Global Bioplastics Market to Grow at a CAGR of 14.1% During 2024-2032, Aided by Growing Consumer Adoption of Goods Manufactured from Biomaterials

One of the primary factors influencing the bioplastics market growth is the heightened global awareness of environmental sustainability and corresponding regulatory actions. As governments worldwide implement more stringent policies regarding waste handling and emissions, businesses are motivated to incorporate greener alternatives into their operations.

Consumer purchasing behaviour also considerably impacts the market. The expanding consumer preference for environmentally conscious products represents an important driver propelling the growth of the market. Heightened concerns over sustainability and regulatory responses have incentivised innovation while evolving customer perspectives, augmenting the demand for bioplastic materials.

Rising consumer consciousness around issues like climate change and plastic waste has prompted customers to seek out goods with diminished environmental impact. Labels signifying biodegradability, compostability, and renewable sourcing frequently impact purchasing selections. Furthermore, bioplastics are being applied in an expanding assortment of uses beyond only packaging.

Industries like healthcare, agriculture, textiles, and 3D printing have started incorporating bioplastics. Major companies also are establishing ambitious sustainability aims to decrease their carbon footprint and transition supply chains to renewable resources. As awareness grows of plastic pollution's effects, the demand is surging for alternatives enabling more sustainable production and end-of-life outcomes.

Eastman Chemical Company (NYSE: EMN), offers TREVA™, a cellulose-based engineering bioplastic that provides both high performance and enables exceptional depth of colour and high gloss for opaque applications. TREVA is chemically resistant, dimensionally stable, and has excellent flow properties while being BPA-free. Furthermore, the United States Department of Agriculture's BioPreferred® programme has certified Eastman TREVATM Engineering Bioplastic GC6011 as having a biobased content of 45%, as determined by testing in accordance with ASTM D6866.

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Market Breakup by Type, Application, and Region:

• On the basis of the type, the market is bifurcated into biodegradable and non-biodegradable.

• The market can be segmented based on application into rigid packaging, flexible packaging, textiles, automotive and transportation, agriculture and horticulture, and consumer goods, among others.

• By region, the market can be bifurcated into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• Technological advancements are significant catalysts propelling the bioplastics market expansion. Progress in polymer science, materials engineering, and manufacturing methods have created bioplastics that are more comparable to petroleum-derived alternatives with regard to functionality and expense.

• For example, innovations in biopolymer compositions have enhanced the tensile strength, heat tolerance, and other mechanical attributes of bioplastics. Furthermore, amplified research and development in this domain is resulting in innovative uses for bioplastics, expanding beyond packaging into sectors such as automotive, construction, and consumer electronics.

• Volatility in the prices of fossil fuels acts as an indirect catalyst for the market. Traditional plastics are petrochemically derived, necessarily tying their costs to fluctuations in oil and gas prices. Such fluctuations can introduce instability to the budgets of companies reliant on petroleum-based plastics. In contrast, bioplastics derived from renewable resources like corn or sugarcane offer a more stable pricing model, with some insulation from the volatility of fossil fuel markets. This cost predictability renders bioplastics an appealing choice for manufacturers seeking to maintain consistent material expenditures over time.

• The urgent need to address the escalating levels of global plastic waste and the rising awareness of bioplastics as a solution to plastic pollution are important market trends. Government initiatives promoting a circular economy model through restrictions on single-use plastics and enhanced plastic waste management requirements are further accelerating market momentum.

Key Offerings of the Report:

• The EMR report gives an overview of the global bioplastics market for the periods (2018-2023) and (2024-2032).

• The report also offers historical (2018-2023) and forecast (2024-2032) market information for the types, applications, and regions of bioplastics.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, price analysis, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global bioplastics market are Novamont S.p.A., Eastman Chemical Company, Arkema, Corbion NV, Mitsubishi Chemical Corporation, BASF SE, Biome Bioplastics Limited, Futamura Group, Polymateria Limited, Plantic Technologies Limited, CJ CheilJedang Corp., Roquette Frères, PTT Global Chemical Public Company Limited, FUTERRO SA, and TotalEnergies Corbion, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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