Worldwide Bioplastics Industry will expand with a CAGR of 6.7% during 2021-2027
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.
Bioplastics Packaging - An Integral Part of the Global Bioplastics Market's Application:
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.
COVID-19 Impact on 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.
PLA to Pace Biodegradables:
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 the 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.
Non-Biodegradable Polytrimethylene Terephthalate (PTT) to Lead Gains:
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.
Asia-Pacific Is Well Positioned to Become A Global Bioplastics Hub:
As per the 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.
Key Companies Insights:
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.
This 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.
Material Type - Global Bioplastics has been covered from 2 viewpoints:
1. Biodegradable
2. Non-Biodegradable
Biodegradable - Global Bioplastics has been covered from 6 viewpoints:
1. Polybutylene adipate Terephthalate (PBAT)
2. Polybutylene Succinate (PBS)
3. Polylactic Acid (PLA)
4. Polyhydroxyalkanoate (PHA)
5. Starch Blends
6. Others
Non-Biodegradable - Global Bioplastics has been covered from 6 viewpoints:
1. Polyethylene (PE)
2. Polyethylene terephthalate (PET)
3. Polyamide (PA)
4. Polypropylene (PP)
5. Polytrimethylene terephthalate) ( PTT)
6. Others
Applications - Global Bioplastics Market has been covered from 7 viewpoints:
1. Packaging
2. Agriculture
3. Consumer Goods
4. Textile
5. Automotive and Transportation
Region - Global Bioplastics Market has been covered from 4 viewpoints:
1. North America
2. Europe
3. Asia Pacific
4. Rest of the World
Company Insights:
- Overview
- Recent Developments
- Sales Analysis
Company Analysis:
1. Total Corbion (Netherlands)
2. Mitsubishi Chemical Holding Corporation (Japan)
3. Toray Industries (Japan)
4. Biome Bioplastics (UK)
5. Green Dot Bioplastics
What is the estimated value of the Global Bioplastics Market?
What is the growth rate of the Global Bioplastics Market?
What is the forecasted size of the Global Bioplastics Market?
Who are the key companies in the Global Bioplastics Market?
Report Attribute | Details |
---|---|
No. of Pages | 220 |
Published | January 2022 |
Forecast Period | 2021 - 2027 |
Estimated Market Value ( USD | $ 6.7 Billion |
Forecasted Market Value ( USD | $ 9.9 Billion |
Compound Annual Growth Rate | 6.7% |
Regions Covered | Global |
No. of Companies Mentioned | 5 |
Table of Contents
Companies Mentioned
- Total Corbion (Netherlands)
- Mitsubishi Chemical Holding Corporation (Japan)
- Toray Industries (Japan)
- Biome Bioplastics (UK)
- Green Dot Bioplastics
Methodology
In this report, for analyzing the future trends for the studied market during the forecast period, the publisher has incorporated rigorous statistical and econometric methods, further scrutinized by secondary, primary sources and by in-house experts, supported through their extensive data intelligence repository. The market is studied holistically from both demand and supply-side perspectives. This is carried out to analyze both end-user and producer behavior patterns, in the review period, which affects price, demand and consumption trends. As the study demands to analyze the long-term nature of the market, the identification of factors influencing the market is based on the fundamentality of the study market.
Through secondary and primary researches, which largely include interviews with industry participants, reliable statistics, and regional intelligence, are identified and are transformed to quantitative data through data extraction, and further applied for inferential purposes. The publisher's in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of their recommendations and advice.
Primary Research
The primary purpose of this phase is to extract qualitative information regarding the market from the key industry leaders. The primary research efforts include reaching out to participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions. The publisher also established professional corporate relations with various companies that allow us greater flexibility for reaching out to industry participants and commentators for interviews and discussions, fulfilling the following functions:
- Validates and improves the data quality and strengthens research proceeds
- Further develop the analyst team’s market understanding and expertise
- Supplies authentic information about market size, share, growth, and forecast
The researcher's primary research interview and discussion panels are typically composed of the most experienced industry members. These participants include, however, are not limited to:
- Chief executives and VPs of leading corporations specific to the industry
- Product and sales managers or country heads; channel partners and top level distributors; banking, investment, and valuation experts
- Key opinion leaders (KOLs)
Secondary Research
The publisher refers to a broad array of industry sources for their secondary research, which typically includes, however, is not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Patent and regulatory databases for understanding of technical & legal developments
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic new articles, webcasts, and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
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