Increasing Demand for Eco-Friendly Plastics in the Packaging Industry to Drive Bioplastics Market Growth during 2021–2028
According to our latest market study on "Bioplastics Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type (Biodegradable and Non-Biodegradable) and Application (Packaging, Agriculture, Consumer Goods, Automotive & Transportation, Textiles, Building & Construction, and Others),” the market is expected to grow from US$ 5,799.8 million in 2021 to US$ 13,806.1 million by 2028; it is estimated to grow at a CAGR of 13.2% from 2021 to 2028. The report highlights key factors driving the market growth and prominent players and their progress in the market.
Bioplastics is a sustainable material derived from renewable feedstocks and is an alternative to petroleum-based plastics. The production of bioplastic requires 65% less energy than conventional petroleum plastic.
The increased demand for eco-friendly plastics in the packaging industry is driving the growth of the bioplastics market. Bioplastics are being increasingly used for rigid packaging applications where the shipping companies are focusing on the usage of sustainable and sturdy packaging for shipments. Cornstarch-based packaging is more eco-friendly than plastic packaging and is used in various applications such as in the development of soda bottling, for example, or to make loose-fill packaging material. Polylactic acid (PLA) is the most common type of bioplastic used in food packaging, whereas Polyhydroxyalkanoates (PHA) is often utilized in medical devices, including sutures and cardiovascular patches. PLA has properties like polyethylene and polypropylene, and its advantages are a high level of rigidity, transparency, stability, and superior performance. Companies are using bioplastics for developing plastic bags, packaging various foodstuffs and disposable items, and general packaging, which is driving the growth of the bioplastics market.
Teijin Limited; Toray Industries, Inc.; Sabic; Basf SE; Total Corbion PLA; Braskem S.A.; Biome Bioplastics; Mitsubishi Chemical Corporation; Novamont S.P.A.; and Natureworks LLC are among the key players holding the majority of the bioplastics market share.
Impact of COVID-19 Pandemic on Bioplastics Market
The COVID-19 pandemic adversely affected the chemicals & materials industry due to the shutdown of manufacturing facilities, challenges in procuring raw materials and components, and restrictions on logistic operations. The disruptions in the supply of raw materials to manufacturers and containment measures hampered bioplastics production, thus having a negative impact on the bioplastics market. The implementation of measures to combat the spread of SARS-CoV-2 has negatively impacted the growth of various industries. Industries, such as packaging, consumer goods, automotive and transportation, textiles, and building & construction, have been hindered by the sudden disruptions in operational efficiencies and value chains due to the sudden closure of national and international boundaries. However, businesses are gaining ground as governments across the world has eased out the previously imposed restrictions. Along with this, post COVID-19 pandemic, the consumers are increasingly focusing on consuming sustainable products. Thus, the manufacturers focus on the development of bioplastics products, positively impacting the bioplastics market. Along with this, the increasing demand for bioplastics from the healthcare sector to combat the COVID-19 pandemic is having a positive impact on the market. An innovative solution to enable sustainable local production with environmental, economic and health benefits for the UK is proposed which includes the replacement of single-use PPE based on flexible plastic films such as aprons with bioplastics derived from agri-food by-products.
Bioplastics Market Size, by Region, during 2021–2028
Bioplastics Market Size Report and Growth Analysis 2028
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Bioplastics Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Type (Biodegradable and Non-biodegradable), Application (Packaging, Agriculture, Consumer Goods, Automotive & Transportation, Textiles, Building & Construction, and Others), and Geography
Bioplastics Market Size Report and Growth Analysis 2028
Download Free SampleBioplastics Market Forecast to 2028 - COVID-19 Impact and Global Analysis by Type (Biodegradable and Non-biodegradable), Application (Packaging, Agriculture, Consumer Goods, Automotive & Transportation, Textiles, Building & Construction, and Others), and Geography
The "Global Bioplastics Market Analysis to 2028" is a specialized and in-depth study of the chemicals & materials industry, focusing on the global bioplastics market trend analysis. The report aims to provide an overview of the market with detailed market segmentation. The market is segmented on the basis of type, application, and geography. Based on type, the market is segmented into biodegradable and non-biodegradable. Based on application, the market is segmented into packaging, agriculture, consumer goods, automotive & transportation, textiles, building & construction, and others. Based on geography, the market is segmented into five main regions—North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. In 2020, Asia Pacific dominated the bioplastics market. However, Europe is expected to be the fastest-growing region for the market. Factors such as high biodegradation, ecofriendly, zero toxicity, and direct substitute to conventional plastic favor the use of bioplastics in Europe.
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