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Report Overview: Bioplastics MarketThe global bioplastics market size was valued at USD 7.2 billion in 2020 and is expected to register a compound annual growth rate (CAGR) of 15.9% from 2021 to 2027. Growing population and urbanization coupled with the increasing awareness regarding health-issues in emerging economies of Asia Pacific are likely to assist end-use industries, which in turn is expected to escalate the demand for bioplastics over the forecast period 2021-2027. Moreover, rising product demand in the packaging industry will drive the market further. Bioplastics are also used in other application industries including agriculture, consumer goods, textile, automotive & transportation, and building & construction. This is also likely to support market growth. Bioplastics possess a unique potential and thus, can help reduce Greenhouse Gas (GHG) emissions effectively. In addition, these plastics have the potential to increase the source efficiency as well as to close the cycle. Europe is anticipated to witness the maximum growth over the forecast period. This is attributed to the factors, such as the presence of stringent regulations and increasing environmental concerns. In addition, rising investments in research and development in the bioplastics sector by private as well as public organizations is likely to support the growth of the regional market. Furthermore, initiatives are undertaken by the regional government, such as the decision of the EU to minimize the overall production and consumption of single-use plastic products by about 80% by 2022, are anticipated to propel the market growth in this region.
Product Insights: Bioplastics MarketNon-biodegradable plastics segment led the market with a share of 54.96% in 2019 and will maintain its leading position over the forecast years. This growth is attributed to the high demand for electronic equipment, automotive housings, and consumer goods, such as carry bags, cups, films, and bottles. Non-biodegradable bioplastics are further categorized into polyethylene, polyethylene terephthalate, polyamide, and polytrimethylene terephthalate. These are used to produce a wide range of products due to their excellent chemical and mechanical properties along with continual performance for a long duration and high thermal stability. Biodegradable segment is estimated to register the highest CAGR from 2020 to 2027. These bioplastics are categorized as Polylactic Acid, Starch Blends, polybutyrate adipate terephthalate (PBAT), and Polybutylene succinate (PBS). Stringent regulations pertaining to single-use plastic ban across regions including Europe, North America, and Asia, are expected to fuel the growth of this segment.
Application Insights: Bioplastics MarketThe packaging application led the market with a share of 62.4% in 2019. Increasing utilization of bioplastics to produce bags for compost, agricultural foils, horticultural products, nursery products, toys, and textiles is the key factor responsible for the segment growth. Moreover, bioplastics are used to produce disposable cups, bowls, plates, Clingfilm, and food containers. The development of food-grade bioplastics has improved the shelf life of the food products, which drives their demand, thereby boosting the segment growth. Moreover, the majority of packaging products are currently produced from conventional plastics and end up in landfills, which is a situation that various governments intend to address. Bioplastics are also used to produce semiconductor casings, electronic device covers, connectors, and circuit boards. With the help of injection molding, bioplastics can be used to produce touch screen computer casings, headphones, loudspeakers, keyboards, laptops, games consoles, mobile phone casings, vacuum cleaner, etc. The growing demand for electrical & electronic products along with rising environmental concerns is expected to generate the demand in the consumer goods application segment. Polyamide and polylactic acid plastic is used to produce textile products like clothes and shoes, which drive the textile segments growth. Bioplastics are also used to produce various components used in the building & construction application segment, such as containers, wall mountings, sculptures, and housing & mountings.
Regional Insights: Bioplastics MarketEurope led the global market in 2019 with a share of 44.3%. This is attributed to the factors, such as the presence of stringent governmental laws pertaining to single-use plastics, increasing environmental concerns, and rising R&D investments by private as well as public organizations. Furthermore, some of the prominent players in the region are taking initiatives to tackle the COVID-19 pandemic by providing their products. North America is also estimated to witness significant growth over the forecast period. The market is majorly driven by the growing demand from the packaging industry in countries, such as U.S., Canada, and Mexico. Rising environmental concerns and a global attempt to reduce pollution is propelling the demand for biodegradable plastics in the packaging sector across the region. In addition, rising COVID-19 positive cases in U.S. are expected to result in an increased demand for generic drugs and medical devices, which is will boost the demand for bioplastics in the medical packaging sector, thereby positively influencing the market growth. Asia Pacific is likely to register a steady growth rate due to the availability of skilled labor at a low cost. Moreover, easy land availability for manufacturing industries will drive the regional market further. The shift in the production landscape of biodegradable plastics toward emerging economies, particularly China and India, is expected to positively influence regional market growth. In addition, demand in the packaging industry is expected to increase owing to the rising need for various healthcare products to tackle the COVID-19 pandemic situations.
Key Companies & Market Share Insights: Bioplastics MarketMost of the key players operating in the market have integrated their raw material production and distribution operations to maintain product quality and expand regional presence. This provides companies a competitive advantage in the form of cost benefits, thus increasing the profit margins. Companies are undertaking research and development activities to develop new industrial plastics to sustain market competition and changing end-user requirements. Research activities focused on the development of new materials, which combine several properties, are projected to gain wide acceptance in this industry in the coming years. Some of the prominent companies in the bioplastics market are:
Key companies Profiled: Bioplastics Market Report
This report forecasts revenue and volume growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Trusted Business Insights has segmented the global bioplastics market report on the basis of product, application, and region:
- Teijin Ltd.
- Toray Industries
- Toyota Tsusho
- M& G Chemicals
- PTT Global Chemical Public Company Ltd.
- Showa Denko K.K.
- NatureWorks LLC; SABIC
- BASF SE
- Futerro SA
- E. I. du Pont de Nemours and Company
- Corbion N.V.
- Solvay SA
Product Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
- Polylactic Acid
- Starch blends
- Polybutylene Adipate Terephthalate (PBAT)
- Polybutylene Succinate (PBS)
- Polyethylene Terephthalate
- Polytrimethylene Terephthalate
Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 - 2027)
- Consumer goods
- Automotive & Transportation
- Building & Construction
Table of Contents Chapter 1. Methodology and Scope 1.1. Market Segmentation & Scope 1.2. Market Definition 1.3. Information Procurement 1.3.1. Purchased Database(Statista, FactSet, Bloomberg, SDC Platinum) 1.3.2. IFF Internal Database 1.3.3. Secondary Sources & Third-Party Perspectives 1.3.4. Primary Research 1.4. Information Analysis 1.4.1. Data Analysis Models 1.5 | read more...