Global bioplastics market is estimated to be valued at US$ 1,020.00 Million in 2021, according to the Global Bioplastics Market Report, by Product Type (Bio-PET, Bio-PE, PLA and PLA Blends, Biodegradable, Polyester, Starch Blends, Bio-PA, PHA, Others), by Application ( Bottles, Other Packaging, Automotive, Consumer Products, Food Services, Agriculture, Others), by Region (North America, Europe, Asia-pacific, Latin America, Middle East & Africa), published by Coherent Market Insights.
Global bioplastics market was valued at US$ 1,020.00 Million in 2021 and is expected to register a CAGR of 14.8% over the forecast period (2022–2030), to reach US$ 3515.8 Million by 2030.
Bioplastics are plastics products derived from renewable biomass sources such as oil, vegetables, corn starches, sawdust, grains, recycled food waste, etc. Bioplastics can be produced from used plastic and agricultural by-product. Some of the bioplastics are polyhydroxyalkanoate (PHA), polybutyrate adipate terephthalate (PBAT), polylactic acid (PLA), polybutylene succinate (PBS), and starch blends.
The global spread of (Covid-19) Pandemic has resulted in lockdown measures, and cease in economic activities which has severely impacted the plastics industry. Covid -19 pandemic has impacted the supply chain by affecting production and transportation and leades to a decrease in conventional plastic prices. Furthermore, because to the pandemic, many governments and organizations have delayed legislation on single-use plastics and green investments, resulting in a decrease in the acceptance of bio-based alternatives. This factor is expected to hinder the growth of the global bioplastics market till the period of 2021.
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Browse 50 market data tables* and 40 figures* on "Global Bioplastics Market” - Forecast to 2030.
Key Trends and Analysis of the Global Bioplastics Market:
- Growing adoption of bioplastics to produce bags for agricultural foils, compost, nursery products, horticultural products, and textiles is one of the key trends driving the market growth. Moreover, bioplastics are rapidly replacing conventional plastic in disposable cups, plates, and food containers. Furthermore, they are used in the manufacturing of electronic device covers, circuit boards, and semiconductor casings, thereby fueling the market growth.
- Increasing trend of using smart and wearable devices is driving demand for electronic products and bioplastic are widely used in the production of electronic devices. Bioplastics are used in the manufacturing of headphones, mobile phone casings, touch screens for computers, laptops, loudspeakers, keyboards, games consoles, etc., with the help of injection molding technology. Thus, the growing demand for electronic products coupled with environmental concerns is expected to propel the market growth.
Key Takeaways of the Global Bioplastics Market:
- On the basis of application, bottles accounted the global bioplastics market in 2021 with around 44% of market share in terms of revenue, followed by packaging and automotive, respectively.
- On the basis of material type, bio-PET dominated the global bioplastics market in 2019 with around 66% of market share in terms of revenue, followed by others and PLA & PLA blends.
- In 2021, the European bioplastics market was worth US$ 3,460.8 million. Europe is an important hub since it is the main region in product creation and consumption. In November 2021,According to European Bioplastics statistics, Europe currently accounts for around 25% of global bioplastic market output. Furthermore, a increasing demand in automotive sector a need for bioplastic-based packaging solutions from regional manufacturers are likely to boost market demand.
- In 2021, the biodegradable plastic segment was the largest revenue generator owing to high demand for packaging, textiles, agriculture and consumer goods industries. Increase in government initiatives such as ban on single-use plastics has promoted the utilization of biodegradable plastics in various end-use industries. Ministry of Environment, Forest and Climate Change has announced a ban on the use of plastic from 1st July 2022.