Global Bioplastic Market: New Business Opportunities & Investment Research Report 2020-2026
Infinium Global Research’s recent report on the “Bioplastic Market (By Type- Non-biodegradable, Biodegradable; By Application- Packaging, Textile, Consumer goods, Agriculture & Horticulture, Automotive & Transportation and others): Global Industry Analysis, Trends, Size, Share and Forecasts upto 2026” estimates that the market was sized USD 8.1 billion in 2020 and is expected to reach over USD 17.3 Billion. The report provides a comprehensive outline of the factors responsible for the growth of the market. bioplastic industry to grow with a CAGR of 13.40% over the forecast years.
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The major end-use industries for the bio-plastic market include food, beverage, pharmaceutical, personal care and homecare. The growing awareness among the consumers and increasing government efforts to restrict the use of conventional plastic is compelling industries to adopt bioplastic for their products. Moreover, the availability of the number of vendors offering bioplastic is further augmenting their use by the end-users.
The Non-biodegradable Segment Led the Market Share By Type
Based on the type, the global bioplastics market is segmented into biodegradable and non-biodegradable. Among these, the non-biodegradable segment accounts for the largest bioplastics market share due to the increased usage of this type of bioplastics in food packaging, automotive parts, and consumer goods. The non-biodegradable segment led the market with a share of 55.07% in 2019 and will maintain its leading position over the forecast years. This growth is accredited to the high demand for electronic equipment, automotive housings, and consumer goods, such as carry bags, cups, films, and bottles.
Furthermore, these plastics are used as substitutes for high-performance glass components. Non-biodegradable plastics are chosen by electronics and automotive manufacturers because of the high strength and durability provided by them as compared to biodegradable plastics. Non-biodegradable bioplastics include polyethylene, polyethylene terephthalate, polyamide, polyethylene furanoate, and polytrimethylene terephthalate. These are utilized to produce an extensive range of products owing to their excellent chemical and mechanical properties coupled with continual performance for a long duration and high thermal stability.
The Demand for Bioplastic Products Has Reduced Significantly During Pandemic
Before the pandemic, several companies were switching to sustainable alternatives and coming up with innovative technology to help the environment in the plastic industry. However, following the outbreak of the pandemic, sustainability has taken a backseat and anti-plastic movements are put on hold to stop the virus from spreading. Moreover, the current concerns over the outbreak of coronavirus are expected to have a negative impact on the sale of bioplastic in the short term. The COVID 19 outbreak has led to lockdowns in several countries across the world. Due to such lockdowns, the food and beverage industry as well as the restaurant industry is expected to incur huge losses in their sales.
Furthermore, as the demand for bioplastic products has reduced significantly, the companies have also reduced production significantly and demand for all sorts of raw material required for production has also declined considerably. Apart from that, major players in the industry have stopped production activity due to the safety concerns of the employees and government regulations. The pandemic has led to large-scale distress to supply bases, assembly plant closures, and further downshift to the declining consumer demand.
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The Industry Players Largely Focus On Organic and Inorganic Strategies to Remain Competitive in the Marketplace
The Bioplastic market is comprised of several global and regional market players. The majority of companies in the bioplastic packaging market are located in the Asia-Pacific region as well as in Europe. The key players in the Bioplastic market are UrthPact, LLC, Biome Technologies Plc, Toray industries Inc, NatureWorks LLC, BASF SE, FKuR Kunststoff GmbH, Futamura Chemical Company Limited, Novamont S.p.A., Mitsubishi Chemical Holdings Corporation, and Thong Guan. The companies largely focus on organic and inorganic strategies such as new product development, expansion, and merger and acquisition, to remain competitive in the marketplace. For instance, in February 2019, Biome Bioplastics and Futamura have partnered to demonstrate a range of bio-based and compostable multilayer films.
Europe Holds the Largest Market Share in the Bioplastic Market
Europe held the largest share in the global bioplastics market and is expected to remain dominant over the forecast period. The European region offers a substantial potential for the market growth owing to rapid growth in markets such as U.K and France. The bio plastic market in Europe is anticipated to grow at a CAGR of 13.45%from the period of 2020 to 2026.The transition to a low-carbon and circular economy, stronger policy support for the bio-economy, and augmented consumer awareness for sustainable products and packaging are driving the expansion of the bio plastic market in Europe. In addition, the European Union’s decision to reduce the overall consumption of thin plastic bags in the region is anticipated to create enormous growth opportunities for the manufacturers of bio plastics in the next few years.
Furthermore, the demand for bio plastics is witnessing a substantial rise from conventional end-user industries, such as packaging, agriculture, and textile. The usage of bio plastics, especially in the European countries, is also growing in other niche segments, such as medical implants and drug delivery systems, etc. these factors are pouring the overall market’s growth.
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Reasons to Buy this Report:
=> Comprehensive analysis of global as well as regional markets of the bioplastics.
=> Complete coverage of all the product type and applications segments to analyze the trends, developments, and forecast of market size up to 2026.
=> Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company.
=> Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify