The global bioplastics market size was valued at more than $5 billion in 2020. It is forecast that the market will grow at a CAGR of more than 11% during the forecast period from 2021-2027.
Bioplastic is a sustainable alternative to petroleum-based plastics that are derived from renewable feedstocks. The potential reduction in carbon dioxide emissions is 30-70%. This represents a reduction of around 42% in carbon footprints. In comparison with conventional petroleum plastic, bioplastic requires 65% less energy to make. In the global bioplastics market, companies are increasingly focusing on bolstering and consolidating research and development to increase production capacity. The use of bioplastic in various applications has increased greatly due to its advanced properties and functionality. In recent years bioplastics have all but taken over the plastic market, thanks in part to favorable legislation implemented by many governments around the world.
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Factors Affecting the Global Bioplastics Market
Driving Forces
Some of the key market drivers of bioplastics include bioplastics’ environmental benefits, consumer acceptance of biodegradable products, and the availability of renewable raw materials for the production of bioplastics.
Growth Factors
Since conventional plastic requires 65% more energy, the production of bioplastic is an energy-efficient practice. The environment is not harmed by bioplastics because they do not contain toxins and are biodegradable. In addition, the production of greenhouse gases by bioplastic is minimal during the degradation process. Users prefer bioplastics over other materials across a wide array of applications, including catering, packaging, agriculture, and automobiles. Bioplastic packaging material is preferred by consumers over synthetic plastic packaging as it is capable of decomposition with food. The government of numerous countries across the globe has adopted favorable regulations and policies to encourage the sustainable and biodegradable nature of bioplastics. All such factors significantly support the growth of the bioplastics market.
Hinder the Market
While bioplastic products remain relatively expensive and the finished performance of these products is inferior to petroleum plastics during this forecast period, these two factors will inhibit the market’s growth.
Regional Analysis: the Global Bioplastics Market
A significant part of the bioplastic market revenue originates from the Asia-Pacific region, which is also the fastest-growing region. A well-established food & beverage industry and other packaging consumers make up the regions market share. Asia’s leading revenue contributors are China, India, and Japan.
Covid-19 Impact on the Global Bioplastics Market
- In the wake of the Coronavirus outbreak, very few plastic bags were used, including biodegradable bags. The people bring their old fabric bags and plastic bags, while retailers and small stores do not provide new plastic bags in an effort to prevent the spread of the disease.
- Many multinational corporations pledged to adopt biodegradable plastics in the wake of the Covid-19 breakdown, including Coca-Cola, Danone, and Nestle. After the Covid-19 outbreak, governments across different countries took steps to stop the further spread of the virus by enforcing regulations regarding disposable and single-use plastics.
- A disruption in the supply chain due to irregular transport lengthened the lead time for raw materials and affected the entire manufacturing process.
- In the biodegradable plastics industry, China is a major source of various raw materials used in the production process.
- Biodegradable plastic prices may increase as China began making the material in limited quantities. The industry is looking for ways to extend lead times to minimize the higher material costs.
Key Market Players in the Global Bioplastics Market
An analysis of the bioplastics market profiles the following major players:
- Mitsubishi Chemical Holdings
- Novamont
- Corbion N.V.
- Dow Inc.
- Eastman Chemical
- Danimer Scientific
- NatureWorks LLC.
- Kuraray
- BASF SE
- Biome Tech
- PTT Global
- Fkur
- Innova films
Segmentation Analysis of the Global Bioplastics Market
There are three main segments in the global bioplastics market: Type, Application, and Region.
Segmentation based on Type
- Biodegradable Plastic
- PLA
- Starch Blend
- PBS
- PHA
- PBAT
- Others
- Non-Biodegradable Plastic
- PE
- PA
- PP
- PET
- PEF
- PTT
- Others
Segmentation based on Application
- Textile
- Agriculture
- Consumer Durables
- Packaging
- Others
Segmentation based on Region
- Europe
- Asia-Pacific
- North America
- Rest of the World
Table of Content
Chapter 1: Global Bioplastics Industry Overview
Chapter 3: Market Dynamics
Chapter 4: Top Company Profiles
Chapter 5: Global Bioplastics market Competition, by Players
Chapter 6: Global Market Size by Regions
Chapter 7: Global Market Segment by Application
Chapter 8: Global Bioplastics Industry Segment by Type
Chapter 9: Market Chain, Sourcing Strategy, and Downstream Buyers
Chapter 10: Strategies and key policies by Distributors/Suppliers/Traders
Chapter 11: Key Marketing Strategy Analysis, by Market Vendors
Chapter 12: Market Effect Factors Analysis
Chapter 13: Global Bioplastics market Size Forecast (2023-2032).
Continue….
Reasons to Buy This Report
(A) The research provides valuable insights for top administration, policymakers, professionals, product advancements, sales managers, and stakeholders in the market. It helps them make informed decisions and strategize effectively.
(B) The report offers comprehensive analysis of Bioplastics market revenues on a global, regional, and country level, projecting trends until 2032. This data allows companies to assess their market share, identify growth opportunities, and explore new markets.
(C) The research includes segmentation of the Bioplastics market based on types, applications, technologies, and end-uses. This segmentation enables leaders to plan their products and allocate resources based on the expected growth rates of each segment.
(D) Analysis of the Bioplastics market benefits investors by providing insights into market scope, position, key drivers, challenges, restraints, expansion opportunities, and potential threats. This information helps them make informed investment decisions.
(E) The report offers a detailed analysis of competitors, their key strategies, and market positioning. This knowledge allows businesses to better understand the competition and plan their own strategies accordingly.
(F) The study helps evaluate Bioplastics business predictions by region, key countries, and top companies, providing valuable information for investment planning and decision-making.
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