Market Research Report
Bioplastics Market by Type (Biodegradable Plastic and Non-Biodegradable Plastic) and Application (Packaging, Agriculture, Consumer Durables, Textile, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030
|Bioplastics Market by Type (Biodegradable Plastic and Non-Biodegradable Plastic) and Application (Packaging, Agriculture, Consumer Durables, Textile, and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030|
Published: August 31, 2021
Allied Market Research
Content info: 388 Pages
Delivery time: 2-3 business days
The global bioplastics market was valued at $5.8 billion in 2020, and is projected to reach $16.8 billion by 2030, growing at a CAGR of 11.5% from 2021 to 2030.
Bioplastics are derived from renewable feedstocks such as corn, sugarcane, and cellulose. Factors such as eco-friendly properties, availability of renewable feedstocks, and favorable government policies enable manufacturers to adopt bio-based plastics. Increase in adoption of biodegradable products and improvement in scope of bioplastic across end-user industries drive the growth of the bioplastic market. Bioplastic has the potential to reduce carbon dioxide emission by 30%-70%, as compared to conventional synthetic plastic. Bioplastic production is a cost-effective and efficient process. Bioplastic production is an energy efficient practice, since production of bioplastic requires 65% less energy than conventional plastic. Bioplastic does not harm earth or environment, as these materials do not have any toxicity and can degrade easily. Moreover, the greenhouse gas emission of bioplastic is minimal during the time of degradation. Bioplastic represents a 42% reduction in carbon footprints. Leading companies, such as Coca Cola, Nestle, Nike, and Ford are exhibiting their interest toward the production and usage of bioplastic materials, across various applications owing to these advanced technical properties and functionalities. However, high production cost and comparatively limited performance standards as compared to traditional plastics hamper the bioplastic market growth to a certain extent.
The high price of biodegradable bioplastic is a major factor, restraining the 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 forward integration strategy to create their own value chain. The "green" PET bottle developed by PepsiCo. is 100% bio-based and has 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 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 and the research should continue to increase efficiency of the material, simplify their synthesis, and maximize the usage of potential biomaterials. With this development, the manufacturers will be able to produce more valuable and less expensive bioplastic.
The bioplastic market is segmented on the basis of type, application, and region. On the basis of biodegradable plastic type, it is divided into polylactic acid (PLA), polybutylene adipate terephthalate (PBAT), polybutylene succinate (PBS), polyhydroxyalkanoates (PHA), starch blends, and others. PLA emerged as the global leader in terms of the bioplastic market share in the market. This is accounted to its demand in flexible packaging and agricultural sectors. The chemical industry is witnessing a shifting trend from synthetic toward biobased products to build sustainable eco systems. On the basis of non-biodegradable plastic type, the market is segmented into PE, PET, PA, PP, PEF, PTT, and others. On the basis of application, the bioplastic market size is categorized into packaging, agriculture, textile, consumer durable, and others. Packaging emerged as the global leader in terms of revenue in biodegradable plastic market. This is attributed to shifting trend of consumers from synthetic to biobased products in response to the rise in environmental awareness. In food packaging, biodegradable plastic is offering a promising functionality and is being used in range of applications. Rise in preferences for packaged food in response to demographic and lifestyle changes directly impact the demand for biodegradable plastic in packaging applications. By region, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
Major manufacturers profiled in the bioplastic market analysis include BASF SE, Biome Tech, Corbion N.V., Danimer Scientific, Dow Inc., Eastman Chemical, Kuraray, Mitsubishi Chemical Holdings, Novamont, PTT Global, Fkur, Innova films, and NatureWorks LLC.
This report provides a quantitative analysis of the current trends, estimations, and dynamics of the global bioplastics market from 2021 to 2030 to identify the prevailing market opportunities.
The key countries in all the major regions are mapped on the basis of their market share.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the market segmentation assists in determining the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global industry. Market player positioning segment facilitates benchmarking and provides a clear understanding of the present position of the market players.
Rest of Europe
Rest of Asia-Pacific
Rest of LAMEA
Key players in the global Bioplastics market are: