Global Bioplastic Market Overview and Forecast 2023 Global Bio-Plastic Market Analysis and Future Grow | Page 2

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1. OVERVIREW
Bioplastics include both biodegradable and non-biodegradable polymers that are manufactured from
natural sources. The use of bioplastics is being encouraged consistently, in obtaining natural polymers
from agricultural, cellulose or potato and cornstarch waste. The production and practice of bioplastics
are considered as a sustainable solution due to low emission of greenhouse gases. Aspects such as eco-
friendly properties, upsurge in consumer awareness, growth in environmental apprehensions, and
favorable government guidelines drive the growth of the bioplastic market. However, high production
cost and comparatively lower performance standards than synthetic plastics restrain the market growth
to a certain extent.
Market Key Players are:
BASF SE
Braskem S.A.
Corbion NV
Metabolix Inc.
Natureworks LLC
Indorama Ventures Public Company Limited
Biome Technologies PLC
Plantic Technologies Ltd.
Bio-On S.P.A.
Novamont S.P.A
Toray Industries
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According to the study conducted by Ingenious e-Brain; the market growth of the bio-plastic market is
rapidly increasing with the market estimated to grow from USD X.XX Billion in 2018 to USD XX Billion
by 2025, at a CAGR of XX%. This is due to the growing consumer preference towards eco-friendly
materials and growing innovative technologies to produce bioplastics. Furthermore, the increased
consumption and demand for packaged food and the need for sophisticated packaging for the growing
middle class are adding up to the growth of the global bio-plastic market.