The global Bioplastic market was valued at USD 5.3 billion in 2020 to USD 13.1 billion by 2027, at a CAGR of 13.8% from 2021 to 2027. Bioplastics have evolved as sustainable and eco-friendly alternatives to synthetic plastic. The demand for bioplastics has gained incredible traction in various plastic applications due to the favorable legislations implemented by numerous governments around the globe. Packaging and consumer durable are two top investment segments for the global bioplastic market. PET is used mainly in bottle packaging. The rapid growth of the global sustainable packaging industry and volatility in crude oil prices drive the market’s growth. Moreover, favorable government policies are anticipated to drive the market demand as an eco-friendly substitute.
The high price of biodegradable bioplastic is a major factor restraining industry growth. This issue can be resolved with the volatility in crude oil price, which results in a price rise in petrol plastic. Moreover, this issue can be resolved with the decrease in dependence on petroleum resources and advancement in R&D. The industry, with a healthy capital base and good infrastructure is projected to adopt a forward integration strategy to create its value chain. The “green” PET bottle developed by PepsiCo. is 100% bio-based and has an identical molecular structure.
Therefore, the green bottle exhibits equal efficacy, which includes conventional plastics. The company need not incur any extra cost for manufacturing this bottle as it can be manufactured by the agricultural waste generated from its food industry (1.3 billion pounds of orange peels every year from the Tropicana business). This bottle can break PepsiCo’s dependence on petroleum materials and can reduce carbon dioxide from the atmosphere. Huge R&D investment is required to transform this innovation into commercialization. The research should continue to increase the efficiency of the material, simplify its synthesis, and maximize the usage of potential biomaterials. With this development, the manufacturers will be able to produce more valuable and less expensive bioplastic.
Get Full PDF Sample Copy of Report: https://www.marketstatsville.com/request-sample/bioplastic-market
Global Bioplastic Market Dynamics
Drivers: Favorable government policy
Various governments across the world adopt favorable regulations and policies to promote the sustainability and biodegradability of bioplastics. These are some of the key factors that boost this market. The European Union is one of the major political advocators of the bioplastics market. In Europe, policymakers formulate environmental policies to create awareness among consumers.
Besides, they are also formulating R&D programs to boost the production of bioplastic in the region. Furthermore, national governments in various European countries also promote the usage/application of sustainable material. Governments in Asia and Europe have now formulated specific stringent policies, which are expected to favor the growth of the bioplastic industry material. For instance, Japan has now focused on achieving at least 20% usage of bioplastics by 2020. According to the recently implemented waste management program, the Government of Singapore advocates recycling plastic waste besides other solid and municipality waste.
Restraints: Limited performance
Due to poor mechanical, thermal, and water absorption properties, bioplastic is not suitable for many applications. For example, due to low melting point & low transparency, first-generation PLA is not suitable for a few packaging applications, requiring high-temperature resistance. Due to the common tensile strength, the starch-based bioplastic is highly brittle. Therefore, it needs to be plasticized with polyether and urea, blended with other materials, or chemically modified for further packaging applications. Due to excellent oxygen barrier properties, the thermoplastics starch is widely used in food-related applications, including food packaging and manufacturing food containers, such as bowls, plates, cups, and egg trays. However, the hygroscopic nature of starch determines that this material is not suitable for high-moisture and liquid food products. To resolve this issue, the manufacturers need specific adaption and technical advancements in the production process. For instance, Sulzer has established a new process for PLA production. With this innovative route, PLA can withstand heat up to 180°C.
Make an Enquire before Purchase @: https://www.marketstatsville.com/buy-now/bioplastic-market?opt=2950
Opportunities: Decrease in dependency on petroleum resources & advancement in R&D
The high price of bioplastics is a major factor restraining the industry’s growth. This issue can be resolved with the volatility in crude oil price, which results in a price rise in petrol plastic. Moreover, this issue can be resolved with the decrease in dependence on petroleum resources and advancement in R&D. The industry, with a healthy capital base and good infrastructure is projected to adopt a forward integration strategy to create its value chain. The “green” PET bottle developed by PepsiCo is 100% bio-based and has an identical molecular structure.
