According to a report, “Bioplastics Market Size, Share & Trends Analysis Report By Product (Biodegradable, Non-biodegradable), By Application (Packaging, Automotive & Transportation, Textile), By Region, And Segment Forecasts, 2020 – 2027”, published by Grand View Research, Inc.,The global bioplastics market size is expected to reach USD 26.0 billion by 2027, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 16.1% over the forecast period. Increasing environmental concerns, favorable government initiatives, and rising consumer awareness about the sustainable and eco-friendly products are expected to drive the demand for bioplastics.
They are majorly utilized as an environmentally friendly alternative to conventionally produced plastics for use in various application segments including packaging, agriculture, consumer goods, textile, automotive & transportation, and building & construction. Thus, environmentally friendly properties of these products along with growing demand from flexible packaging applications are also estimated to drive the market growth.
According to European Bioplastics e.V global production capacity of bioplastics was 2.1 million kilotons in 2019, which is expected to reach 2.4 million kilotons by 2024. In terms of volume, non-biodegradable product segment accounted for the maximum share in 2019. It is anticipated to continue its dominance over the forecast years due to high demand for electronic equipment, automotive housings, and consumer goods, such as carry bags, films, and bottles.
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Bioplastics Market Report Highlights
Key raw materials utilized in the production of bioplastics includes renewable biomass sources, such as vegetable fats and oils, straw, corn starch, woodchips, recycled food waste, sawdust, and various others
- In terms of volume, non-biodegradable product segment accounted for prominent share in the market in 2019 and is further expected to witness steady growth over the forecast period
- Packaging application segment dominated the global market in 2019 and accounted for more than 62% of the market revenue share
- Europe led the global market in 2019 and held more than 44% of the total share. The regional market will retain its dominant position throughout the forecast years
The packaging application led the market with a share of 62.4% in 2019. Increasing utilization of bioplastics to produce bags for compost, agricultural foils, horticultural products, nursery products, toys, and textiles is the key factor responsible for the segment growth. Moreover, bioplastics are used to produce disposable cups, bowls, plates, Clingfilm, and food containers. The development of food-grade bioplastics has improved the shelf life of the food products, which drives their demand, thereby boosting the segment growth. Moreover, the majority of packaging products are currently produced from conventional plastics and end up in landfills, which is a situation that various governments intend to address.
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Bioplastics are also used to produce semiconductor casings, electronic device covers, connectors, and circuit boards. With the help of injection molding, bioplastics can be used to produce touch screen computer casings, headphones, loudspeakers, keyboards, laptops, games consoles, mobile phone casings, vacuum cleaner, etc. The growing demand for electrical & electronic products along with rising environmental concerns is expected to drive the demand in the consumer goods application segment.
Polyamide and polylactic acid plastic is used to produce textile products like clothes and shoes, which drive the textile segment’s growth. Bioplastics are also used to produce various components used in the building & construction application segment, such as containers, wall mountings, sculptures, and housing & mountings.
Bioplastics Market Segmentation
Grand View Research has segmented the global bioplastics market on the basis of product, application, and region:
Bioplastics Product Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2027)
- Polylactic Acid
- Starch blends
- Polybutylene Adipate Terephthalate (PBAT)
- Polybutylene Succinate (PBS)
- Polyethylene Terephthalate
- Polytrimethylene Terephthalate
Bioplastics Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2027)
- Consumer goods
- Automotive & Transportation
- Building & Construction
Bioplastics Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2027)
Central & South America
- Middle East & Africa
List of Key Players of Bioplastics Market
- Teijin Ltd.
- Toray Industries
- Toyota Tsusho
- M& G Chemicals
- PTT Global Chemical Public Company Ltd.
- Showa Denko K.K.
- NatureWorks LLC
- BASF SE
- Futerro SA
- E. I. du Pont de Nemours and Company
- Corbion N.V.
- Solvay SA
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