The global bioplastics & biopolymers market size is expected to grow from USD 10.5 billion in 2020 and USD 27.9 billion by 2025, at a CAGR of 21.7% during the forecast period. This high growth is driven primarily by the growth of the global packaging end-use industry. Besides packaging, bioplastics & biopolymers are used in various end-use industries such as consumer goods, automotive & transportation, agriculture & horticulture, and textile, among others.
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The growing need to reduce the dependency on conventional fossil fuels is propelling the demand for bio-based products. This is also supported by the new policies and regulations implemented and adopted by the government bodies globally. These regulations include banning or implementing additional surcharges on the use of conventional plastics in applications, such as shopping bags, packaging materials, and disposables. These increasing regulations and prohibitions against plastic bags and other plastic items are driving the market for bioplastics, especially biodegradable plastics worldwide.
APAC is the fastest-growing market for bioplastics & biopolymers, globally. The major end-user industries of bioplastics & biopolymers are packaging, consumer goods, automotive & transportation, and agriculture & horticulture. Industrialization, growing population, and urbanization of APAC are boosting the bioplastics & biopolymers market.
The bioplastics & biopolymers market comprises major players such as NatureWorks (Italy), Braskem (Brazil), BASF (Germany), Total Corbion (Netherlands), Novamont (Italy), Biome Bioplastics (UK), Mitsubishi Chemical Holding Corporation (Japan), Biotec (Germany), Toray Industries (Japan), and Plantic Technologies (Australia), Arkema (France), Cardia Bioplastics (Australia), Futerro (Belgium), FKUR Kunstsoff (Germany), Green Dot Bioplastics (US), PTT MCC Biochem (Thailand), Succinity (Germany), Synbra Technology (Netherland), Tianan Biologic Materials (China), and Zhejiang Hisun Biomaterials (China).
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