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.
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.
Europe to be the Dominant Region in the Bioplastic Market
Geographically, Europe generated the largest revenue in the
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.
