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Bio Plastics Market (Material - Bio-PET, Bio-PE, Bio-PA, Biodegradable Polyesters, PLA&PLA Blends, Starch Blends, PHA, and Others; Application - Bottles, Food Services, Agriculture & Horticulture, Consumer Products, Automotive, and Others): Global Industry Analysis, Trends, Size, Share and Forecasts to 2026

  • Published : August, 2020

  • Rep Id : CM0008

  • Category : Chemicals & Materials

  • Status : Published

A recent report published by Infinium Global Research on bio plastics market provides 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 the global bio plastics market. According to the report, the global bio plastics market is projected to grow at a CAGR of 28% over the forecast period of 2020-2026.

 

Market Insight

Bio plastics are the plastic materials derived from renewable biomass sources such as starch, straw, microbiota vegetable fats and oils and recycled food waste. These plastics have the ability to diminish carbon dioxide emission. These bio plastics are increasingly being used by the end industries such as food and beverage and agriculture due to hazardous effects of plastics as they are made up of petroleum-based polymers. Further, Bioplastics finds wide potential in a lot of consumer products such as food containers, plastic shopping bags and disposable utensils.

 

The global bio plastic market is expected to be hit severely in 2020 following the outbreak of the pandemic, sustainability has taken a backseat and anti-plastic movements are put on hold to stop the virus from spreading. As the disruptions caused by the coronavirus outbreak have majorly impacted on consumer behaviour and preferences. Further, recent restrictions on transportation along with the reduction in the production of non-essential consumable goods will affect the demand of bio plastic market. The pandemic has led to large-scale distress to supply bases, assembly plant closures, and further downshift to the declining consumer demand. Furthermore, a reduction in labour due to a shortage of funds will result in delaying manufacturing activities and temporary shutdown in their manufacturing. This impact will be witnessed throughout 2020. However, as the economy recovers, and as global consumers now have more positive perceptions of packaging due to the virus and as they are more concerned about the environment than before the pandemic, the market will witness an exponential growth from 2021 until the forecast years.

 

However, the global bio plastics market is likely to be driven by factors such as growing concern regarding plastic waste, increasing awareness about environmental conservation and stringent government regulatory. The shift in consumer preferences towards bio-based plastics and growing usage of bio plastics for manufacturing material will propel the demand for market growth. Supportive government bodies and institutions for the use of bio plastics owing to its favourable properties fuels the market growth. On the other hand, the growth in the market is likely to be hampered by the production inconsistency due to frequently changing climate conditions. Furthermore, growing demand of bio plastics from other end-user industries such as textile, consumer electronics, Pharmaceutical and agriculture will Offer lucrative opportunities in the near future.

 

Among the regions, Europe holds a major share in the global bio plastics market. The UK, Italy and Germany are the major contributing countries for the market growth of bio plastic in this region. Factors such as stringent government policies on plastic use and growing consumer awareness towards plastic waste management will drive the growth of the bio plastic market in European markets. Further, Asia Pacific is anticipated to hold the second largest share owing to an increased standard of living of people along with rising disposable income. The bio plastics market in this region is anticipated to expand at a significant growth rate during the forecast period due to the rising awareness about plastic pollution and the growing number of end-user industries.

 

Segment Covered

The report on global bio plastics market covers segments such as material, and application. On the basis of material, the sub-markets include bio-PET, bio-PE, bio-PA, biodegradable polyesters, PLA&PLA blends, starch blends, PHA, and others. On the basis of application, the sub-markets include bottles, food services, agriculture & horticulture, consumer products, automotive, and others.

 

Companies Profiled:

The report provides profiles of the companies in the market such as Evonik Industries, Biome Technologies Plc, Techno Polymer Co. Ltd, Natureworks LLC, BASF SE, FKuR Kunststoff GmbH, Innovia Films, Novamont SPA, Cardia Bio plastics, and MetabolixInc.

 

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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