Vancouver, British Columbia, May 13, 2021 (GLOBE NEWSWIRE) — The global bioplastics market size is expected to reach USD 25.27 Billion in 2027 at a CAGR of 14.9%, according to a current analysis by Emergen Research. Market revenue growth is majorly driven by rapidly rising demand for bioplastics for various purposes such as packaging, textile, automotive & transportation, agriculture, and building & construction, among others. In addition, growing awareness about environmental safety and sustainability, rising demand for bioplastics in 3D printing, and favorable government initiatives and regulations are also expected to contribute significantly to revenue growth of the market over the forecast period.
Bioplastics are plastic materials developed from renewable biomass sources such as vegetable oils and starches. Bioplastics made from renewable resources are naturally recycled by biological processes and this minimizes the use of fossil fuels and improves environmental safety. Bioplastics are sustainable, biodegradable, and biocompatible. Over the recent past, bioplastics have become imperative in numerous industrial applications such as food packaging, agriculture, composting bags, and hygiene. Rising demand for plastic across the globe has accelerated research activities to explore green materials and develop innovative techniques to process these materials. This is expected to further fuel revenue growth of the market over the forecast period.
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Increasing emphasis on waste management and sustainability has contributed significantly to market growth. Growing efforts to mitigate waste and encourage use of bioplastics to improve environmental sustainability is also a key factor expected to drive market growth. Advantages of bioplastics such as reduction in carbon footprint, low consumption of non-biodegradable sources, increased energy-efficiency, and drastic reduction in non-biodegradable waste that causes pollution. Bioplastics are also devoid of toxic chemicals and are highly preferred for food packaging as they maintain the flavor and smell of the food packages. This is also a key factor expected to contribute to revenue growth of the market over the forecast period.
Some Key Highlights from the Report:
- Non-biodegradable bioplastics accounted for a significantly large revenue share of 60% in 2019 and is expected to register considerable growth over the forecast period. Growth can be attributed to its extensive usage due to its cost-efficiency, enhanced durability, and versatility. Polylactic acid (PLA) is one the most extensively used non-biodegradable plastics.
- Online distribution channel is expected to register considerable revenue growth over the forecast period owing to increasing convenience of distribution and broader exposure of the product through internet and smart devices.
- Asia Pacific market revenue is expected to expand at a robust revenue CAGR of 16.2% during the forecast period. Growth can be attributed to rapidly rising consumption of bioplastics in packaging, construction, automotive, and medical applications and extensive R&D activities in the region.
- Major companies operating in the global bioplastics market include BASF SE, NatureWorks, Biome Plastics, Braskem, Biotec, Total Corbion, Plantic Technologies, Mitsubishi Chemical Holdings Corporation, Novamont SPA, and Toray Industries, among others.
- In February 2018, Teijen Ltd. announced production of a formable film that is resistant to gasoline and developed from PLA NEXT® bioplastics to replace chrome plating. The technology has been adopted by Honda Lock Mfg. Co. for nonconductive door handles that smart-entry systems are equipped with.
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For the purpose of this report, Emergen Research has segmented the global bioplastics market on the basis of type, distribution channel, application, and region:
Type Outlook (Revenue, USD Billion; 2017-2027)
- Polybutylene Adipate Terephthalate (PBAT)
- Polybutylene Succinate (PBS)
- Polylactic Acid (PLA)
- Polyhydroxyalkanoate (PHA)
- Starch Blends
- Polyethylene (PE)
- Polyamide (PA)
- Polyethylene Terephthalate (PET)
- Polytrimethylene Terephthalate (PTT)
- Polypropylene (PP)
Distribution Channel Outlook (Revenue, USD Billion; 2017-2027)
Application Outlook (Revenue, USD Billion; 2017-2027)
- Automotive & Transportation
- Consumer Goods
- Building & Construction
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Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
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