The scope of our recent study on "Bioplastics Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Type (Biodegradable and Non-Biodegradable) and Application (Packaging, Agriculture, Consumer Goods, Automotive & Transportation, Textiles, Building & Construction, and Others)" includes the factors fueling the market growth, revenue estimation and forecast, and market share analysis, along with the identification of significant market players and their key developments.

The bioplastics market is expected to grow from US$ 5,799.8 million in 2021 to US$ 13,806.1 million by 2028; it is estimated to grow at a CAGR of 13.2% from 2021 to 2028 Bioplastics are plastic material made from renewable biomass sources, such as vegetables fats and oils, cornstarch, straw, woodchips, sawdust, and recycled food waste. Bioplastics have the potential to reduce 30-70% of carbon dioxide emissions and represent ~ 42% reduction of carbon footprints.

Based on application, the bioplastics market is segmented into packaging, agriculture, consumer goods, automotive & transportation, textiles, building & construction, and others. In 2020, the packaging segment dominated the market. Also, the market for the same segment is expected to grow at the fastest rate during the forecast period. In the packaging industry, bioplastics are increasingly used as an alternative to conventional fossil-fuel-based plastics and is mostly used for food contact materials. The most common bioplastic used in the industry is polylactic acid (PLA), which is typically utilized for bags, food containers, bottles, disposable tableware, and cutlery The global bioplastics market is segmented into five main regions-North America, Europe, Asia-Pacific (APAC), the Middle East & Africa (MEA), and South & Central America (SCAM). In 2020, Asia Pacific dominated the global market. The Asia Pacific bioplastics market is growing due to several factors, such as the growth of various end-use industries, the prevalence of global manufacturers, and increased environmental awareness and concerns across the region. Along with this, factors such as the growing packaging industry, government policies encouraging environment-friendly products, and growing investments by key market players are among the key factors anticipated to drive the bioplastics market growth in the region during the forecast period.

Impact of COVID-19 Pandemic on Bioplastics Market

Initially, the COVID-19 pandemic adversely affected the bioplastics market due to the shutdown of manufacturing facilities and the restrictions on transportation and logistics. The disruptions in the supply chain also hampered the supply of bioplastics. Following the state and regional guidelines, manufacturers had to follow extensive measures to protect the health and safety of their employees. Many global manufacturers temporarily closed their operations or restricted their production capacity. The negative impact of COVID-19 pandemic on the end-use industries has decreased the demand for bioplastics. As per a survey conducted by the Associated General Contractors (AGC) of America, since March 2020, 30% of companies' construction projects have been delayed due to government orders, 37% were stopped due to owner requests associated with the COVID-19 pandemic, and 67% had delayed or canceled a project due to funding issues. However, businesses are recovering, as the governments of various countries have reduced imposed restrictions. Moreover, successful vaccination drives have further eased the current scenario leading to a rise in business activities across the globe. The recovery of various end-use industries is also driving the bioplastics market. The start of operations in the manufacturing units has led to the recovery in the production of bioplastics products, which had a positive impact on the market.

Bioplastics Market Size, by Region, During 2021-2028

The "Global Bioplastics Market Analysis to 2028" is a specialized and in-depth study of the chemicals and materials industry, focusing on the global bioplastics market trend analysis. The report aims to provide an overview of the market with detailed market segmentation. The bioplastics market is segmented on the basis of type, application, and geography. Based on type, the market is segmented into biodegradable and non-biodegradable. Based on application, the bioplastics market is segmented into packaging, agriculture, consumer goods, automotive & transportation, textiles, building & construction, and others. Based on geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. Asia-Pacific is expected to be the fastest-growing region in the bioplastics market, followed by Europe.

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