Bioplastics Market to

30 Apr

Bioplastics Market to Grow with a CAGR of 28% Over the Forecast Years

  • By admin

  • January, 1970

The usage of bioplastics is on the rise and will continue to capture a larger share of the plastics industry over the upcoming years. These plastics are manufactured using renewable biological resources such as vegetable fats and oils and recycled food waste. It can diminish carbon footprints and greenhouse gas emissions. Biodegradable plastics are a kind of plastic that decomposes naturally in the environment. Further, increasing usage of bioplastic in food packaging and agriculture increases its market potential. Additionally, changing consumer preferences towards the adoption of biodegradable plastics along with growing concern about plastic waste management propel market growth.


Companies Operating in the Bioplastic Market to Witness Reduced Demand Amidst Covid-19

However, 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. Furthermore, as measures to control the outbreak of coronavirus have augmented, the demand for single-use plastics have augmented and the demand for bio-plastics has momentarily decreased. Additionally, the recent outbreak is also creating supply disruptions in the production due to insufficient availability of raw material along with reducing demand from end-users. Further, COVID-19 has an immediate impact on both their manufacturing and supply chain operations owing to restricted non-essential consumable production and travel limitations which in turn affect the overall value chain and a significant drop in consumer demand. Nevertheless, the growing focus of sustainability among both major industrial players and consumers will generate demand for the product as the global markets recuperate from the effect of the pandemic. Infinium Global Research’s recent report on the “Bio Plastics Market (By materials (Bio-PET, Bio-PE, Bio- PA, biodegradable polyesters, PLA & PLA blends, starch blends, PHA and others), By applications (bottles, food services, agriculture & horticulture, consumer products, automotive and others)): Global Industry Analysis, Trends, Size, Share and Forecasts up to 2026” provides a comprehensive outline of the factors responsible for the growth of the market.


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Packaging Sector to Remain the Largest Users of Bioplastics

Bioplastics are used in manufacturing sectors such as agriculture, pharmaceuticals, food and beverages, consumer electronics, and consumer goods. However, bioplastics are used in packaging for a variety of purposes, such as food containers, bags for compost, agricultural foils, horticultural products, nursery products, toys, and textiles. In Europe, 40 percent of the plastics demand is used in packaging, which accounted for around 20 million tons every year. The overarching problem of climate change and the future shortage of fossil resources has accelerated the search for a better alternative for plastics packaging. Furthermore, the environmental benefits associated with bioplastic and availability of packaging in both rigid packaging and flexible packaging increase its usage. Replacement of conventional plastics by these products in food packagings such as boxes, wraps, cups, and plates offer large opportunities to the bioplastics market growth. The report on the “Global Bioplastics market” offers an in-depth analysis of the segments such as Usage (Disposable PAPRs and Reusable PAPRs), Type (Face-mounted PAPRs and Belt-mounted PAPRs) and End-Users (Healthcare, Pharmaceuticals, Food and Beverages, Gas & Oil Manufacturing, Defense & Public Safety Services.


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Europe to be the Dominant Region in the Bioplastic Market

Geographically, Europe generated the largest revenue in the

Bioplastic Market

in 2019 and is expected to continue its dominance over the forecast years. Increasing stringency in regulatory norms regarding single-use of plastic along with changing consumer preferences towards natural resources. Germany and Italy are the major countries contributing to the development and the production of bioplastic in this region. Moreover, the Asia Pacific region is anticipated to grow with the fastest CAGR owing to increasing environmental consciousness in Asian countries. Further, the availability of raw materials for manufacturing bioplastics and increasing usage of biodegradable and compostable products in emerging countries such as China and India is anticipated to increase demand in the forecast period.


Key Players Entering into Strategic Collaborations with Several Start-ups to Promote the Growth of the Bioplastic Market

The bioplastics market is intensely competitive with the presence of regional and multinational players. The major players include Evonik Industries, Biome Technologies Plc, Techno Polymer Co. Ltd, Nature works LLC, and BASF are continuously focusing on improving R&D and facilitate other organic strategies to gain a competitive edge in the market. These manufacturers are strengthening their base as well as expanding their product outreach. Further, government initiatives on Green Procurement Policies and growing usage of natural resources which in turn help market players to achieve market position. Infinium Global Research’s recent report on the global Bio Plastics Market is an encompassment of such recent developments in the global marketplace. The report delivers insights into the recent developments by leading players that have contributed to the growth of the market and also estimates the impact of recent developments in the global market.