The global bioplastic market was valued at $4.6 billion in 2019, and is projected to reach $13.1 billion by 2027, growing at a CAGR of 13.8% from 2020 to 2027.
Bioplastics are the family of products derived from the renewable feedstocks such as corn, sugarcane, and cellulose. Eco-friendly nature, availability of renewable feedstocks, and favorable government policies were the prime reason for manufacturers to shift toward bio-based plastics. Bioplastics are consumed across a wide range of industries such as rigid packaging, flexible packaging, textile, agriculture & horticulture, consumer goods, automotive, electronics, building & construction, and others. In 2019, the adoption of bioplastics in packaging was highest and is expected to grow at the highest CAGR during 2020 to 2027. Bioplastics possess properties such as gloss, barrier effect, antistatic behavior, and printability; thereby, making it suitable for rigid packaging application. Furthermore, packaging industries have substantial curiosity for the biodegradability as there is an increase in demand for packaging, resulting in accumulation of waste. Therefore, packaging industry consumes bioplastics to decrease or recycle the accumulated waste products.
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The global bioplastic market is segmented on the basis of type, application, and region. On the basis of biodegradable plastic type, the market is divided into polylactic acid (PLA), polybutylene adipate terephthalate (PBAT), polybutylene succinate (PBS), polyhydroxyalkanoates (PHA), starch blends, and others. On the basis of non-biodegradable plastic type, the market is segmented into PE, PET, PA, PP, PEF, PTT and Others.
On the basis of application, the market is categorized into packaging, agriculture, textile, consumer durable, and others. The market is studied across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific is projected to hold a major share in the market in terms of value contributing to the huge investments made by the global giants in the region. Competitive intelligence on few prominent manufacturers of bioplastics provide key insights in terms of strategies implemented to gain significant share in the bioplastics market. The top players adopt some key developmental strategies such as partnership, expansion, collaboration, joint venture, merger, and product launch for smoothening the operation and retaining their competitiveness in the market. Europe was the fastest growing region of the bioplastic market. European policy makers support European bioplastic manufactures and increase in adoption in Germany, Italy, and the UK are the key factors responsible for the growth of the bioplastics market in Europe.
Major manufacturers studied profiled in the report are BASF SE, Biotec Pvt. Ltd., Biotrem, Danimer Scientific, Dow Inc., Eastman Chemical Company, Hemp Plastic, Minima, Mitsubishi Chemical Holdings, Novamont SpA, and Solanyl Biopolymers.
Key benefits for stakeholders
– The report provides an extensive qualitative and quantitative analysis of the current trends and future estimations of the global bioplastic market from 2019 to 2027 to determine the prevailing opportunities.
– A comprehensive analysis of the factors that drive and restrict the growth of the market is provided.
– Estimations and forecast are based on factors impacting the market growth, in terms of both value and volume.
– Profiles of leading players operating in the market are provided to understand the competitive scenario in the global markets.
– The report provides extensive qualitative insights on the significant segments and countries exhibiting favorable market growth.
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Table of Content
– Biodegradable Type
o Polylactic Acid (PLA)
o Polybutylene Adipate Terephthalate (PBAT)
o Polybutylene Succinate (PBS)
o Polyhydroxyalkanoates (PHA)
o Starch Blends
– Non-Biodegradable Plastic
o Consumer Durables
o North America
Rest of Europe
Rest of Asia-Pacific
Rest of LAMEA