Fairfield Market Research
Bioplastics Market

Bioplastics Market

Global Industry Analysis (2018 - 2021), Growth Trends, and Market Forecast (2022 - 2029)

Published Date: Upcoming | Format:

Industry: Chemicals & Materials | Author Name: Harshad

Bioplastics – An Essential Component of a Sustainable Eco-friendly Economy

While global bioplastics production capacities stood at 2.1 MT in 2018, it represents just above one per cent of the total plastics production. Every year, more than 200 million tons of plastic waste is generated worldwide, of which only 8-9% is being recycled and over 75% ends up in landfills, and nature. An alternative solution to conventional plastics is the need of an hour. Bioplastics, a type of biodegradable plastic derived from renewable biomass sources such as cellulose, vegetable oil and fats, lignin, starch, sugars, and agriculture waste, significantly help in reducing the direct impact of plastics on our environment. The dire need for effective sustainable solutions is expected to primarily drive the growth of global bioplastics market. The progress of bioplastics market has in fact resulted in doubled production capacities over the last decade.

Substantial Demand Comes from Packaging and Automotive Industries

Packaging is one of the major consumer industries of bioplastics and consumed around two-third of the total volume in 2018. One of the most important factors behind this growth is growing emphasis on biobased products to reduce the carbon footprint in the manufacturing coupled with a focus on minimal environmental impact on disposal. Bioplastics are considered amongst the key element for shifting the plastics industry from a wasteful linear economy to a circular economy. New bioplastic Polyethylene Furanoate (PEF) is expected to enter the market in the next years. The product is expected to be an ideal material for the packaging industry on account of its superior barrier and thermal properties.

The automotive industry has witnessed significant variations in terms of material consumption. Traditionally, bioplastics are majorly used in interior automotive applications. However, there is a growing trend towards usage in exterior and under-the-hood applications as well. Bioplastics help not only in curtailing the environmental effect of car manufacturing by reducing the CO2 emissions, but also its overall dependency on volatile energy markets.

There is also a growing trend in the consumption of bioplastics in the biomedical industry. Bioplastics can be widely used in tissue engineering, drug delivery, wound management, orthopaedic devices, and creating fibrous scaffolds owing to its good storage modulus, bioresorbable and crystallinity properties. Since, bioplastics are biodegradable, non-toxic, and versatile compared to their fossil fuel counterparts, they are considered among one of the most promising materials in the medical industry.

Continuous Product Development Remains a Major Challenge

Major challenges for bioplastics are continuous improvement in the performance characteristics against their fossil fuel counterparts. Over-reliance on feedstock supplies for better economies of scale is also a major challenge facing bioplastics market. The COVID-19 crisis has been holding a significant impact on demand and sales dynamics of bioplastics. A sharp decline in oil prices is likely to threaten the huge price gap between conventional plastics, and bioplastics. However, the rise in single-use plastics in packaging during the emergency period of COVID-19 pandemic will comfort the bioplastics market in long term. Another factor holding the market growth is the development of disruptive technologies further scale them up to match the manufacturing scale as these options are both expensive, and complex.

Western Regional Markets Continue to Surge Ahead

In terms of consumption, Europe dominates the market. Bioplastics have become a vital component of the European lifestyle and the region has been at the forefront in the development of a circular economy, and the supportive sustainable strategies. North America, and European regions continue to lead bioplastics market space in the field of research, and innovation. On the other hand, Asia Pacific accounted for more than 50% of the global bioplastics production in 2018. Bioplastics market in the region has been witnessing significant demand growth within the flexible packaging sector. Ascending adoption for flexible packaging application will continue to be one of the key driving forces for bioplastics market in Asia Pacific. Favourable government initiatives, and supportive regulatory policies have been recently playing a crucial role in limiting the usage of non-biodegradable plastics, which is creating a measurable opportunity for bioplastics market participants in the region.

Development and Innovation: Key to Success in Global Bioplastics Market Space

Technological development and raw material innovation are considered as a mainstay for the companies operating in the bioplastics market. Companies such as Eastman have come up with cellulose-based bioplastics (Trēva™) which are sustainable and can replace existing engineering polymers like ABS. Novamont recently launched a new grade of bioplastics that can be composted in industrial plants in accordance with the standard UNI EN 13432. In 2018, Total Corbion PLA developed a novel technology that can create sterocomplex PLA for a wide range of industrial applications. This development provided a bio-based replacement for PA and PBT fibre-reinforced products.

The bioplastics market is segmented as below:

By Product

  • Biodegradable
    • Polylactic Acid
    • Starch blends
    • Polybutylene Adipate Terephthalate (PBAT)
    • Polybutylene Succinate (PBS)
    • Others
  • Non-biodegradable
    • Polyethylene
    • Polyethylene Terephthalate
    • Polyamide
    • Polytrimethylene Terephthalate
    • Others

By Application

  • Packaging
  • Agriculture
  • Consumer goods
  • Textile
  • Automotive & Transportation
  • Building & Construction
  • Others

By Region

  • North America
    • U.S.
    • Canada
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Russia
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
  • Latin America
    • Brazil
    • Mexico
  • MEA
    • Saudi Arabia
    • UAE
    • South Africa

Key Elements Included In The Study: Global Bioplastics Market

  • Bioplastics Market by Product/Technology/Grade, Application/End-user, and Region
  • Executive Summary (Opportunity Analysis and Key Trends)
  • Historical Market Size and Estimates, Value and Volume, 2018 - 2021
  • Volume Consumption at Regional and Country Level, 2022 - 2029
  • Market Dynamics and Economic Overview
  • Market Size in Value and Volume, Growth Rates, and Forecast Figures, 2022 - 2029
  • Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies 
  • Regional and Product/Grade/Application/End-user Price Trends Analysis
  • Production Output Analysis (Major Producing Regions)
  • Value Chain and Five Force’s Analysis
  • Regional/Sub-region/Country Market Size and Trend Analysis
  • Company Market Share Analysis and Key Player Profiles

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