New York, USA, Feb. 09, 2023 (GLOBE NEWSWIRE) -- Bioplastics Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Bioplastics Market Information by Type, Application, And Region - Forecast till 2030”, the market is estimated to grow at a 10% CAGR to reach USD 6.48 Billion by 2027.
Market Synopsis
According to Market Research Future, the global bioplastics market is anticipated to increase by USD 6.48 billion at a 10% CAGR during the forecast period. Two key reasons driving the market explored are environmental concerns prompting a paradigm shift and rising demand for bioplastics in flexible packaging. The environmental concern caused by excessive greenhouse gas emissions in the atmosphere is one of the main forces behind the bioplastic business, as bioplastics help to decrease dependency on fossil resources, reduce greenhouse gas (GHG) emissions, and increase resource efficiency. The flexible packaging application is anticipated to dominate the global market in terms of volume throughout the anticipated time frame. Future opportunities are expected to arise from government regulations on current plastics and alternatives to petroleum-based plastics.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2027 | USD 6.48 Billion |
| CAGR | 10% (2022-2030) |
| Base Year | 2021 |
| Forecast Period | 2022–2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Application, And Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | The environmental issue posed by excessive levels of greenhouse gas emissions in the atmosphere. |
| During the projected period, the flexible packaging application is expected to lead the global market in terms of volume. |
Competitive environment
Businesses are realising that their ability to remain successful depends on their ability to generate a durable competitive advantage. As a result, they may create and advertise newer, better items before their rivals. They can expand into new markets and strengthen their standing in current ones. They can establish a reputation for themselves in both old and new markets. Finally, they have a defence for raising the cost of these bioplastics.
In response, businesses are also combining their distribution and raw material production activities. In addition, these businesses increase their regional footprint.
A Japanese business is called Teijin Limited. By developing a long-lasting competitive edge, it has been able to maintain profitability in the fiercely competitive bioplastics market. The corporation has achieved this by making significant investments in R&D. As a result, it was able to create and promote superior and distinctive products.
List of companies
- Toray Industries - Japan
- Teijin Limited - Japan
- M&G Chemicals - USA
- Toyota Tsusho - Japan
- Showa Denko KK - Japan
- PTT Global Chemical Public Company Limited - Thailand
- Natureworks LLC - USA
- Among others.
COVID-19 evaluation
Although COVID-19 has only recently entered the planet, it has had a much greater impact on global history and destiny than any epidemic that came before it. Both harmful and moderately contagious, the virus. More than a few people died as a result of it, and many more became gravely ill. Even those who recovered experienced long-term health issues.
They must also spread awareness of the various advantages of bioplastics among the general public worldwide.
Recent technological developments have enabled plastics producers to produce plastics from organic and renewable crops including sugarcane, corn, and vegetable oil. Because of this, businesses can now produce more environmentally friendly polymers that stay longer and don't disintegrate into harmful chemicals that harm the environment. According to the report's expected data and the introduction of newer technologies, the bioplastic industry is anticipated to experience rapid expansion in the years to come.
Governments implemented lockdowns and quarantines as soon as they became aware of this, hoping to stop the virus's spread. They were only transitory since they weren't particularly successful. In any case, having to temporarily cease manufacturing or significantly scale back operations hurt the majority of firms across a variety of industries.
Businesses in the bioplastics industry were similar to others. The demand for goods produced of all types of plastic substantially declined as people spent more time indoors. They were unwilling to communicate with COVID-19. The bulk of bioplastics businesses are taking a very long time to recover from this disturbance to their supply chains.
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Market dynamics
Restraints
Utilizing goods generated from sustainable and renewable resources is growing in popularity. The same may be said for bioplastics. Polymers with characteristics similar to those of traditional plastics but that degrade fast and sustainably are preferred by the general public and many enterprises across a wide range of industries.
Many companies choose to use bio-plastics for producing plastic bags, packaging for various meals, throwaway objects, and general packaging. This has a big impact on how the market for bio-based chemicals is growing.
Opportunities
Numerous companies are becoming aware of the profitable nature of the bio-plastics market. They are spending a lot of money on research and development to produce bio-plastics that are higher-quality and more environmentally friendly.
Prices for bioplastics are usually higher in the bioplastics industry. As a result, many companies in many industries are unable to purchase them.
One of the biggest challenges facing companies in the bioplastics industry is producing high-quality products at prices that are accessible to end users.
Segment overview
The worldwide bioplastics market is divided into two types, fully degradable bioplastics and biodegradable plastics.
The fact that partially biodegradable plastics are produced from natural materials makes them popular. Consequently, they securely disintegrate underground. This kind of plastic is widely used by businesses in the film, carry bag, sheet, and other industries.
The bioplastics market is divided into flexible packaging, rigid packaging, textiles, horticulture, agriculture, consumer goods, automotive, electronics, building, construction, and other applications.
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Geographical Analysis
Asia-Pacific, North America, the European Union, Latin America, the Middle East, and Africa are the different geographical regions that make up the global bioplastics market. The largest market share for bioplastics in 2019 was 33.7% in the European Union.
This was due to the rigorous regulations the European Union has in place for the manufacture and use of plastics. Additionally, there are lots of businesses making bioplastics there.
The usage of plastics that must be discarded after only one use is now considerably more difficult thanks to the numerous laws and regulations the European Union as a whole has established. The majority of businesses in the European Union are also spending significantly more on the technologies required to produce bioplastics. Growth in this area is likewise being fueled by these factors. The majority of Europeans are aware of the negative impact that plastics have on the environment when they break down, and they are working to reduce the manufacture and use of conventional plastics as a result.
In 2018, the Asia-Pacific region accounted for 34.4% of the global market for bioplastics. As a result, for that year, it had the biggest market share and size.
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