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The Global Bioplastics Market is estimated to witness a major jump in revenue from US$ 5,487.2 Mn in 2021 to US$ 10,169.9 Mn by 2027. The market is registering growth at a CAGR of 10.8% over the projection period 2022-2027. In terms of volume, the market was valued at 2,143.9 Kilo Tons in 2021 and is projected to grow at a CAGR of 11.8% during the forecast period.
Bioplastics are plastic materials that are produced from renewable biomass sources such as vegetable fats and oils, corn starch, straw, woodchips, sawdust, recycled food waste, etc. Some bioplastics are obtained by processing directly from natural biopolymers including polysaccharides and proteins, while others are chemically synthesized from sugar derivatives and lipids from either plants or animals or biologically generated by fermentation of sugars or lipids.
Environmentally friendly properties and favorable government policy and high consumer acceptance and renewable raw material sources are expected to boost the bioplastic market growth. Various governments across the world adopt favorable regulations and policies to promote the sustainability and biodegradability of bioplastics. Also, the adoption of bioplastic in the packaging industry plays a significant role in the market’s growth during the forecasting period. Moreover, an increase in consumer awareness about the usage of sustainable products coupled with rapid environmental concerns such as global warming drives consumers’ acceptance of bio-based and biodegradable plastic materials. However, the high cost of products is one of the biggest issues associated with the global bioplastics market. Also, the poor mechanical, thermal, and water absorption properties of bioplastic are not suitable for many applications.
Key Insights of the Report:
Japan Bio-Plastics Association (JBPA) defines Biomass-based Plastics as polymer materials that are produced by synthesizing, either chemically or biologically, materials that contain renewable organic materials (natural organic polymer materials that are not chemically modified are excluded).
Plastics are indispensable to support our lives. JBPA desires to provide plastic materials while helping to solve the most urgent and important issues of preservation of the global environment and the establishment of a recycle-oriented society by applying chemical and biochemical technologies on biomass resources.
Impact of COVID-19 on Global Bioplastics Market
During the inception of the COVID-19 pandemic, the global demand for the bioplastics market is significantly reduced due to the reduced investments by government and private companies in bioplastic manufacturing, which leads to cutbacks in such business lines, thereby hampered the market growth considering the global scenario. Moreover, the rapid spread of the coronavirus pandemic reduced the application of any new plastic bags including biodegradable bags. Also, after the COVID-19 outbreak governments across different countries made several changes in their regulations regarding disposable and single-use plastics to prevent further spread of the virus. In addition, supply chain disruptions due to irregular transport led to increasing lead time of raw materials. It further affects the business of its end-use industries who opt for such products on account of its versatile benefits. Furthermore, the pandemic further interrupted the demand and supply of the bioplastic industry throughout the world, backed by the certain restriction on trade and lockdown imposed by government bodies. This often limits the adoption of bioplastics and therefore, inhibits the market growth globally.
Key Takeaways from the Global Bioplastics Market Report
The key players in the Global Bioplastics Market are 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. Through extensive research, it is found that big players have adopted various competitive strategies such as mergers & acquisitions in order to have a grip on the emerging markets. Furthermore, leading companies are expanding their geographical boundaries by acquiring small brands and domestic companies.
The global Bioplastics Market is segmented based on type, mode of application, and region. The industry trends in the 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 Bioplastics Market:
By Type Segment of the Global Bioplastics Market is Sub- Segmented into:
By Mode of Application Segment of the Global Bioplastics Market is Sub- Segmented into:
By Region Type Segment of the Global Bioplastics Market is Sub- Segmented into:
|Market Size Value in 2021||US$ 5,487.2 Mn|
|Expected Revenue in 2027||US$ 10,169.9 Mn|
|Unit||Value (USD Mn)|
|Segments covered||By Type, Mode of Application, and Region|
|Key Companies||NatureWorks LLC, Braskem, BASF SE, Novamont S.p.A., Mitsubishi Chemical Holdings, and other prominent players.|
|Customization Scope||Get your customized report as per your preference. Ask for customization|
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.
Global Bioplastic Market is projected to reach US$ 10,169.9 Million by 2027, growing at a CAGR of 10.8% during the forecast period 2022-2027.
The consumer goods durables segment is projected to increase the demand for bioplastics during the forecast period.
The global bioplastic market is driven by environmentally friendly properties and favourable government policy and high consumer acceptance and renewable raw material sources.
The biodegradable segment contributed the major share in the global bioplastic market in 2021.
Asia Pacific holds a major share in term of revenue in the global bioplastic market in 2021.
Some bioplastics are obtained by processing directly from natural biopolymers including polysaccharides and proteins while others are chemically synthesized from sugar derivatives and lipids from either plants or animals or biologically generated by fermentation of sugars or lipids.
Production of bioplastic is an energy efficient practice, since production of bioplastic requires 65% of less energy than conventional plastics.
Type and mode of application are the different segments of the global bioplastic market.
High cost to end user and limited performance of bioplastic are the biggest issues associated with global bioplastics market.
Russia is expected to project the highest CAGR in the Europe Bioplastics Market during the forecast period.
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 are some major key players in the global bioplastic market.