According to the study undertaken by Astute Analytica the global Bioplastics Market was valued at US$ 5,487.2 Million in 2021 and is forecasted to reach US$ 10,169.9 Million by 2027. The market is expected to register a CAGR of 10.8% during the forecast period 2022-2027. In terms of volume, the market is projected to grow at a CAGR of 11.8% during the forecast period.
Bioplastics are plastic materials which are produced from renewable biomass sources such as vegetable fats and oils, corn starch, straw, woodchips, sawdust, recycled food waste, etc. The global bioplastic market is driven by environmentally friendly properties and favorable government policy and high consumer acceptance and renewable raw material sources. Bioplastics do not harm earth or environment as these materials do not have any toxicity and can degrade easily.
Some bioplastics are obtained by processing directly from natural biopolymers including polysaccharides (e.g., starch, cellulose, chitosan and alginate) and proteins (e.g., soy protein, gluten and gelatin) while others are chemically synthesized from sugar derivatives (e.g., lactic acid) and lipids (oils and fats) from either plants or animals or biologically generated by fermentation of sugars or lipids. In contrast, common plastics such as fossil-fuel plastics (also called petrol-based polymers) are derived from petroleum or natural gas. Bioplastic is also suitable material for organic farming as farmers are using biodegradable mulching films in agriculture and horticulture.
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Environment friendly properties of bioplastics, high consumer acceptance for bio-based products, favorable government policy regarding developing degradable packaging materials and availability of renewable raw material sources for the production of bioplastics are some of the major market drivers for bioplastics. Moreover, various governments across the world adopted favorable regulations and policies to promote sustainability and biodegradability of bioplastics. Also, the increase in consumer acceptance boosts the growth in demand for bioplastic in the emerged and emerging economies. However, high cost of product is one of the biggest issues associated with global bioplastics market. Also, the poor mechanical, thermal and water absorption properties of bioplastic is not suitable for many applications. Furthermore, growth in corporate social responsibility (CSR) along with decrease in dependency on petroleum resource and R&D activities creates a positive outlook for the growth of bioplastic market.
Market Segmentation:
Biodegradable type holds the highest market share in 2021 in the Global Bioplastic Market
Based on type, the bioplastics market is segmented into biodegradable and non-biodegradable. The biodegradable segment is further classified into starch-based, poly lactic acid (PLA), poly hydroxylalkanoates (PHA), polyester (PBS, PBAT, and PCL) and other biodegradable plastics. Also, the non-biodegradable segment is bifurcated into bio-polyethylene terephthalate (PET), bio-polyethylene, bio-polyamides, bio-polytrimethylene terephthalate and other non-biodegradable plastics. The biodegradable segment is estimated to have the highest market share in 2021 owing to stringent regulations pertaining to single-use plastic ban across various regions including Europe, North America and Asia. Further, the segment is projected to grow at the highest CAGR of 11.6% during the forecast period due to increasing environmental concerns and an increase in demand for flexible packaging based on these materials.
Consumer goods segment is expected to register at a highest CAGR during the forecast period
On the basis of mode of application, the bioplastics market is segmented into rigid packaging, flexible packaging, agriculture & horticulture, consumer goods, textile, automotive & transportation, building & construction and others. The rigid packaging is further classified into bottles & jars, trays and others. Similarly, the flexible packaging segment is also bifurcated into pouches, shopping/waste bags and others. The flexible packaging segment is estimated to have the highest market share during the forecast period as packaging has wide scope in various applications including food packaging, cosmetic & personal care packaging, shopping bags and others, thereby augmenting the growth of the segment. Whereas the consumer goods segment is expected to register a CAGR of 12.4% during the forecast period.
Asia Pacific held the major share in the Global Bioplastics Market in 2021
Asia Pacific accounted for the largest bioplastics market revenue share in 2021 owing to the presence of well-established food & beverage industry as well as increasing consumer preferences towards eco-friendly plastic products with the rapidly growing population of the region and consumer purchasing power. Also, Asia Pacific bioplastics market is expected to project the highest CAGR of 12.5% during the forecast period.
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Company Profile:
Toyota Tsusho is a trading and project management company that has a varied product portfolio. The company provides products and services in various domains including metals, global parts & logistics, automotive, machinery, energy and project, chemicals & electronics, food & consumer services and others. Also, the company has a global network of subsidiaries in Thailand and Singapore. The company focuses on developing products and services based on renewable energy and uses advanced technologies and sustainable strategies to improve services and reduce environmental pollution. Refinery and shared facilities hold the highest percentage share in terms of business revenue segmentation.
Biome Technologies plc. is a manufacturer of naturally based plastics such as oil-based polymers and it operates through two divisions: Biome Bioplastics and Stanelco RF Technologies. It produces plant-based plastics which are compostable and biodegradable. The company is aiming to expand its R&D activities for the development of cost-effective products and services in order to offer sustainable products in the growing market era. Based on geographical revenue segmentation, North America holds the highest share in the marketplace.
Danimer Scientific is primarily engaged in manufacturing plastic products with the use of renewable and sustainable biopolymers. Biopolymers produced by the company are majorly used in aqueous coatings, fibers, filaments, additives, hot-melt adhesives, films and injection-molded articles. Danimer Scientific adopted partnership as its key developmental strategy to sustain the intense competition and improve its product portfolio.
Competitive Insight:
Global Bioplastic Market is highly competitive in order to increase their presence in the marketplace. Some of the key players operating in the global bioplastic market include NatureWorks LLC, Braskem, BASF SE, Novamont S.p.A., Mitsubishi Chemical Holdings, Toray Industries, Toyota Tsusho, E. I. du Pont de Nemours and Company, Galactic and Showa Denko K.K. among others.
Segmentation Overview:
Global Bioplastic Market is segmented based on type, mode of application and region. The industry trends in global bioplastic market are sub-divided into different categories in order to get a holistic view of the global marketplace.
Following are the different segments of the Global Bioplastic Market:
By Type Segment of the Global Bioplastic Market is Sub- Segmented into:
- Biodegradable
- Starch-based
- Poly lactic Acid (PLA)
- Poly hydroxylalkanoates (PHA)
- Polyester (PBS, PBAT, and PCL)
- Other Biodegradable Plastics
- Non-biodegradable
- Bio-polyethylene Terephthalate (PET)
- Bio-Polyethylene
- Bio-Polyamides
- Bio-Polytrimethylene Terephthalate
- Other Non-Biodegradable Plastics
By Mode of Application Segment of the Global Bioplastic Market is Sub- Segmented into:
- Rigid Packaging
- Bottles & Jars
- Trays
- Others
- Flexible Packaging
- Pouches
- Shopping/Waste Bags
- Others
- Agriculture & Horticulture
- Consumer goods
- Textile
- Automotive & Transportation
- Building & Construction
- Others
By Region Type Segment of the Global Bioplastic Market is Sub- Segmented into:
- North America
- The U.S.
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Poland
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Argentina
- Brazil
- Rest of South America
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