Report : Asia Pacific Bioplastics Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Type (Biodegradable and Non-Biodegradable) and Application (Packaging, Agriculture, Consumer Goods, Automotive & Transportation, Textiles, Building & Construction, and Others) Â Â Â Â Â Â
Biodegradable Segment to Dominate APAC Bioplastics Market during 2020–2028
According to a new market research study on “APAC Bioplastics Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Type and Application” is expected to reach US$ 5,321.06 million by 2028 from 2,282.84 US$ million in 2021. The market is estimated to grow at a CAGR of 12.9% from 2021 to 2028. The report provides trends prevailing in the APAC bioplastics market along with the drivers and restraints pertaining to the market growth. Strict government laws & regulations on traditional plastic use is the major factor driving the growth of the APAC bioplastics market. However, issues associated with higher prices and shorter lifetime of bioplastics than traditional plastics hinders the growth of APAC bioplastics market.
APAC bioplastics market is segmented into type, application, and country. Based on type, the market is segmented into biodegradable and non-biodegradable. The biodegradable segment held the largest market share in 2020. Based on application, the APAC bioplastics market has been divided into packaging, agriculture, consumer goods, automotive & transportation, textiles, building & construction, and others. The packaging segment held the largest market share in 2020. Based on country, the APAC bioplastics market is segmented into Australia, China, India, Japan, South Korea, and rest of APAC. Furthermore, Basf SE; Biome Bioplastics; Braskem S.A.; Mitsubishi Chemical Corporation; Sabic; Teijin Limited; Toray Industries, Inc.; and Total Corbion PLA are among the leading companies in the APAC bioplastics market.
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