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

Bioplastic is a moldable plastic material made from chemical compounds derived from or synthesized by microbes, such as bacteria, or genetically modified plants. Bioplastics are obtained from renewable resources, and some bioplastics are biodegradable.

Based on type, the global bioplastics market is segmented into biodegradable and non-biodegradable. The non-biodegradable segment led the market in 2020. Also, the market for the same segment is expected to grow at a faster rate during the forecast period.

The bioplastics market, based on geography, is segmented into North America, Europe, Asia Pacific (APAC), South and Central America (SCAM), and the Middle East and Africa (MEA). In 2020, Asia Pacific dominated the market. The growth of various end-use industries in Asia Pacific is driving the growth of the bioplastics market. Furthermore, the building & construction industry strongly contributes to the market's growth. For instance, in India, the construction industry is the second largest industry after agriculture, accounting for ~11% of the country's GDP. Moreover, according to The Asia-Pacific Research and Training Network on Trade (ARTNeT), Thailand is a major automobile exporting country, but Japanese FDI mainly drives the sector. Along with this, the automobile sector in China is growing rapidly, which would have a positive impact on the bioplastics market in the coming years. Moreover, the automotive industry is focusing on setting up new manufacturing and assembly lines in various countries, such as Australia, to suppress the dependence on imported passenger vehicles from other Asian countries.

Many industries, such as the chemicals & materials industry, faced unprecedented challenges due to the COVID-19 pandemic. The shortage of raw material and labor, the shutdown of factories, and other operational difficulties under COVID-19 safety protocols adversely affected the bioplastics market. The lockdown heavily impacted the supply and the production side of bioplastics, thus restraining the growth of the market. Due to the lockdown during the pandemic, the end-use industries reduced the demand for bioplastics. For instance, according to KPMG International, more than ~80% of the world's auto supply chain is connected to China. In January 2020, China's car sales dropped by 18% which led to a negative impact on the automotive industry, leading to decrease in demand for bioplastics. However, successful vaccination drives have further eased the current scenario, leading to a rise in business activities. The economies are reviving their operations, and the demand for bioplastics is expected to rise globally in the coming years. Key manufacturers have started resuming their operations, thus restoring the production capacity of bioplastics. Such factors have had a positive impact on the bioplastics market.

Teijin Limited; Toray Industries, Inc.; Sabic; Basf SE; Total Corbion PLA; Braskem S.A.; Biome Bioplastics; Mitsubishi Chemical Corporation; Novamont S.P.A.; and Natureworks LLC are among the leading players in the bioplastics market. These companies are adopting strategies, such as mergers and acquisitions and product launches, to expand their geographic presence and consumer bases.

The overall global bioplastics market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights into the topic. Participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers-along with external consultants such as valuation experts, research analysts, and key opinion leaders-specializing in the global bioplastics market.