According to a new report published by Allied Market Research, titled," Bioplastics Market by Type, Application, and Region: Global Opportunity Analysis and Industry Forecast, 2021-2030,"
The global bioplastics market was valued at $5.8 billion in 2020, and is projected to reach $16.8 billion by 2030, growing at a CAGR of 11.5% from 2021 to 2030.
Bioplastics are obtained by converting the sugar present in plants into plastic. The sugar in turn is obtained from corn, cane, sugar beets, wheat, or potatoes. This makes bioplastics sustainable and better for the environment as compared to conventional plastics. Bioplastics are extensively used in the production of rigid packaging. However, the level of technical complexity involved in bioplastics packaging is high.
Bioplastic has the potential to reduce carbon dioxide emission. Greenhouse gas emission of bioplastic is minimal during the time of degradation. These advanced environmentally friendly properties and functionalities are anticipated to drive the market growth. Factors such as eco-friendly properties, increase in consumer awareness, growth in environmental concerns, and favorable government policies drive the growth of the bioplastics market. However, high production cost and comparatively lower performance standards than synthetic plastics restrain the market growth to a certain extent.
The bioplastics market is segmented on the basis of type, application, and region. On the basis of biodegradable plastic type, the market is divided into polylactic acid (PLA), polybutylene adipate terephthalate (PBAT), polybutylene succinate (PBS), polyhydroxyalkanoates (PHA), starch blends, and others. The PLA segment was the highest contributor in the market and is expected to grow with a CAGR of 12.6% during the forecast period. On the basis of non-biodegradable plastic type, the market is segmented into PE, PET, PA, PP, PEF, PTT, and Others. The PA segment was the highest contributor in the market and is expected to grow with a CAGR of 10.19% during the forecast period.
On the basis of application, the market is categorized into packaging, agriculture, textile, consumer durable, and others. The packaging segment was the highest contributor in the market and is expected to grow with a CAGR of 10.66% during the forecast period. This is attributed to shifting trend of consumers from synthetic to biobased products in response to the rise in environmental awareness. In food packaging, biodegradable plastic is offering a promising functionality and is being used in range of applications. Rise in preferences for packaged food in response to demographic and lifestyle changes directly impact the demand for biodegradable plastic in packaging applications. The global bioplastics market is studied across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific accounted for the largest bioplastics market revenue share in 2020 and is also the fastest growing region at the CAGR of 12.35%, owing to the presence of well-established food & beverage industry as well as consumers of other types of packaging. China, India, and Japan are the leading revenue contributors in this region.
Major manufacturers responsible for growth of bioplastics market size includes BASF SE, Biome Tech, Corbion N.V., Danimer Scientific, Dow Inc., Eastman Chemical, Kuraray, Mitsubishi Chemical Holdings, Novamont, PTT Global, Fkur, Innova films, and NatureWorks LLC.
Key finding of the study
- Based on biodegradable plastic type, the PLA segment emerged as the leader by acquiring more than 31% bioplastics market share in 2020, and it is anticipated to be the largest market during the forecast period
- Presence of large number of regulatory bodies in Europe is one of the key factors of the flourishing growth in Europe.
- Packaging is single major application segment of the biodegradable plastic, wherein, growth is driven by flexible and rigid packaging applications.