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Bio Plastics Market (Type - Non-biodegradable, and Biodegradable; Application - Packaging, Textile, Consumer Goods, Agriculture & Horticulture, Automotive & Transportation, and Others): Global Industry Analysis, Trends, Size, Share and Forecasts to 2026

  • Published : June, 2021

  • Rep Id : CM00863

  • Category : Chemicals & Materials

  • Status : Published

A recent report published by Infinium Global Research on bio plastics market provides an in-depth analysis of segments and sub-segments in the global as well as regional bio plastics market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional bio plastics market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global bio plastics market. According to the report, the global bio plastics market is projected to grow at a CAGR of 13.40% over the forecast period of 2020-2026.

 


Bio Plastics Market

Market Insight

Bio plastics are generally sourced from renewable biomass sources, comprising cellulose, plant starch, natural sugars, vegetable fats and oils, and even from novel sources such as seaweeds, insects, and animals. All the bio plastics are not bio-degradable; though, a large volume of plastics can be easily and naturally degraded, which makes them superior to traditional plastics. As a substitute to traditional plastics, the usage of bio plastics is being promoted for applications where conventional plastics are utilized, comprising packaging, textile, electronics, automotive, and furniture. Due to the increasing regulations imposed by various agencies on the use of non-renewable and single-use plastics, numerous industries are focusing on the development and utilization of bio plastics for several purposes. Furthermore, bio plastics is a field wherein research activities are being carried out on a huge scale, both from individuals and corporates, to create a sustainable environment for future generations.

 

An upsurge in the adoption of biodegradable products and improvement in the scope of bio plastics across end-user industries boosts the growth of the bio plastics market. Bio plastics have the potential to reduce carbon dioxide emission by 30%-70%, as related to conventional synthetic plastic. Bio plastics production is a cost-effective and efficient procedure. Additionally, the greenhouse gas emission of bio plastics is negligible during the time of degradation. Bio plastics represents a 42% decline in carbon footprints. Due to these advanced technical properties and functionalities, leading companies, such as Coca-Cola, Nike, Nestle, and Ford are exhibiting their interest in the production and usage of bio plastics materials, across numerous applications. On the other hand, high production costs and comparatively limited performance standards as compared to traditional plastics hinder the bio plastics market growth to a certain extent.

 

The Europe region is anticipated to witness substantial growth in the global bio plastics market owing to the advanced government policies encouraging the growth of bio plastics products. Moreover, the factors such as high disposable income, ease of availability, improvement in living standards extensive variety, and presence of domestic as well as international players in the market are driving the market growth.The Asia Pacific region is projected to witness the fastest-growing region during the forecast period owing to the increased contract manufacturing activities and proactive switching from conventional plastics to more environment-friendly materials. South America and Middle East & Africa are likely to expand at a healthy pace in the coming years due to the increased government interest in promoting the use of biodegradable plastic products by providing certain incentives that are likely to boost demand for bio plastics market in the region.

 

Segment Covered

The report on global bio plastics market covers segments such as type, and application. On the basis of type, the sub-markets include non-biodegradable, and biodegradable. On the basis of application, the sub-markets include packaging, textile, consumer goods, agriculture & horticulture, automotive & transportation, and others.

 

Companies Profiled:

The report provides profiles of the companies in the market such as UrthPact, LLC, Biome Technologies Plc, Toray industries Inc, NatureWorks LLC, BASF SE, FKuR Kunststoff GmbH, Futamura Chemical Company Limited, Novamont S.p.A, Mitsubishi Chemical Holdings Corporation, and Thong Guan.

 

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of bio plastics market. Moreover, the study highlights current market trends and provides forecast from 2020-2026. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.


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