Light weight of non-wood fiber composites, low cost, greater specific strength, less energy to production process, biodegradability, and superior sound reduction characteristics drive the growth of the global bioplastic composites market. The Asia-Pacific bioplastic composites market size is projected to grow at the highest CAGR of 11.8%.
According to the report published by Allied Market Research, the global bioplastic composites market generated $27.3 billion in 2020, and is projected to reach $73.9 billion by 2030, witnessing a CAGR of 10.5% from 2021 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
Yerukola Eswara Prasad, a Manager, Materials & Chemicals at Allied Market Research, stated, “The global bioplastic composites market is expected to possess high growth potential in the coming years. As a sustainable material, bioplastic is consumed across a wide range of industries such as rigid packaging, flexible packaging, textiles, consumer goods, agriculture, construction, and electrical & electronics. The rise in environmental awareness among the consumers and substantial curiosity of packaging industries toward biodegradability are the key factors that primarily contribute to the increase in adoption of bioplastic in rigid packaging applications. Bioplastics are widely used in electrical and electronics application. The bioplastics applications in consumer electronics include computer mouse, headphone, and keyboard. Moreover, it is widely used in home and industrial appliances, power equipment, measuring &control equipment, lighting &wiring equipment, and electronic components. However, the outbreak of the COVID-19 pandemic has a negative impact on the global bioplastic.”
COVID-19 scenario:
- Owing to lockdown restrictions imposed by governments with the outbreak of Covid-19 pandemic, manufacturing factories have closed down, which hampered the production volumes. Moreover, the supply chain has been disrupted and raw material shortage has been created.
- The demand from application industries such as packaging and textiles has been reduced significantly as operations have been halted with the lockdown. However, the demand will be restored as operations begin with lockdown restrictions being lifted off.
- Governments have encouraged the usage of bioplastics and developed regulations regarding disposable and single use plastics to curb the spread of the Covid-19. Moreover, many multinational organizations such as Danone, Coca-Cola, and Nestlé have taken the oath to adopt bioplastic materials to prevent contamination.
The report offers detailed segmentation of the global bioplastic composites market based on polymer, end user, and region.
On the basis of polymer, the global bioplastic composites market is divided into natural polymer and synthetic polymer. The synthetic polymer was the largest revenue generator, and is anticipated to grow at a CAGR of 10.4% during the forecast period.
The end-use industries covered in the study include transportation, electrical & electronics, building & construction, aerospace & defense, consumer goods, and others. In 2020, the transportation end-use industry is anticipated to grow at a highest CAGR of 11.5% during the forecast period.
Region-wise, the bioplastic composites market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The Asia-Pacific bioplastic composites market size is projected to grow at the highest CAGR of 11.8% during the forecast period and accounted for 30% of bioplastic composites market share in 2020.
Key players operating in the global bioplastic composites market include Mitsubishi Chemical Holdings Group, NatureWorks LLC, Corbion NV, Braskem, FKuR, Arkema S.A., BASF SE, Dow, Solvay, and Toray Industries, Inc.
About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.
