New York, Jan. 19, 2023 (GLOBE NEWSWIRE) — Reportlinker.com has announced the release of the report “Global Bioplastics Market: Analysis By Production Capacity, By Type, By Application, By Region Size And Trends Impacting COVID-19 And Forecasting to 2027” – https://www.reportlinker.com/p06381898/?utm_source=GNW
Plastic material is defined as bioplastics if it is bio-based, biodegradable, or has similar properties.
While the global production of plastic decreases, the market for bioplastics continues to grow. In addition, the growing demand for bioplastics in the medical sector, technological advancement, and increasing research and development will fuel the market growth. The market is expected to grow at a CAGR of approx. 14% in the forecast period of 2022-2027.
Market Segmentation Analysis:
By Type: The report bifurcates the market into two segments based on type: Biodegradable, and Non-Biodegradable. In terms of value and production capacity, the biodegradable segment holds the highest market share. The production capacity of the biodegradable part is further analyzed on the basis of type: PLA, Starch blends, PBAT, PHA, and others. Similarly, the production capacity of the non-biodegradable part is also analyzed based on the following types: PTT, PE, PA, PET, PP, etc. Polylactic acid (PLA) is one of the most widely used bioplastics in the world, which are plastics obtained from renewable inputs and/or biodegradable.
By Application: The report further provides the bifurcation on the basis of application: Flexible Packaging, Rigid Packaging, Textiles, Consumer Goods, Agriculture & Horticulture, Coating & Adhesives, and others. The flexible packaging segment holds the highest market share due to high efficiency and cost effectiveness. In terms of production capacity, the agriculture and horticulture sector is expected to be the fastest growing in the coming years.
By Region: The report provides insight into the bioplastics market based on regions namely Asia Pacific, Europe, North America, and the Rest of the World. Asia Pacific holds the highest market share and over the years, the bioplastics market in Asia Pacific has grown at a rapid pace due to increasing demand from the packaging industry, coupled with favorable government regulations. In terms of value and production capacity, China has the highest market share due to high per capita consumption, increasing consumer preference for bio-based products over synthetic products, and increasing of government initiatives. Germany is one of the largest economies in Europe, and the bioplastics market is growing at the fastest rate in the country. Germany already supports the use of certified bio-based and compostable bio waste plastic bags for the collection of bio waste in the Bio waste Ordinance. Since 2015, a separate collection of bio waste is mandatory in Germany.
The Government of Canada continues to encourage alternatives to plastic waste. They work to eliminate the unnecessary use of single-use plastic in government operations, meetings, and events, and purchase more sustainable plastic products that can be reused, repaired, or reused. too.
Market Dynamics:
Growth Drivers: The growth of the global bioplastics market is predicted to be supported by several growth drivers such as rising fossil fuel prices, increasing demand for eco-friendly goods, emergence of bio -based and renewable raw materials, high consumer acceptance for bioplastics, growing drink. packaging industry, favorable government initiatives, reduction of greenhouse gas emissions, and other factors. The demand for eco-friendly substitutes for conventional goods and packaging is higher than ever as more people become conscious customers. Businesses are changing to meet the demands of customers who care about the environment and are switching to green packaging options, not only for the environment but to keep customers. Bio-based plastics have better material qualities and a smaller carbon footprint than fossil-based plastics. Thus, changing consumer habits and behaviors have contributed to the increase in demand for eco-friendly products and packaging.
Challenges: However, the growth of the market may be negatively affected by various challenges such as high cost of the product, limited regulations related to bioplastics in developing countries, etc.
Trends: The market is expected to grow at a rapid pace during the forecast period, due to various latest trends such as increasing demand for electronic vehicles, growing demand for bioplastics in the medical sector , technological progress, increased research and development, etc. and the benefits of reducing vehicle weight depend on the choice of the most effective plastic resources. Bio-based plastics contribute to lowering the environmental impact of vehicle manufacturing by reducing energy use as well as CO2 emissions. Materials such as PTFE and biopolyimide have proven to be very effective as insulators in high-voltage-high-temperature applications. Therefore, the growing demand for electronic cars will increase the bioplastics market.
Analysis of the Impact of COVID-19 and Development:
In 2020, bioplastics in the world experienced negative growth. Many multinational corporations made commitments to use biodegradable plastics in response to pressure from consumers and activists before the COVID-19 pandemic. However, after the outbreak of COVID-19, regulations on single-use plastic and green investments announced by many governments and organizations have been postponed due to the pandemic, resulting in a decrease in the use of alternatives based on in the bio. However, with the easing of the lockdown, the market has witnessed significant growth. In addition, as people become more aware of the expanding plastic waste stream and its effects on the environment, the private and public sectors are expected to invest more funds to facilitate the use of bioplastics.
Competition Landscape:
The global bioplastics market is consolidated. The key players in the global bioplastics market are:
Avantium NV
BASF SE
Toray Industries Inc.
Eastman Chemical Company
Biome Technologies PLC
Carbon NV
Kuraray Co., Ltd (Plantic Technologies Ltd.)
Mitsubishi Chemical Group
Novamont SpA
Futerro, NatureWorks LLC
PTT MCC Biochem Co. Ltd.
Some of the strategies of the main players in the market are mergers, acquisitions, and collaborations. For example, in 2022, Avantium NV announced that the company’s Avantium Catalysis business unit will expand the company’s business to focus more on R&D solutions for sustainable chemistry. Meanwhile, Toray Industries, Inc., announced that the company has developed a polyethylene terephthalate (PET) film that combines excellent application and adhesion for water-based and solvent-free coatings and eliminates solvent-derived carbon. -dioxide emissions. In the global bioplastics market, TEIJIN Limited holds the main market share, followed by BASF SE and SABIC.
Read the full report: https://www.reportlinker.com/p06381898/?utm_source=GNW
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