The size of the global market for bioplastics and biopolymers is projected to grow from the current $ 10.7 billion in 2021 to a value of $ 29.7 billion in 2026
The global market for bioplastics and biopolymers will reach a value of 29.7 billion dollars in the next five years.
According to the report «Bioplastics and biopolymers market by type (non-biodegradable / bio-based, biodegradable), end-use industry (packaging, consumer goods, automotive and transportation, textiles, agriculture and horticulture), region: global Forecast to 2026 «, published by MarketsandMarkets, the size of the global market for bioplastics and biopolymers is projected to grow from the current 10.7 billion dollars in 2021 to a value of 29.7 billion dollars in 2026, to a compound annual rate of 22.7% between 2021 and 2026.
The importance of the global bioplastics market
Bioplastics are plastics derived from renewable sources such as corn, potatoes, rice, soybeans, sugar cane, wheat and vegetable oil, while biopolymers are polymers of natural origin. Bioplastics are primarily segmented into biodegradable and non-biodegradable plastics for various applications in packaging, consumer goods, automotive and transportation, agriculture and horticulture, medicine, and other end-use industries.
Due to their properties, biodegradable bioplastics and biopolymers will account for the majority of the market in terms of value. Biodegradable plastics are the largest type segment in terms of value during the forecast period, as highlighted in the cited report.
For their part, biodegradable polymers are high molecular weight compounds that decompose naturally in the environment through bacteria and other microorganisms over a period of time. The process produces natural by-products, such as biomass, water, gases, and inorganic salts.
Biodegradable polymers are made from renewable sources such as corn oil, starch, orange peels, and plant materials and deteriorate into natural by-products. Increasing concerns related to environmental pollution and non-renewable finite oil resources are leading to the increasing use of bioplastics and biodegradable biopolymers.
Containers and packaging, a key segment
In terms of value, the packaging segment is projected to account for the majority of the bioplastics and biopolymers market, by end-use industry, during the forecast period.
Packaging is one of the end-use industries that dominates the bioplastics and biopolymers market. Bioplastics, and especially biodegradable ones, are in increasing demand to replace conventional plastics to address environmental concerns. The use of bioplastics is increasing in applications such as bottles, films, shell cartons, waste collection bags, carry bags, mulch films, and food service items.