The company need not incur any extra cost for manufacturing this bottle as it can be manufactured by the agricultural waste generated from its food industry (1.3 billion pounds of orange peels every year from the Tropicana business). This bottle can break PepsiCo’s dependence on petroleum materials and can reduce carbon dioxide from the atmosphere. Huge R&D investment is required to transform this innovation into commercialization. The research should continue to increase the efficiency of the material, simplify its synthesis, and maximize the usage of potential biomaterials. With this development, the manufacturers will be able to produce more valuable and less expensive bioplastic.
Scope of the Report
The study categorizes the Bioplastic market based on type, application, and region.
- Biodegradable Plastic
- Polylactic acid
- Starch blend
- Cellulose acetate
- Non-biodegradable Plastic
- Polyethylene Terephthalate
- Consumer durables
- North America (US, Canada, Mexico)
- South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
- Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
- Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
- The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)
Request for Complete TOC and Figures & Graphs @ https://www.marketstatsville.com/table-of-content/bioplastic-market
Non-biodegradable, by bioplastic type, is having largest market segment during the forecast period
The bioplastics market report has been segmented by type as biodegradable and non-biodegradable plastics. In 2020, Non-biodegradable Plastic had the largest market revenue share of 55.56% in the global bioplastic market.
Non-biodegradable plastic usually does not break down or dissolve into other materials for several years. These plastics can be recycled and used multiple times. Bottles and grocery bags are the common non-biodegradable materials that can be reused. The global non-biodegradable plastic market is segmented into epoxy, polyurethane, polyethylene terephthalate, and others (PA, PE, EPDM, & PTT). The market witnesses high demand owing to the elastic nature of polyethylene films, which enable the production of films with good toughness suitable for food packaging and non-food applications. Innovations in food & beverages packaging drive the demand for polyethylene films. However, fluctuations in the cost of raw materials and stringent regulations imposed for the use of plastic are expected to hamper the market growth during the forecast period. Though the market is saturated in North America and Western Europe, Asia-Pacific has huge potential demand due to the growth in end-users such as agriculture, medical, and food industry.
Europe accounts for the highest CAGR during the forecast period in the Bioplastic market
The global Bioplastic market has been segmented by regions, like North America, Europe, Asia Pacific, South America, and the Middle East & Africa. Europe has the highest growth rate of 16.2% during the forecast period. The major countries involved in developing and producing bioplastics in Europe are Germany, Italy, France, Spain, and the UK. Europe adopts bioplastics over conventional plastic to transform into a proper waste management region. The European Association promotes government and environmental policies regarding sustainability and bio-degradability, which is a significant factor driving the biodegradable plastic market in Europe.
An increase in the demand for bioplastic products among European customers stimulates the growth of biobased products in this region. European customers choose bioplastic products over conventional plastic products considering their environmental benefits. Thus, Europe has a significant market share in terms of revenue in the global biodegradable market. European legal framework and strategies foster the extensive use of biobased plastic products and provide growth opportunities for the Europe biodegradable market. Favorable government policies for the bioplastic manufacturers in Europe is another significant factor that drives the market growth. The packaging industries in Europe are planning to replace conventional plastic with bioplastic in the mushroom, vegetables, and fruits packaging business.
Request For Report Description @ https://www.marketstatsville.com/bioplastic-market
Key Market Players
Major manufacturers profiled in the bioplastic market analysis are BASF SE, Dow Inc., Novamont S.p.A., Plantic, Natureworks, Corbion N.V., Biome Technologies plc, Mitsubishi Chemical Holdings, Eastman Chemical Company, and Danimer Scientific. These market players are adopting growth strategies to strengthen their position in the market. Product launches and partnerships are the key growth strategies adopted by different key players in the market.
Market Statsville Group (MSG) partners with companies and society to confront their essential risks and challenges to capture the enormous opportunities for them. MSG initiated its work in 2017, and since then, the brand is moving to become a pioneer in business advisory and market research services.
We the leading market research and strategy builder with the depth and breadth of solutions that perfectly suit your every need. MSG provides solutions in a wide range of industry verticals in market sizing, analysis, and incisive business insights. MSG experienced research analysts are proficient at digging deep and providing various customizable data that help you make decisions with clarity, confidence, and impact.
Contact US: Market Statsville Group
416, East standsberry street,
Perkins, Oklahoma 74059, US
USA: +1-580-205-2707 | India: +91-702-496-8807
LinkedIn | Facebook | Twitter