Bioplastic Textile Market Analysis
Bioplastic products are commonly found in renewable biomass sources such as corn starch, woodchips, and sawdust. Bioplastics are majorly employed in textiles, medicine, and automotive industries. Rise in awareness about environment has enforced various manufacturing companies to shift toward bioplastic, which propels the market growth. This is attributed to the fact that bioplastic products decompose within a few weeks, whereas conventional plastic takes almost 500 years to decompose. Moreover, increase in demand for apparels across the globe is expected to boost the market over the forecast period.
COVID-19 scenario analysis
The outbreak of coronavirus has disrupted the global economy by halting the operations of various industries. Lockdown enforced by governments of various countries has led to shutdown of the textile industry to prevent the further spread of the virus. Textile industry has currently stopped the manufacturing of apparels and started manufacturing masks and other personal protective products. This initiative by the textile industry is anticipated to boost the market growth during the forecast period.
Market scenario analysis
Rise in concern of environment degradation is one of the major factors, which is expected to accelerate the growth of the global bioplastic textiles market during the forecast period. Government has implemented various policies to increase the use biodegradable plastics rather than using synthetic plastic, which hampers the environment. This is expected to further boost the market growth. Increase in adoption of eco-friendly raw materials, which are available in abundance is projected to generate lucrative opportunities for the market players of textile industry. Furthermore, massive damage created by plastic to the environment has increased the adoption of bioplastic across the globe. Technological advancements in the bioplastic industry along with rise in awareness about the growing environment pollution has resulted in increased use of bioplastic, thus boosting the global bioplastic textiles market growth. However, high cost of bioplastic production hinders the growth of the global market.
One of the trends observed is the use of sugarcane in the production of bioplastics. Technological advancements have made the manufacture of bioplastic textiles products possible from sugarcane, beet, corn starch, and cassava. Among these, sugarcanes is the most utilized raw material. Various non-polluting abilities coupled with renewable source of raw material has made sugarcane preferable in the textile industry.
Polytrimethylene terephthalate (PTT) and polylactic acid (PLA) are recently employed in the manufacturing process of bioplastic. Various properties such as elasticity and high resistance to wrinkles make them suitable in the textile industry. PTT is widely used in textile industry as it provides superior strength to the fibers.
Awareness about the environmental degradation and decline in dependency on fossil fuels is anticipated to create sustainable market for bioplastic textiles. Ongoing research and development activities across the globe for the introduction of new materials with improved properties are further expected to drive the growth of the global bioplastic textiles market. Moreover, stringent government policies to reduce the use of plastics boosts the global market growth. In addition, change in climatic conditions due to pollution and alarming carbon emissions as well as rise in fossil fuels prices augment the demand for bioplastic textiles across the globe.
The growth of bioplastic textile market in European region is attributed to the development of innovative materials in the region and surge in demand for eco-friendly and sustainable products. Moreover, Asia-Pacific is expected to witness notable growth, owing to various government initiatives to increase the use of bio-based products, rise in consumer awareness for bioplastics, and ban on plastics across the region.
Key benefits of the report
- This study presents the analytical depiction of the global bioplastic textiles industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global bioplastic textiles market share.
- The current market is quantitatively analyzed to highlight the global bioplastic textiles market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed market analysis depending on competitive intensity and how the competition will take shape in coming years.
Questions answered in the global bioplastic textiles market research report:
- Which are the leading players active in the global bioplastic textiles market?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities of the market?
- What are the projections for the future that would help in taking further strategic steps?
Bioplastic Textile Market Report Highlights
Key Market Players
FKuR, Corbion N.V., DuPont de Nemours, Inc., Biome, Ercros S.A., GALATEA BIO TECH, Gucci, NaturePlast, Bioplastics Ltd, BASF SE, Bio-on SpA