Demand for bioplastics is set to move on an upward swing as conventional plastics emerge as tough waste problem. However, COVID-19 will take a toll on the revenue growth.
DUBAI, UAE / ACCESSWIRE / June 23, 2020 / Bioplastics are gaining significant momentum as a solution to the global plastic phenomenon. Strong focus on sustainability along with aversion of consumers towards products with high environmental impact has led to popularization of bioplastics in a wide range of industries. The packaging industry, in particular, which is heavily reliant on conventional plastic for its convenience factor, is turning to bio alternatives to fulfill the demand of eco-conscious consumers. The result is expected to lead to increased demand for bioplastics.
According to a detailed study by Future Market Insights, the bioplastics market is estimated to be valued at US$ 43.8 Bn in 2020, nearly 6X surge from the past half decade. Technological advancements involved in the research and development of bioplastics will further remain instrumental to the market growth.
"The ubiquity of non-biodegradable plastics in oceans and landfills has shown the urgent need for an effective alternative. While compostable and biodegradable raw materials are making headway in packaging industry, bioplastics are set to push the weight reduction trend in automotive industry," says the FMI analyst.
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Keys Takeaways of Bioplastics Market Study
- Bio-PET remains highly preferred material and continues to account for a major share of the total market revenue, followed by bio-PE and PLA blends.
- High application potential has been identified in bottle manufacturing and packaging.
- Manufacturers are focusing on identifying and leveraging white spaces in application of bioplastics, ranging from foodservice disposables to automotive components.
- Asia Pacific remains at the forefront of the global bioplastics market, propelled in bulk by abundance of raw materials and eco-friendly initiatives.
- North America and Europe will continue to offer greater opportunities due to significant transition to environment friendly raw materials.
Bioplastics Market – Key Growth Drivers
- Similar functional properties as materials including PET and vinyl, in addition to production from renewable resources such as wood pulp and corn starch, remain key demand drivers for biploastic.
- Demand is gaining a boost from large international companies such as Coca Cola making the move to start using bioplastics as their packaging material.
- Rapid R&D to indentify lucrative opportunities for innovative bioplastics will continue to shape the market future.
- Strict bans against the use of plastics in several countries will become a big step towards the widespread adoption of bioplastics.
Bioplastics Market – Key Restraints
- Despite its ‘eco-friendly' tag and benefits over oil-based plastics, bioplastics still tend be relatively expensive.
- Bioplastics are produced in small quantities, making it a challenge to break into established production cycles of their conventional counterparts.
Impact of COVID-19 on Bioplastics Market
Confinement measures triggered by the rapid spread of the COVID-19 have significant impacted the business sphere worldwide, and the bioplastics market is no exception. A notable decline in crude oil prices will be a linear disadvantage for bioplastics, further affected by the higher price point. Post pandemic, green investments are highly likely to be delayed due to a climate of uncertainty created by the crisis. A headwind coming from closure of factories and halt in manufacturing and supply chain operations will become deterrent to the market growth.
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Competition Analysis
The FMI's study covers detailed profiles of key players operating in the bioplastics market, which include BASF SE, RTP Company, Arkema, Evonik Industries, NatureWorks LLC, Techno Polymer Co. Ltd., DSM N.V., E. I. du Pont de Nemours and Company, and Toray Industries Inc.
The bioplastics market has been recently witnessing a surge in number of new entrants with a myriad of offerings. For instance, in January 2020, toy giant Mattel launched new building block sets made from bio-based plastics. The company plans to use 100% recyclable, bio-based plastics for its products and packaging by 2030. Additionally, presence of key players such as Eastman with breakthrough innovations including Trēva™ engineering bioplastic will continue to drive the global market to new heights.
More About the Report
The FMI's market research report offers in-depth insights on the bioplastics market. The market is analyzed on the basis of material (Bio-PET, Bio-PE, PLA Blends, Biodegradable Polyester, Starch Blends, Bio-PA, PHA, and others) and application (bottle manufacturing, packaging, automotive, foodservice disposables, and consumer products) across four key regions.
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About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in London, the global financial capital, and has delivery centers in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition.
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SOURCE: Future Market Insights
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