Dublin, Nov. 06, 2023 (GLOBE NEWSWIRE) -- The "Global Bioplastics Market (by Production Capacity, Type, Application, & Region): Insights and Forecast with Potential Impact of COVID-19 (2022-2027)" report has been added to ResearchAndMarkets.com's offering.
The global bioplastics market is undergoing a significant transformation, with a noteworthy increase in demand despite a decrease in global plastic production. This report provides a comprehensive overview of the bioplastics industry, focusing on the factors propelling its expansion, the challenges it faces, and the key trends shaping its trajectory. With a projected market value of US$10.61 billion by 2023 and a CAGR of 14.21%, the bioplastics market is poised for remarkable growth.
Key Insights:
1. Market Segmentation:
- By Type: The global bioplastics market is segmented into two categories: Biodegradable and Non-Biodegradable. The biodegradable segment dominates in terms of value and production capacity. It further delves into subtypes such as PLA, Starch blends, PBAT, PHA, and Others. Non-biodegradable types include PTT, PE, PA, PET, PP, and Other. Polylactic acid (PLA) is a prominent and widely used bioplastic.
- By Application: The market is categorized by application into Flexible Packaging, Rigid Packaging, Textiles, Consumer Goods, Agriculture & Horticulture, Coating & Adhesives, and Others. Flexible packaging leads due to its efficiency and cost-effectiveness, while agriculture & horticulture is the fastest-growing segment in terms of production capacity.
2. Geographic Coverage:
- The global bioplastics market is divided into four regions: Asia Pacific, Europe, North America, and the Rest of the World.
- Asia Pacific holds the largest market share, driven by increased demand from the packaging industry and favorable government regulations. China, with its high per capita consumption, leads in value and production capacity.
- In Europe, Germany records the fastest growth rate, with supportive regulations for bio-based and compostable bio waste plastic products.
- North America is represented by the US, Canada, and Mexico. The Rest of the World includes countries like India and Mexico.
3. Key Drivers:
- Increasing Fossil Fuel Prices: Bioplastics have become more economically attractive as fossil fuel-based virgin plastics face price hikes and material shortages.
- Demand for Eco-Friendly Goods: The surge in eco-conscious consumer preferences drives the demand for bioplastics.
- Emergence of Bio-based and Renewable Raw Materials: The shift towards sustainable, renewable resources contributes to bioplastics' popularity.
- Reduced Greenhouse Gas Emissions: Bioplastics offer an environmentally friendly alternative with reduced greenhouse gas emissions.
4. Challenges:
- High Cost Associated: Bioplastics production costs are comparatively high, hindering widespread adoption.
- Limited Regulations in Developing Countries: Developing nations often lack comprehensive regulations related to bioplastics, posing challenges for market growth.
5. Trends:
- Increasing Demand for Electric Vehicles: Bioplastics find growing applications in the automotive sector, particularly in electric vehicles.
- Rising Demand in the Medical Sector: The medical industry is increasingly turning to bioplastics due to their biocompatibility and environmental benefits.
- Technological Advancements: Ongoing research and development efforts are driving innovation in bioplastics, aiming to reduce production costs and improve performance.
Impact of COVID-19: The bioplastics market initially experienced negative growth due to the COVID-19 pandemic, with several green initiatives and regulations being postponed. However, as lockdowns eased, the market rebounded, driven by heightened awareness of plastic waste issues and increased investments from both the public and private sectors.
Key Players:
- BASF SE
- Avantium N.V.
- Toray Industries Inc.
- Biome Technologies PLC
- Carbion N.V.
- Futerro
- NatureWorks LLC
- Kuraray Co. Ltd. (Plantic Technologies Ltd.)
- Eastman Chemical Company
- Mitsubishi Chemical Group
- Novamont S.p.A.
- PTT MCC Biochem Co. Ltd.
Conclusion: The bioplastics market is on an upward trajectory, driven by environmental concerns, technological advancements, and increasing research and development efforts. Despite challenges related to costs and regulations, bioplastics are expected to play a significant role in reducing the environmental impact of plastic waste while meeting the growing demand for eco-friendly materials. The market's resilience and innovation in the face of challenges position it for continued growth.
Key Topics Covered
1. Executive Summary
2. Introduction
3. Global Market Analysis
4. Regional Market Analysis
5. Impact of COVID-19
6. Market Dynamics
7. Competitive Landscape
8. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/ui3l89
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