The bioplastics market is estimated to be valued at US$ 1344.26 Mn in 2023 and is expected to exhibit a CAGR of 14.8% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Bioplastics are plastics derived from renewable biomass sources such as vegetable oils and fats, corn, potato, switchgrass, and microorganisms. These plastics are environment-friendly and biodegradable in comparison to conventional petroleum-based plastics. Bioplastics are majorly used in applications including packaging, agriculture, consumer goods, textiles and automotive.

Market Dynamics:
The growth of the bioplastics market is attributed to growing environmental concerns due to rise in plastic waste. According to UN Environment Program, unless action is taken by 2050 oceans will contain more plastic than fish. The use of bioplastics helps in reducing plastic pollution as they are biodegradable in nature. Second major driver is stringent regulations regarding use of conventional plastics by various governments. Increasing need for eco-friendly products from various end use industries is also fueling growth of bioplastics market over the forecast period.

SWOT Analysis
Strength: Bioplastics are made from renewable resources making them environment friendly. They help reduce dependence on fossil fuels. Bioplastics decompose faster and release less methane as compared to traditional plastics.

Weakness: Bioplastics have higher production costs than conventional plastics. Their properties are inferior to traditional plastics in terms of strength and barrier protection.

Opportunity: Growing consumer demand for eco-friendly products is driving the growth of bioplastics. Stringent government regulations against single use plastics also offer opportunities for bioplastics market.

Threats: Availability of cheaper fossil fuel based plastics is a major threat. Volatility in raw material prices also poses challenges.

Key Takeaways
The Global Bioplastics Market Size is expected to witness high growth, exhibiting CAGR of 14.8% over the forecast period, due to increasing environmental concerns about disposal of single use plastics. Rising greenhouse gas emissions from plastic waste in landfills and oceans have fueled the demand for sustainable alternatives like bioplastics.

Regional analysis Asia Pacific dominates the global bioplastics market and is expected to witness fastest growth during the forecast period. This can be attributed to rising plastic waste, growing regulations against single use plastics and presence of leading bioplastic manufacturers in countries like India, Thailand and Indonesia. Europe and North America are other major markets for bioplastics due to presence of stringent waste management policies.

Key players operating in the bioplastics market are BASF SE, Braskem S.A., Koninklijke DSM N.V., Arkema S.A., Innovia Films. Ltd., Metabolix, Inc., NatureWorks, LLC, Novamont S.p.A., and The Dow Chemical Company. These players are investing in R&D to expand their product portfolio and drive the growth of global bioplastics market during the forecast period.

Read More: https://www.dailyprbulletin.com/bioplastics-market-trends-growth-and-regional-outlook-2023-2030/