As per the latest report by Renub Research titled "Bioplastic Market, Size, Global Forecast 2022-2027, Share, Growth, Industry Trends, Impact of COVID-19, Opportunity Company Analysis," the Global Bioplastic Market Size was USD 6.7 Billion in 2021. Bioplastic is recognized as a very positive and essential innovation in the plastics and chemicals industry. Bioplastic is materials emanated from renewable sources that can reduce plastic waste generation on the planet. It can reduce 30-70% of carbon dioxide emissions. It represents an approximately 42% reduction of carbon footprints. The production of bioplastic requires 65% less energy than conventional petroleum plastic. These bio-based plastics are generally sourced from renewable biomass sources, including vegetable fats, natural sugars, cellulose, plant starch, and waste oils.
Over the short term, significant factors driving the market studied are environmental factors promoting a paradigm shift and increasing demand for bioplastics in flexible packaging. The ecological dilemma caused by reaching high levels of greenhouse gas emissions in the atmosphere is one of the main drivers for the bioplastic industry, as bioplastic help to reduce the dependency on fossil resources, reduce greenhouse gas (GHG) emissions, and increase resource efficiency.
COVID-19 Impact on Bioplastics Growth Trends
The bioplastic market was positively impacted by COVID-19. Amid the lockdown situation, the demand for flexible packaging has increased, owing to the rise in demand for food, pharma, and PPE packaging personal and healthcare products. However, sustainable plastics can be an excellent alternative to conventional plastics, thus delivering an alternative growth pathway to the bioplastic industry in the wake of the COVID -19 pandemic.
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Non-biodegradable Plastics Polyethylene Terephthalate (PET) Segment led the Market
Non-biodegradable bioplastic are further categorized into Polyethylene (P.E.), Polyethylene terephthalate (PET), Polyamide (P.A.), Polypropylene (P.P.), Poly(trimethylene terephthalate) (PTT) and Others. Polyethylene terephthalate is an ideal choice for use in various industries such as automotive, electronics, and textiles due to its features. Polyethylene terephthalate, commonly known as PET, is a lightweight, non-toxic, safe, and flexible material that can be reused and recycled efficiently. It can also be processed 3 to 4 times without impacting its chemical properties. Meanwhile, polyethylene terephthalate offers unique physical properties, such as it is shatterproof and non-reactive to food and water, so it is widely utilized in flexible packaging applications. The growing technological advances and innovations in packaging applications, mainly through weight reduction, will positively influence market growth.
Packaging Application is anticipated to Exhibit Rapid Growth
The adoption of bioplastic has increased tremendously across various applications like packaging, agriculture, consumer goods, textile, automotive and transportation, and building and construction, owing to the advanced technical properties and functionalities. Bio-based plastics have found traction in packaging applications due to shipping companies seeking sustainable sturdy packaging products. The packaging segment is further divided into jars, trays, bottles & and others, while flexible packaging is further categorized into shopping/waste, pouches, bags, etc. Moreover, most packaging products are nowadays produced from traditional plastics and end up in landfills, which is a situation that various governments intend to address.
Regionally, North America accounted for the Largest Bioplastics Market
North America's bioplastics market is majorly caused by the growing demand from the packaging industry in countries like Canada, U.S., and Mexico. Rising environmental concerns and a global attempt to decrease pollution are propelling the demand for biodegradable plastics in the packaging sector across the region. In addition, increasing COVID-19 cases in the U.S. results in a raised demand for generic drugs and medical devices, this boosts the demand for bioplastics in the medical packaging sector, positively impacting the market growth.
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Similarly, Asia Pacific is likely to have a considerable market due to the availability of skilled labor at a low cost. Further, easy land availability for manufacturing industries drives the regional market. The transformation in the production landscape of biodegradable plastics toward emerging economies, particularly China and India, is to influence bioplastics market growth positively. The bioplastics market is fragmented into key players like Total Corbion (Netherlands), Mitsubishi Chemical Holding Corporation (Japan), Toray Industries (Japan), Biome Bioplastics (U.K.), Green Dot Bioplastics.
Material Type - We have covered Bioplastics Market breakup by 2 viewpoints by- Material Type (Biodegradable (Polybutylene adipate Terephthalate (PBAT),Polybutylene Succinate (PBS),Polylactic Acid (PLA),Polyhydroxyalkanoate (PHA),Starch Blends and Others), Non Biodegradable (Polyethylene (PE),Polyethylene terephthalate (PET),Polyamide (PA), Polypropylene (PP,Polytrimethylene terephthalate) ( PTT) and Others))
Application - Renub Research Report covers by application in the 6 viewpoints (Packaging, Agriculture, Consumer Goods, Textile, Automotive and Transportation, And Building and Construction)
Region – Our Report has covered Bioplastics Market breakup by 4 Region (North America, Europe, Asia Pacific and Rest of the Word)
All the major players have been covered from 3 Viewpoints (Overview, Recent Development, and Revenue Analysis) Total Corbion (Netherlands), Mitsubishi Chemical Holding Corporation (Japan), Toray Industries (Japan), Biome Bioplastics (U.K.), Green Dot Bioplastics.
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