New York, US, May 11, 2022 (GLOBE NEWSWIRE) -- Biopolymers & Bioplastics Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Biopolymers & Bioplastics Market Information by Type, Non-Biodegradable, End-User, and Region - Forecast till 2030”, the market is estimated to grow at a CAGR of 16% CAGR to reach USD 29,770.31 Million by 2030.
Market Scope
Biopolymers and bioplastics are vital components in an array of applications across end-use industries, such as textiles, building & construction, packaging, and automotive. The rise in the use of several plastic compounds worldwide caused a rise in emissions and environmental degradation. This caused an alarming need for bio-based compounds, which can be environmental-friendly as well as reflect functionality at various end-user markets.
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Competitive Analysis
The global market for biopolymers & bioplastics has prominent players such as:
- SKYi Composites (India)
- Plantic Technologies Limited (Australia)
- BASF SE (Germany)
- NatureWorks Inc. (US)
- Arkema (France)
- United Biopolymers (US)
- Braskem (Brazil)
- Mitsubishi Chemical Corporation (Japan)
- Biome Bioplastics Limited (US)
- Kaneka Corporation (Japan)
- Covestro (Germany)
Market USP Covered
Market Drivers
The global market for bioplastics & biopolymers has witnessed rapid growth in the last few years. The market's growth is mainly credited to the growing demand for environmental-friendly feedstocks across several industries owing to the stringent government regulations, particularly across North America and Europe. Furthermore, the factors such as the rising trend of using bio-based plastics and polymers, adoption of bio-based polymers and plastics across several end-use sectors, and rapid technological advancements across the field are also projected to boost the bioplastics & biopolymers market over the coming years.
Market Restraints
On the other hand, the volatility of raw material prices is anticipated to hamper the market's growth.
COVID-19 Impact
The COVID pandemic has impacted the fitted distribution of several products across the marketspace. This is mainly due to the lowered operating capacities of product developers across major economies of the world, including North America, Western Europe, and parts of Asia-Pacific. In addition, the biopolymer and bioplastic manufacturers face winds due to supply disruptions of key feedstock as well as price volatility of materials globally. Producers of bioplastics & biopolymers are fundamentally dependent on raw material suppliers across the globe to source key ingredients for product formulations. On the other hand, the collapse of demand from end-use markets resulted in a lesser feedstock supply across the globe. Lesser distribution of commodities and goods gave the stringent imposition of nationwide lockdowns, resulting in lower demand for packaging materials, reduced transportation, lower vehicle utilization, and more, resulting in disruption of product supplies globally, thus affecting demand and growth a brief period.
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Segment Analysis
The global biopolymers & bioplastics market has been fragmented into several segments based on end-use, type, and region.
Based on type, the biopolymers & bioplastics market is divided into non-biodegradable (biobased) and biodegradable. The MRFR report suggests that the biodegradable segment accounts for the highest revenue share over the forecasted era due to companies' and consumers' high dependency on environmental-friendly solutions to fulfill their daily needs.
Non-biodegradable biopolymers and bioplastics at present contribute a substantial share of the net market revenue. On the other hand, changing market attributes such as lifestyles and consumer standpoint toward the rising need for environmental-friendly alternatives are likely to make up a substantial portion of the market.
Based on the end user, the global market for biopolymers & bioplastics is split into consumer goods, agriculture & horticulture, packaging, textiles, automotive & transportation, and others. The growing dependency on e-commerce platforms by residents across the globe is projected to pave the way for higher demand for bioplastics and biopolymer-based packaging solutions, even flexible and rigid packaging.
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Regional Analysis
The global market for biopolymers & bioplastics is examined across five major regions: Latin America, North America, Europe, Asia-Pacific, and the Middle East & Africa.
As per the MRFR research reports, the Asia-Pacific region held the top position in the global biopolymers & bioplastics market in 2020, with the largest share of over 40%. The regional market is a major hub for plastic and plastic compound manufacturers across the globe, with the involvement of numerous key industry participants across the region. Some key participants across the regional market include Mitsubishi Chemical Corporation, Covestro, Advanced Bioplastic Company, SKYi Composites, BioLogiQ, United Biopolymers, BASF SE, and many others.
The biopolymers & bioplastics market for the North American and European region is anticipated to witness a surge in the growth rate over the assessment timeframe. The growth of the regional markets is mainly attributed to the presence of multinational companies in the region that are seen to be making heavy investments in research & development activities to develop high-grade, durable, and economic bio-based plastic products. Organizations such as Covestro and Kaneka Corporation have been founding patented processes to harvest biopolymers and bioplastic products for the regional markets.
In addition, the growing number of government interventions, such as the presence of REACH and US EPA, are also likely to catalyze the market's growth across these regions. Manufacturers position their businesses to verbalize government regulations to find significant businesses across the regions and gain more market share.
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