The global bioplastics market size was USD 10.64 Billion in 2021 and is expected to register a revenue CAGR of 16.8% over the forecast period, according to the latest analysis by Emergen Research. Increase in demand for bioplastics from the automotive industry and demand for compostable plastics to improve soil quality are factors expected to support revenue growth of the market between 2022 and 2030. The automotive industry’s primary objective and challenge is to reduce fuel consumption and pollutants by reducing vehicle weight. Bioplastics are effective materials for achieving this purpose. These smart plastics, such as bio-PA and bio-PP, have been embraced by major vehicle manufacturers to reduce environmental impact and provide additional strength to automobile components. Thus, demand for these plastics in the automotive industry owing to their excellent properties is anticipated to create lucrative growth prospects for companies in the market.
Plastics have a wide range of applications in agriculture and horticulture. For example, they’re used to make greenhouses, storage bags and bins, and silos. Moreover, current semi-intensive and intensive farming practices include the use of large numbers of mulching films and harvest-protection bags to suppress weed development, protect crops from pests, and manage soil moisture and nutrient content to create a beneficial microclimate. Conventional plastic, on the other hand, is not biodegradable and can persist in the environment for many harvest seasons. It harms the environment and inhibits growth of crops and products by preventing roots from accessing water and nutrients in the soil. Many agricultural plastics manufacturers have explored biodegradable plastics that are both technically and commercially viable, derived from sustainable and renewable raw materials. Compostable plastics decompose in the environment and contribute to soil enrichment, in addition to supporting plant growth. Thus, demand for bio-based plastics is growing in the agricultural industry, which will help drive revenue growth of the global bioplastics market over the forecast period.
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Based on the competitive landscape, the market report analyses the key companies operating in the industry:
BASF SE, Natureworks LLC, Biome Bioplastics Limited, BIOTEC, Plantic Technologies Ltd, Mitsubishi Chemical Holdings Corporation, FUTERRO S.A., Danimer Scientific, Novamont S.p.A., and Green Dot Bioplastics, Inc.
The report offers precise information about pricing, capacity, value, gross revenue, and profit of the market. The primary aim of the report is to offer in depth details about market size, revenue growth and overall market dynamics to readers, stakeholders, companies to strengthen their share in the global Bioplastics market. It also provides in depth information about key factors, restraints, limitations, challenges along with various market segmentations such as product type, application and regional bifurcation.
Further key findings from the report suggest
- The biodegradable segment accounted for largest revenue share in 2021, owing to high demand from the packaging, textiles, agricultural, and consumer goods industries. These industries favor biodegradable varieties since they provide the required performance attributes while also being biologically sustainable. Biodegradable bioplastics have many advantages, including lower carbon footprint, less energy usage, eco-friendly disposable solutions, and recyclability. Moreover, biodegradable bioplastics aid in the monitoring of petroleum reserves.
- The packaging segment is expected to lead in terms of revenue growth rate during the forecast period. Increasing use of bioplastics in the production of compost bags, agricultural foils, nursery products, toys, horticultural items, and textiles is driving revenue growth of the segment. Bioplastics are also used in the manufacturing of clingfilm, disposable cups, plates, bowls, and food containers. Development of food-grade bioplastics has increased the shelf life of food products, which drives their demand and boosts revenue growth of the segment.
- The bioplastics market in Europe is expected to account for largest revenue share among other regional markets during the forecast period, due to the surging demand for bioplastics from several end-use industries such as packaging, textile, automotive & transport, agriculture, medical, and construction, among others. The region is observing increased investment in R&D and the rising production of bioplastics with producers focusing on expanding their production capacity to cater to consumers’ growing demand. Besides, stringent regulatory norms to limit the use of synthetic polymer, in turn, would drive the demand for bioplastics.
- On 1 July 2021, Solvay completed its acquisition of Bayer’s global seed coatings business. The acquisition will expand Solvay’s existing seed care portfolio in bio-based, seed-applied treatments, and allows Bayer to reinvest.
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Emergen Research has segmented the global bioplastics market on the basis of type, distribution channel, application, and region:
- Type Outlook (Revenue, USD Billion; 2019–2030)
- Biodegradable
- Polybutylene Adipate Terephthalate (PBAT)
- Polybutylene Succinate (PBS)
- Polylactic Acid (PLA)
- Polyhydroxyalkanoate (PHA)
- Starch Blends
- Others
- Non-Biodegradable
- Polyethylene (PE)
- Polyamide (PA)
- Polyethylene Terephthalate (PET)
- Polyethylene Furanoate (PEF)
- Polytrimethylene Terephthalate (PTT)
- Polypropylene (PP)
- Others
- Biodegradable
- Distribution Channel Outlook (Revenue, USD Billion; 2019–2030)
- Online
- Offline
- Application Outlook (Revenue, USD Billion; 2019–2030)
- Packaging
- Textile
- Automotive & Transportation
- Consumer Goods
- Agriculture
- Building & Construction
- Others
The study segments the Bioplastics industry in light of major classification such as product type, potential markets, application, and end-user. This industry assessment for the forecast period, 2022 – 2030 incorporates projections pertaining to the investment feasibility, gross margin, profits, consumption volume, production capability and major market vendors. Likewise, statistics associated with the competitive landscape, shifting consumer behaviour and spending power is showcased and well-explained with the help of treasured resources such as charts, graphs and graphic images, which can be easily incorporated in the business or corporate presentations.
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Market Dynamics:
The report offers insightful information about the market dynamics of the Bioplastics market. It offers SWOT analysis, PESTEL analysis, and Porter’s Five Forces analysis to present a better understanding of the Bioplastics market, competitive landscape, factors affecting it, and to predict the growth of the industry. It also offers the impact of various market factors along with the effects of the regulatory framework on the growth of the Bioplastics market.
Key point summary of the report:
- The report offers a comprehensive overview of the market size, share, and growth rate in the forecast duration.
- It provides details about current scenario, historical data, giving an accurate market forecast for the coming years.
- The study categorizes the market on the basis of product types, applications, end users, market value and volume, business verticals, and 5 major regions.
- It also offers regional market analysis and forecast for prominent geographies in the sector viz., North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
- Industry supply chain, sourcing strategy, upstream feedstock, and downstream demand analysis has also been undertaken in the research report.
- The study offers a comprehensive understanding of the demand and supply dynamics, including production and consumption rates, and mapping of the overall market.
- The report employs different analytical tools including, SWOT analysis, Porter’s five forces analysis, and pricing analysis, to give precise market information.
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