. Packaging products from bioplastics are useful as a part of the bundling of dry snacks, candy, fresh food, juice bottles, bakery goods, and meat trays and in addition coatings for films, card stock, and beverage cups.

Regional Outlook and Trend Analysis

APAC is the quickest developing area in the bioplastics market and will develop at a high CAGR amid the conjecture time frame. With the nonstop increment in awareness about the environment and contamination and more accentuation on environment, the legislatures of a many APAC countries are concentrating on the reusing of plastic products, which has helped the development prospects for the market for bioplastics in APAC. Regarding creation, APAC is driving the bioplastics market comprehensively and will proceed with its predominance in the following years.

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The Bioplastics Market is segmented as follows-

By Type:

Biodegradable
Non-biodegradable

By Application:

Agriculture and horticulture
Consumer goods and household appliances
Packaging and food services
Automotive

By Region
North America

U.S
Canada
Mexico

Europe
Germany
France
UK
Italy
Spain
Rest of Europe

Asia-Pacific

Japan
China
Australia
India
South Korea
Rest of Asia Pacific

Rest of the World

Brazil
South Africa
Saudi Arabia
United Arab Emirates
Others

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