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Apr 21, 2021 (Market Insight Reports) --
Bioplastics are derived from renewable sources such as sugarcane, corn, cellulose, and other grains. They are environmental friendly and are gaining huge demand from various industries. Bioplastic is widely used across food packaging, disposables, containers, pouches, shopping bags, etc. application.
The global bioplastics market is projected to surpass US$ 215 billion by the end of 2027, in terms of revenue, growing at CAGR of 25.8% during the forecast period (2020 to 2027).
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Increasing initiatives for reducing global warming by the government is projected to foster the market growth of the bioplastic. Growing need for reducing reliance on fossil fuels coupled with the easy availability of bio-based raw materials is also expected to propel the market growth of the bioplastic. Moreover, shifting preferences towards non-petroleum-based plastics is again creating demand for plastic over the forecast period.
Growing demand for green products, healthier lifestyle and environmental sustainability is projected to propel the market growth of the bioplastic. Increasing demand for organic-based material for packaging of food products is also driving demand for bioplastic. Moreover, consumers are willing to pay extra for eco-friendly packaging products in order to reduce the environmental impact. Thus, growing demand for the green product is expected to foster the market growth of bioplastic.
Regionally, Asia-pacific dominated the global bioplastics market in 2019, reporting 42% market share in terms of revenue, followed by North America and Europe, respectively.
The premium price of bioplastic due to high production cost is affecting the demand for bioplastic. Also, the limited performance of bioplastic is also expected to hinder the market growth over the forecast period.
Lack of awareness regarding the bioplastic among consumers of the developing region is expected to hamper the demand. This is expected to curb the market growth of the bioplastic over the forecast period.
Increasing investment in the bioplastic for boosting production is expected to provide lucrative opportunities to the market. For instance, in January 2020, Stora Enso announced that it is investing US$ 10 million to build an experimental plant for enabling the production of bio-based plastics as a barrier in transparent packaging. The new plant will transform plant-based sugars into the renewable building block that is essential to make PEF, a biobased plastic, mainly targeting the food and beverage market.
Increasing ban on single-use plastic especially across Europe and North America is projected to serve major growth opportunities in the near future. For instance, in March 2019, the European Council has approved a law to ban single-use plastic by 2021. The ‘Single-Use Plastics Directive’ puts in place more responsibility for plastic producers and new recycling targets for EU member States. The law also requires plastic bottles to contain at least 30% recycled content by 2030 and 25% recycled content by 2025.
Growing fashion trends among consumers are creating demand for highly fashionable apparel such as clothes and shoes. Nowadays bioplastic such as polyamide and polylactic acid is majorly used in the production of textile products such as clothes and shoes. Moreover, bioplastics are also used in the production of wall mountings, containers, and sculptures which is again expected to augment the market growth of bioplastic.
Partnership and agreements among manufacturers for expanding business presence on a global level is a key trend in the market. For instance, in May 2020, Neste and Covestro entered into strategic cooperation in Europe to promote the use of sustainable raw materials in plastics production. In this partnership, Covestro will be supplied with material from renewable sources for the production of polycarbonates from Neste’s renewable hydrocarbons.
On the basis of application, bottles the global bioplastics market in 2019 with around 44% of market share in terms of revenue, followed by packaging and automotive, respectively.
Global Bioplastics Market – Impact of Coronavirus (Covid-19) Pandemic
The bioplastics market is facing a likelihood of a deep hindrance caused by the effect of lockdowns across the globe to slow the spread of Covid-19 pandemic. The demand for bioplastics has declined various end-use industries such as construction, paints & coatings, automotive industries, construction, and electronics. This is expected to hamper the growth of bioplastics market in next few years till end of the 2021.
Key players are operating in the global pigments market are BASF SE, Braskem S.A., Koninklijke DSM N.V., Arkema S.A., Innovia Films, Ltd., Metabolix, Inc., NatureWorks, LLC, Novamont S.p.A., The Dow Chemical Company, and Total Corbion PLA
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Few Recent Developments
- In February 2020, BASF and Fabbri Group have partnered to develop a new cling film for fresh food packaging. As part of the partnership, Fabbri Group has developed the stretch film Nature Fresh using certified compostable and biobased bioplastic BASF’s ecovio.
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