Bioplastics Market
The Bioplastics Market is on track to hit $62.6 billion and 13.7 million tons by 2031, driven by CAGRs of 22.4% in value and 22.7% in volume from 2024 through 2031.n
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What is driving the Bioplastics Market's projected worth of $62.6 billion by 2031?
Bioplastics Market- 2024-2031 The bioplastics market is forecasted to reach $62.6 billion by 2031, growing at a CAGR of 22.4% from 2024 to 2031, according to Meticulous Research . By volume, the market is set to expand to 13.7 million tons by 2031, with a CAGR of 22.7% during the same period. Request For Sample Report: https://www.meticulousresearch.com/request-sample- report/cp_id=5996? The market's expansion is propelled by increased demand for sustainable packaging solutions and heightened environmental awareness. However, growth is tempered by challenges such as the limited functional capabilities of bioplastics compared to traditional plastics and their high production costs. Technological advancements in bioplastic production offer promising opportunities for market growth, though operational and infrastructure issues remain significant challenges. Segment Analysis The bioplastics market is categorized into biodegradable plastics and bio-based plastics. The biodegradable plastics segment includes starch blends, PLA, PBAT, PBS, PHA, and other types. Bio-based plastics encompass Bio-PET, Bio-PA, Bio-PE, Bio-PP, Bio-PTT, and other varieties. In 2024, bio-based plastics are anticipated to hold the largest market share of over 54.0%. This is due to the growing consumer awareness of the environmental impacts of conventional plastics. Bio-based plastics typically have a lower carbon footprint and are designed to be biodegradable or compostable. Technological improvements are also enhancing their performance and reducing production costs. On the other hand, the biodegradable plastics segment is expected to grow at the highest rate. This growth is driven by the need to mitigate microplastic pollution and the availability of economic incentives for biodegradable plastics. Application Segmentation The bioplastics market is segmented into applications such as packaging (flexible and rigid), automotive, agriculture, construction, fashion, electronics, and others. The packaging segment is projected to capture over 53.0% of the market share in 2024. This dominance is due to the increasing use of bioplastics in packaging, which offers biodegradability, reduced carbon emissions, and renewable sourcing compared to traditional plastics. Regional Breakdown Europe is expected to account for the largest share of over 36.0% of the bioplastics market in 2024. This is driven by the rise in e-commerce, increased use of bioplastics in food Page 1 of 2 Meticulous Research| sales@meticulousresearch.com
Bioplastics Market- 2024-2031 packaging, and the presence of major industry players. Meanwhile, the Asia-Pacific region is projected to register the highest CAGR of 24.0%, supported by growing demand for eco- friendly packaging solutions and favorable regulatory environments. Leading Companies Key players in the bioplastics market include Trinseo PLC, Arkema, BASF SE, BIOTEC Biologische Naturverpackungen GmbH & Co. KG, Braskem S.A, Danimer Scientific Inc., Rodenburg Productie B.V., Futerro SA, Indorama Ventures Public Company Limited, MINIMA Technology Co. Ltd., NatureWorks LLC, Novamont S.p.A., TotalEnergies Corbion, Solvay SA, and Trifilon AB. Buy Now: https://www.meticulousresearch.com/Checkout/46506662? About Meticulous Research Meticulous Research was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to detail. With meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth. Contact Us: Meticulous Research Email- sales@meticulousresearch.com Contact Sales- +1-646-781-8004 Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research Page 2 of 2 Meticulous Research| sales@meticulousresearch.com
