London, May 30, 2023 (GLOBE NEWSWIRE) -- The non-toxic, biodegradable, and versatile nature of bioplastics drive their demand as a preferred material of choice for a wide range of applications. Although the total bioplastics production capacity currently makes up for a mere 1% of the worldwide plastics production, bioplastics have been rapidly emerging as a potential futuristic solution to growing need for sustainable material alternatives. Fairfield Market Research in its new study on the global bioplastics market intends to provide an insightful overview of the market during the seven year-old period of assessment, 2023 – 2030. Bioplastics have been widely consumed by the flexible packaging sector and the application of bioplastic films traverses a wide range from food and non-food segments to healthcare and pharma, and hygiene products.
“While packaging and automotive industries remain the bandwagon of bioplastics consumption, the study highlights growing adoption potential in areas like biomedical industry, especially in drug delivery, tissue engineering, and some of the fastest growing sectors like wound management, and orthopedic devices. Emerging application opportunities in the electronics industry also point to accelerating growth of the market,” remarks an analyst at Fairfield Market Research.
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Insights into Segmentation Analysis
As per the market shares recorded in the year 2018, the packaging industry consumed nearly 66% of the total bioplastics volume registered by the global bioplastics market. As rampant e-Commerce expansion has boosted the growth of packaging world by manifolds, the industry has been accelerating its journey toward sustainability in terms of material. With more packaging companies showing preference for bioplastic polyethylene furanoate (PEF) as an ideal packaging material for its superior thermal and barrier attributes, the contribution of packaging companies in revenue generation for the bioplastics industry will remain substantial.
On the other hand, the automotive industry has also been consuming voluminous amounts of bioplastics, especially for various interior applications. Increasing scope of application for automotive exteriors, and under the hood areas will further add value to the revenue contribution of the automotive industry segment to the bioplastics market.
Insights into Regional Analysis
Europe remains a dominant market and the study clearly attributes this dominance to the rapidly evolved lifestyle of the European consumer. Europe has been at the centre stage of circular economy and the European governments have been highly supportive of the environmentally sustainable strategic developments in the region. North America also is one of the key markets for bioplastics manufacturers and the region is at the forefront of R&D initiatives. Over 50% of the overall bioplastics production is accounted by Asia Pacific, show research findings. The bioplastics market here is especially growing lucrative as the region witnesses thriving uptake of bioplastics by the flexible packaging sector. Business opportunities are likely to continue to emerge across these regional pockets and the governments and regulatory bodies will plays a vital role, says the report.
Key Market Players
Some of the leading companies in the global bioplastics market include BASF SE, Solvay, TEIJIN LIMITED, Toyota Tsusho Corporation, NatureWorks LLC, TORAY INDUSTRIES, INC., SABIC, Avantium, Futerro, PTT MCC Biochem Co., Ltd., Trinseo S.A., SUPLA (JIANGSU SUPLA BIOPLASTICS CO., LTD.), Total Corbion PLAIR, and Braskem.
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Global Bioplastics Market is Segmented as Below:
Product Coverage
- Non-biodegradable
- PE
- PET
- PA
- PTT
- Misc. (PP, etc.)
- Biodegradable
- PBAT
- PLA
- PBS
- Starch Blends
- PHA
- Misc. (Cellulose Films, etc.)
End-user Coverage
- Packaging
- Rigid
- Flexible
- Consumer Goods
- Textiles
- Agriculture
- Automotive
- Automotive
- Electrical & Electronics
- Building & Construction
- Misc. (Medical, etc.)
Geographical Coverage
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Leading Companies
- BASF SE
- TotalEnergies Corbion
- Mitsubishi Chemical
- Eastman
- NatureWorks LLC
- Covation Biomaterials
- Avantium
- Kaneka Corporation
- Futamura
- Jinhui Zhaolong High Tech.
- Zhejiang Hisun Biomaterials
- Bio Valore World SpA
- ANKOR Bioplastics
- Celanese Corporation
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