Invest in the bioplastic and biopolymer market, poised for a 19.3% CAGR through 2034 – Market Research Blog

The bioplastic and biopolymer market expected to reach a valuation of $16.8 billion by 2024. The sector is expected to be worth US$98 billion by 2034, with a CAGR of 19.3% between 2024 and 2034. The market is experiencing substantial growth, driven by the increased global focus on sustainable and environmentally friendly alternatives. Derived from renewable sources such as corn, sugar cane and algae, bioplastics offer a greener alternative to traditional petroleum-based plastics.

Biopolymers, a subset of bioplastics, include natural polymers such as starch, cellulose and proteins. Major factors driving the expansion of the market include increasing environmental awareness, government regulations that promote sustainable practices, and growing consumer demand for eco-friendly products. Bioplastics and biopolymers, distinguished by their biodegradability and reduced carbon footprint, address the problems associated with conventional plastics. Major players in the industry are investing significantly in research and development to improve product performance and broaden application areas, from packaging to automotive parts. As demand for sustainable solutions continues to rise, the market is ready for further expansion.

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Key market trends and highlights include increasing environmental awareness driving demand for eco-friendly alternatives. Using renewable resources such as corn and sugar cane in bioplastics reduces dependence on fossil fuels. Stringent regulations that promote sustainable practices contribute to market growth and encourage companies to adopt greener solutions. Significant investments in research and development are aimed at improving the performance characteristics of bioplastics and biopolymers and ensuring their suitability for various applications.

Most important conclusions from the market research

• Based on type, biodegradable type is expected to increase at 18.9% CAGR by 2034.
• It is estimated that China will have a CAGR of 19.9% ​​by 2034.
• South Korea is experiencing significant growth, expected at a CAGR of 22.1% by 2034.
• Based on the end-use industry, packaging is expected to grow at a CAGR of 18.7% by 2034.

“A critical driver for the bioplastics and biopolymers market is the increasing global emphasis on environmental sustainability,” said an analyst from Future Market Insights.

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Competitive landscape

The competitive landscape of the bioplastics and biopolymers market is characterized by a diverse range of players, both established multinational companies and emerging entities.

Key industry participants leverage their experience, financial strength and extensive networks. Innovations, sustainability initiatives and adherence to quality standards play a crucial role in the positioning of companies. As the market progresses, players are expected to intensify research, development and collaboration to maintain competitiveness in this dynamic and environmentally conscious sector. Some important developments are:

• In October 2022, Braskem expanded its I’m green^T.M biopolymer production by 30%. This collaboration has doubled the capacity of I’m green^T.M
• In June 2021, BASF introduced Hydagen, a texturizing biopolymer approved by COSMOS. Sourced from the tuber of the konjac factory in southwestern China, this rheology modifier offers cold workability. This innovation from BASF brings a sustainable and natural texture-enhancing solution to the market, which meets the COSMOS standards for cosmetic and personal care formulations.

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More valuable insights available

Future Market Insights provides unbiased global bioplastics and biopolymers market analysis, with historical data from 2019 to 2023 and forecast statistics from 2024 to 2034

To understand the market opportunity for bioplastics and biopolymers, the market opportunities are segmented based on type (biodegradable, non-biodegradable, other), end-use industry (packaging, consumer goods, automotive and transportation, textile, agriculture, other) and region (North America, Latin America). Americas, Europe, East Asia, South Asia, Oceania, Middle East and Africa)

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR Certified, Stevie Award Recipient and Member of the Greater New York Chamber of Commerce) provides deep insights into the driving factors driving demand in the market. FMI is the leading global provider of market information, advisory services, consultancy and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial and Chemical markets. With a vast team of approximately 400 analysts worldwide, FMI offers global, regional and local expertise on diverse domains and industry trends in more than 110 countries.

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