Global Bioplastics Market
Description
Global Bioplastics Market (by Production Capacity, Type, Application, & Region): Insights and Forecast with Potential Impact of COVID-19 (2022-2027)
Market Insight:
Bioplastics are plastics made from renewable biomass sources such as plant fats and oils, maize starch, straw, woodchips, sawdust, and recovered food waste. Bioplastics are plastic materials that are either bio-based, biodegradable, or have both properties.
While global plastic production has decreased, the market for bioplastics has expanded. Furthermore, rising demand for bioplastics in the medical sector, technological advancements, and increased R&D would drive market growth. The global bioplastics market is expected to reach US$10.61 billion by 2023, growing at a CAGR of 14.21% over the projected period.
Segment Covered:
- By Type: In terms of type, the report offers insights of the global bioplastics market into two segments: Biodegradable, and Non-Biodegradable. In terms of value and production capacity, the biodegradable segment held the maximum share of the market. The biodegradable segment’s production capacity has been further analyzed based on type: PLA, Starch blends, PBAT, PHA, and Others. Similarly, the non-biodegradable segment’s production capacity has been also analyzed based on the following types: PTT, PE, PA, PET, PP, and Other. Polylactic acid (PLA) is among the world’s most widely used bioplastics, which are plastics derived from renewable inputs and/or are biodegradable.
- By Application: On the basis of application, the report provides the segmentation of the global bioplastics market as follows: Flexible Packaging, Rigid Packaging, Textiles, Consumer Goods, Agriculture & Horticulture, Coating & Adhesives, and Others. The flexible packaging segment held the highest share of the market owing to its high efficiency and cost-effective nature. In terms of production capacity, the agriculture & horticulture segment is expected to be the fastest growing in the upcoming years.
According to this report, the global bioplastics market can be divided into four regions: Asia Pacific, Europe, North America, and the Rest of the World. The countries covered in North America region are the US, Canada, and Mexico, while Europe includes the UK, Germany, France, UK, and Rest of Europe. Moreover, China, Japan, India, and Rest of Asia Pacific are included in the Asia Pacific region.
Asia Pacific held the largest share in the market and over the years, the Asia Pacific bioplastics market has grown at a fast pace due to the increasing demand from the packaging industry, coupled with favorable government regulations. In terms of value and production capacity, China held the highest share in the market owing to the high per capita consumption, increasing consumer preference for bio-based products over synthetic products, and increase in government initiatives. Germany is one of the major economies in Europe, and the bioplastics market has grown at the fastest rate in the country. Germany already supports the use of certified bio-based and compostable bio waste plastic bags for the collection of bio waste in the Bio waste Ordinance. Since 2015, a separate collection of bio waste is mandatory in Germany. The Government of Canada continues to encourage alternatives to plastic waste. They are working towards eliminating the unnecessary use of single-use plastics in government operations, meetings, and events, and purchasing more sustainable plastic products that can be reused, repaired, or repurposed.
Top Impacting Factors:
Growth Drivers
- Increasing Fossil Fuel Prices
- Increasing Demand for Eco-Friendly Goods
- Emergence of Bio-based and Renewable Raw Materials
- Reduced Greenhouse Gas Emissions
- High Cost Associated
- Limited Regulations Related to Bioplastics in Developing Countries
- Increasing Demand for Electronic vehicles
- Growing Demand of Bioplastics in Medical Sector
- Technological Advancements
- Increasing Research and Development
- Driver: Increasing Fossil Fuel Prices
- Challenge: High Cost Associated
- Trend: Increasing Research and Development
The COVID-19 Analysis:
In 2020, global bioplastics have experienced negative growth. Numerous multinational corporations made commitments to use biodegradable plastics in response to consumer and activist pressure before the COVID-19 pandemic. However, after the COVID-19 outbreak, the regulations on single-use plastics and green investments announced by many governments and organizations got postponed due to the pandemic, resulting in a reduction in the uptake of bio-based alternatives. However, as the lockdown eased, the market witnessed significant growth. Moreover, as people become more aware of the expanding plastic waste stream and its effects on the environment, the private and public sectors are anticipated to invest more funding to speed up the use of bioplastics.
Analysis of Key Players:
The global bioplastics market is consolidated. The key players in the global bioplastics market are:
- BASF SE
- Avantium N.V.
- Toray Industries Inc.
- Biome Technologies PLC
- Carbion N.V.
- Futerro, NatureWorks LLC
- Kuraray Co., Ltd (Plantic Technologies Ltd.)
- Eastman Chemical Company
- Mitsubishi Chemical Group
- Novamont S.p.A.
- PTT MCC Biochem Co. Ltd.
Table of Contents
165 Pages
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