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According to the bioplastics market analysis, the automotive and transportation segment is driving the market growth of bioplastics. The increasing production and sales of automobiles due to the rising middle-class income are resulting in the growing use of bioplastics in the manufacture of vehicles, thereby propelling the market expansion of bioplastics. The bioplastics market report indicates that the wide adoption of bioplastics like bio-polyamides, polybutylene succinate over metals and fossil-based plastics in automotive manufacturing owing to its exceptional characteristics such as sustainability, lower carbon footprint, reduced dependency on fossil resources, and lightweight are significantly catalysing the market development of bioplastics. The rising inclination of customers toward environment friendly vehicles is also resulting in the steady increase of the bioplastic market share. The research done by leading automobile manufacturers such as Ford and Toyota in using bioplastics for a bright future in the vehicle manufacturing sector is likely to aid the market for bioplastics over the forecast period.
The growing use of bioplastics in various applications as an alternate to conventional plastics due to rising environmental consciousness and the emerging need to reduce the greenhouse gases and lower carbon footprint are providing impetus to the market development of bioplastics. As per the bioplastic market research, the expanding e-commerce sector and the use of bioplastics in packaging of food contact materials to reduce the dependency on fossil fuels is invigorating the market of bioplastics.
The emerging need to manage the increasing plastic waste worldwide and the growing awareness of bioplastics being a solution to plastic pollution are key bioplastics market trends. The initiatives by various governments towards circular economy by banning the single-use plastics and promoting the plastic waste management is further propelling the market. The investments made in research and development activities by the key players to expand the market and ensure that bioplastic fulfils the needs of the global market is expected to augment the bioplastic market growth over the forecast period.
At a regional level, the European bioplastics market is expected to grow at a rapid pace, supported by the growing efforts of countries and associations in the region towards increasing awareness about the benefits of bioplastics. The push towards bioplastics in Europe is guided by the increasing focus on reducing usage and dependence on fossil resources, preventing greenhouse gas emissions, and increasing efficiency of utilising renewable resources.
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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In 2023, the global bioplastics market attained a value of USD 11.33 billion.
The market is assessed to grow at a CAGR of 14.1% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 37.11 billion by 2032.
The major market drivers include the expanding use of bioplastics in various sectors of the economy, increasing need to reduce fossil dependency, and growing concerns over plastic pollution.
The key market trends guiding the growth of the market include the rising environmental consciousness, government initiatives, and investments in research and development activities by market players to expand the market.
The major regions in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The major types of bioplastics include biodegradable and non-biodegradable.
The various applications of the market include rigid packaging, flexible packaging, textiles, automotive and transportation, agriculture and horticulture, and consumer goods, among others.
The major players in the 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.
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