The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Bioplastics & Biopolymers Market.
It was estimated prior to this unanticipated outbreak that the Bioplastics & Biopolymers Market was expected to grow at a CAGR of 21.2% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
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Plastic materials produced from renewable biomass sources are known as bioplastics. They are generally made up of corn starch, straw, woodchips, sawdust, vegetable fats and oils, and recycled food waste and have vast applications in the packaging industry.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
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Based on the type, the bioplastics & biopolymers market is segmented as non-biodegradable/bio-based and biodegradable. The bio-based segment is expected to register the larger share of the market, during the forecast period, driven by the increasing environmental concerns and stringent rules by the government to encourage the use of bio-based bioplastics.
Based on the end-use industry type, the market is segmented as packaging, consumer goods, automotive & transportation, textiles, agriculture & horticulture, and others. The packaging industry is expected to occupy the largest share of the market, during the forecast period, owing to the increasing demand to replace conventional plastics in the packaging industry to address environmental concerns.
In terms of regions, Asia-Pacific is estimated to be the fastest-growing bioplastics & biopolymers market during the forecast period. Increasing population, purchasing power, and increasing preference of customers towards eco-friendly plastic products generate huge demand for bioplastics & biopolymers in the region, which is driving the growth of the region’s market.
Some of the major players in the bioplastics & biopolymers market are-