Bioplastics Market, Size, Share, Global Forecast 2022-2027, Industry Trends, Impact of COVID-19, Opportunity Company Analysis
発行: Renub Research
ページ情報: 英文 220 Pages
Global Bioplastics Market is expected to reach US$ 9.9 Billion by 2027. Bioplastics have been regarded as a potential solution to address environmental and economic challenges in recent years. Bioplastics is a sustainable material from renewable feedstock and an alternative to petroleum-based plastics, reducing 30-70% of carbon dioxide emissions. It represents an approximately 42% reduction of carbon footprints. Remarkably, bioplastics represent the fastest growing product line for bio-based products. Moreover, the adoption of bioplastics has increased tremendously across various applications, owing to the advanced technical properties and functionalities. Besides, the demand for bioplastics has gained incredible traction across multiple plastic applications due to the encouraging legislation implemented by various governments around the globe.
Since the past decade, the demand for bioplastics has increased due to growing awareness concerning environmental conservation, bio-based or natural resources for manufacturing materials, and various regulations across countries for effective use of natural resources and waste management. Further, as an alternative to conventional fossil-based plastics, the use of biomass based-plastics is being promoted for applications wherein the former was generally utilized. Further, due to numerous agencies' stringent laws and legislation on the usage of non-renewable, single-use plastics, industries have deviated their focus on developing and utilizing bioplastics for innumerable purposes.
With the evolution of time, bioplastics have found their application in packaging, agriculture, consumer goods, textile, automotive and transportation, building and construction. Besides, bioplastic packaging has been of fundamental significance over the years. Recently, bioplastic packaging has become an integral part of the global bioplastic market's application. Bioplastics apply in various sectors, including fibers, medical, packaging, and agriculture. The rising consumer awareness towards bioplastic packaging has led to the tremendous growth of the overall market. In addition, eco-friendly initiatives by corporates and abundant availability of raw materials for manufacturing bioplastics are prominent factors driving growth for the global bioplastics market.
Bioplastics are confirmed to be an excellent option to conventional plastics, which are in improved demand owing to the enlargement in food, pharma, and PPE packaging amidst the pandemic booming of the market stability globally. Exceptionally, the need for food packaging and single-use plastic has increased in the COVID-19 pandemic. Companies have endeavored biodegradable alternatives for food packaging and single-use cutlery, driving the market growth. The Global Bioplastics Market Size was US$ 6.7 Billion in 2021.
Biodegradable plastics account for their majority application in the world bioplastics market. Excellent growth is forecast for the leading biodegradable plastics such as polylactic acid (PLA), which will pace its demand through 2021. As per our analysis, rapid growth for PLA is expected to benefit from advancements in compounding polymerization technology and it's relatively low cost compared to other bioplastics. Similarly, the fastest gains for biodegradable plastics will also be seen for polyhydroxyalkanoate (PHA) resins, which are just entering the commercial market.
Despite the solid advances for biodegradables, non-biodegradable Polytrimethylene Terephthalate (PTT) will be the primary driver of bioplastics demand through 2021 and beyond. Majorly, gains will be fuelled by the industrial and residential carpet market. Polytrimethylene Terephthalate is used in the textile industry as it can be spun both in yarn and fibers. Also, PTT can be used in textiles and apparel, non-woven films, engineering thermoplastics, and monofilaments. Besides, PTT is used in carpets for the automotive market. Hence, this material finds apparel, home furnishing, and automobile upholstery applications. Remarkably, PTT composites and bio-composites can be significant opportunities for the market.
As per our analysis, North America is expected to be the largest regional market of the bioplastics market. The developed regions are anticipated to dominate the overall packaging market due to mature markets that consist of highly environmental-conscious consumers. In addition, the presence of a high-spending population is also likely to increase the overall demand for biodegradable packaging in the developed regions.
Additionally, Asia-Pacific is well-positioned to become a global bioplastics hub. The Asia-Pacific is a leading producer of the raw materials required for bioplastic synthesis and is well equipped with progressive technology and technical expertise through all phases of the supply chain. Consumers in the market have access to the industry, and a solid governmental supporting policy has been implemented to fuel growth in the bioplastic sector. Hence, all of these factors highlight Asia-Pacific's readiness to emerge as a global bioplastic hub.
Global competition exists in the market due to many players present across the regions. Moreover, the demand for bioplastics is poised to increase in developed and developing economies. Consequently, the key market players are spending in research and development to include bioplastic products, which are assertive and readily degradable in the natural environment. Major players in the industry comprise Mitsubishi Chemical Holding Corporation (Japan), Total Corbion (Netherlands), Toray Industries (Japan), Biome Bioplastics (UK), and Green Dot Bioplastics.
Renub Research latest report "Bioplastics Market, Global Forecast By Material Type (Biodegradable (Polybutylene adipate Terephthalate (PBAT),Polybutylene Succinate (PBS),Polylactic Acid (PLA),Polyhydroxyalkanoate (PHA),Starch Blends and Others) and Non-Biodegradable (Polyethylene (PE),Polyethylene terephthalate (PET),Polyamide (PA), Polypropylene (PP,Polytrimethylene terephthalate) ( PTT) and Others)), Applications (Packaging, Agriculture, Consumer Goods, Textile, Automotive And Transportation, And Building and Construction), Region (North America, Europe, Asia Pacific and Rest of the Word), Companies (Total Corbion (Netherlands), Mitsubishi Chemical Holding Corporation (Japan), Toray Industries (Japan), Biome Bioplastics (UK) and GREEN DOT BIOPLASTICS)" provides a detailed analysis of Global Bioplastics Industry.