Bioplastics Market, Size, Share, Growth, Opportunity and Forecast, 2021-2028 | DataM Intelligence

(ProNewsReport Editorial):- Albany, New York Aug 9, 2021 (Issuewire.com) – Market Overview

• The bioplastic Market uses materials that are either biodegradable and compostable and derived from both renewable and non-renewable sources or materials that are non-biodegradable and derived from renewable resources. 
• They are commonly used for insulation, as a packaging material, and in crockery and food packaging. Since bioplastics are plant-based products, the consumption of petroleum in the production of plastic is expected to decrease.

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Growth Analysis

• The increase in the use of bioplastics in all market segments is driven by increasing demand for sustainable products by consumers and growing awareness towards the environment.
• Also, the continuous innovations of the bioplastics industry in new materials with improved properties and new functionalities are fuelling the market for bioplastics. However, the processing cost for Bioplastics is comparatively very high than the traditional petroleum-drive plastic, which is hindering the overall growth of the market.

Market Segmentation

• By the material type, the global bioplastics market is bifurcated into PUR (Polyurethanes), PET (Polyethylene terephthalate), PE (Polyethylene), PA (Polyamides), Starch Blends, PLA (Polylactic Acid), and Others. Among all material types, PUR (Polyurethanes) dominated the bioplastics market in 2017 in terms of volume.
• Furthermore, polyurethane is exhibiting significant growth in buildings and houses due to low CO2 emissions, increasing penetration of polyurethane in furniture and bedding. Automotive applications of PUR are also the primary driver for market growth.
• Additionally, the Production capacities of PLA (Polylactic Acid) are anticipated to grow in the coming years, Owing to its features and barrier properties. The high-performance PLA grades are a replacement for PS (polystyrene), and PP (polypropylene) in demanding applications. These applications are the propelling factors for market growth.

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Geographical Share

• Geographically, the global bioplastics market has been segmented into North America, Europe, Asia-pacific, and Others. Among all the regions, Asia-Pacific accounted for the largest market size regarding the production of bioplastics, followed by Europe and North America.
• With increasing industrial activities in the Asia-Pacific region, the demand for bioplastics is also expected to grow. Also, with the increasing population and high urbanization rates in the area, the usage of bioplastics in packaging is likely to increase significantly.
• Furthermore, the global bioplastics market is expected to have robust growth in the European region due to increasing investments in R&D. Bioplastics market is expected to be stable in the North American region due to increased consumption of consumer goods in bioplastics. Hence the demand for bioplastics is also projected to be high in these regions.

Related Topic’s

Biopolymer Market, Biopolymer Coatings Market, Bioplastic Packaging Market, Plastic Tubes Market