SEATTLE--(BUSINESS WIRE)--A bioplastic material is a biological product made out of non-biological biomass sources, such as cellulose from wood. Unlike traditional plastics, bioplastic materials are made over many different processes. Some biodegradable bio-plastic may degrade within a 180 day period, provided the right environment exists. Other bioplastics degrade over a much longer period, however, and they require special processes to make them more eco-friendly.
The global bioplastic market is estimated to account for US$ 215 Bn in terms of value, growing at a CAGR of 25.8% during forecast period 2020-2027.
Market Drivers:
Growing environmental concerns is a prime factor driving market growth of bioplastic. Increasing demand for bio-based packaging materials from packaging industry is also projected to foster the market growth of bioplastic. Moreover, growing environmental pollution has encouraged key manufacturers to introduce bio-based plastic. Furthermore, rising health-related issues due to the burning of plastic is again expected to augment the market growth of the bioplastic.
The rise in the various manufacturing industries such as textile, agriculture, automotive & transportation, consumer goods, and building & construction has boosted the market growth. Bio plastic exhibit a unique and potential properties that helps in reducing Greenhouse Gas (GHG) emissions effectively. Moreover, increasing strict rules and regulation across countries such as Europe and the U.S. has also contributed to market growth. Additionally, increasing investment in the research and development in the field of bioplastics is further anticipated to accelerate market growth.
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Market Opportunities
Growing demand for the bioplastic packaging industry due to growing awareness regarding the benefits of bioplastic is projected to bring new market opportunities over the forecast period. According to the report from European Bioplastics, the packaging remains the largest field of application for bioplastics with almost 53 percent (1.14 million tons) of the total bio plastics market in 2019. Thus, growing demand for bio plastic from the packaging industry is projected to uplift the market growth of bio plastic.
Increasing production capacity of bio plastic around the globe in order to cater to rising demand from various end-user industries is projected to offer profitable market opportunities. For instance, in August 2018, Kaneka Corporation has announced its plan to expand a manufacturing facility of a biodegradable polymer. The production capacity will be about 5,000 tons per year with an investment amount of 2.5 billion yen. Kaneka Biodegradable Polymer PHBH”, is derived from 100% plants and has superior biodegradability
Market Trends
Single-use plastic ban across countries such as Europe, North America, and Asia has significantly supported the demand for bioplastic. For instance, recently the European parliament has approved a new ban on single-use plastic cutlery, cotton buds, straws, and stirrers as part of a sweeping law against plastic waste that despoils beaches and pollutes oceans. The members will implement rule include measure to reduce the use of plastic, by 2025, plastic bottles should be made of 25% recycled content, and by 2029 90% of them should be recycled.
The growing trend of using bioplastic for producing electronic device covers, semiconductor casings, connectors, and circuit boards is expected to supplement the market growth. This can be done by using injection molding and bioplastic can be also be used to develop games consoles, vacuum cleaners, touch screen computer casings, headphones, keyboards, loudspeakers, laptops, mobile phone casings, etc.
Competitive Landscape:
1. BASF SE
2. Braskem S.A.
3. Koninklijke DSM N.V.
4. Arkema S.A.
5. Innovia Films, Ltd.
6. Metabolix, Inc.
7. NatureWorks, LLC
8. Novamont S.p. A.
9. The Dow Chemical Company
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Recent Developments:
In March 2018, Braskem SA, the biopolymer producer, has announced that it will supply the LEGO Group with its "I'm green" polyethylene, a globally certified plastic derived from sugarcane ethanol.
Market segmentation:
By Application
- Bottles
- Other Packaging
- Automotive
- Consumer Products
- Food Services
- Agriculture
- Others
By Product
- Bio-PET
- Bio-PE
- PLA and PLA blends
- Biodegradable Polyester
- Starch Blends
- Bio-PA
- PHA
- Others
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- MEA
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