The scope of the recent study on 'Bioplastics Market Forecast to 2028 - COVID-19 Impact and Global Analysis - by Type (Biodegradable and Non-Biodegradable) and Application (Packaging, Agriculture, Consumer Goods, Automotive & Transportation, Textiles, Building & Construction, and Others)” includes the factors fueling the market growth, revenue estimation and forecast, and market share analysis, along with the identification of significant market players and their key developments.
The bioplastics market is expected to grow from US$ 5,799.8 million in 2021 to US$ 13,806.1 million by 2028; it is estimated to grow at a CAGR of 13.2% from 2021 to 2028
Bioplastics are plastic material made from renewable biomass sources, such as vegetables fats and oils, cornstarch, straw, woodchips, sawdust, and recycled food waste. Bioplastics have the potential to reduce 30-70% of carbon dioxide emissions and represent ~ 42% reduction of carbon footprints.
Based on application, the bioplastics market is segmented into packaging, agriculture, consumer goods, automotive & transportation, textiles, building & construction, and others. In 2020, the packaging segment dominated the market. Also, the market for the same segment is expected to grow at the fastest rate during the forecast period. In the packaging industry, bioplastics are increasingly used as an alternative to conventional fossil-fuel-based plastics and is mostly used for food contact materials. The most common bioplastic used in the industry is polylactic acid (PLA), which is typically utilized for bags, food containers, bottles, disposable tableware, and cutlery
The global bioplastics market is segmented into five main regions - North America, Europe, Asia-Pacific (APAC), the Middle East & Africa (MEA), and South & Central America (SCAM). In 2020, Asia Pacific dominated the global market. The Asia Pacific bioplastics market is growing due to several factors, such as the growth of various end-use industries, the prevalence of global manufacturers, and increased environmental awareness and concerns across the region. Along with this, factors such as the growing packaging industry, government policies encouraging environment-friendly products, and growing investments by key market players are among the key factors anticipated to drive the bioplastics market growth in the region during the forecast period.
Initially, the COVID-19 pandemic adversely affected the bioplastics market due to the shutdown of manufacturing facilities and the restrictions on transportation and logistics. The disruptions in the supply chain also hampered the supply of bioplastics. Following the state and regional guidelines, manufacturers had to follow extensive measures to protect the health and safety of their employees. Many global manufacturers temporarily closed their operations or restricted their production capacity. The negative impact of COVID-19 pandemic on the end-use industries has decreased the demand for bioplastics. As per a survey conducted by the Associated General Contractors (AGC) of America, since March 2020, 30% of companies’ construction projects have been delayed due to government orders, 37% were stopped due to owner requests associated with the COVID-19 pandemic, and 67% had delayed or canceled a project due to funding issues. However, businesses are recovering, as the governments of various countries have reduced imposed restrictions. Moreover, successful vaccination drives have further eased the current scenario leading to a rise in business activities across the globe. The recovery of various end-use industries is also driving the bioplastics market. The start of operations in the manufacturing units has led to the recovery in the production of bioplastics products, which had a positive impact on the market.
Bioplastics Market Size, by Region, during 2021-2028
The 'Global Bioplastics Market Analysis to 2028' is a specialized and in-depth study of the chemicals and materials industry, focusing on the global bioplastics market trend analysis. The report aims to provide an overview of the market with detailed market segmentation. The bioplastics market is segmented on the basis of type, application, and geography. Based on type, the market is segmented into biodegradable and non-biodegradable. Based on application, the bioplastics market is segmented into packaging, agriculture, consumer goods, automotive & transportation, textiles, building & construction, and others. Based on geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. Asia-Pacific is expected to be the fastest-growing region in the bioplastics market, followed by Europe.
Reasons to Buy
The bioplastics market is expected to grow from US$ 5,799.8 million in 2021 to US$ 13,806.1 million by 2028; it is estimated to grow at a CAGR of 13.2% from 2021 to 2028
Bioplastics are plastic material made from renewable biomass sources, such as vegetables fats and oils, cornstarch, straw, woodchips, sawdust, and recycled food waste. Bioplastics have the potential to reduce 30-70% of carbon dioxide emissions and represent ~ 42% reduction of carbon footprints.
Based on application, the bioplastics market is segmented into packaging, agriculture, consumer goods, automotive & transportation, textiles, building & construction, and others. In 2020, the packaging segment dominated the market. Also, the market for the same segment is expected to grow at the fastest rate during the forecast period. In the packaging industry, bioplastics are increasingly used as an alternative to conventional fossil-fuel-based plastics and is mostly used for food contact materials. The most common bioplastic used in the industry is polylactic acid (PLA), which is typically utilized for bags, food containers, bottles, disposable tableware, and cutlery
The global bioplastics market is segmented into five main regions - North America, Europe, Asia-Pacific (APAC), the Middle East & Africa (MEA), and South & Central America (SCAM). In 2020, Asia Pacific dominated the global market. The Asia Pacific bioplastics market is growing due to several factors, such as the growth of various end-use industries, the prevalence of global manufacturers, and increased environmental awareness and concerns across the region. Along with this, factors such as the growing packaging industry, government policies encouraging environment-friendly products, and growing investments by key market players are among the key factors anticipated to drive the bioplastics market growth in the region during the forecast period.
Impact of COVID-19 Pandemic on Bioplastics Market
Initially, the COVID-19 pandemic adversely affected the bioplastics market due to the shutdown of manufacturing facilities and the restrictions on transportation and logistics. The disruptions in the supply chain also hampered the supply of bioplastics. Following the state and regional guidelines, manufacturers had to follow extensive measures to protect the health and safety of their employees. Many global manufacturers temporarily closed their operations or restricted their production capacity. The negative impact of COVID-19 pandemic on the end-use industries has decreased the demand for bioplastics. As per a survey conducted by the Associated General Contractors (AGC) of America, since March 2020, 30% of companies’ construction projects have been delayed due to government orders, 37% were stopped due to owner requests associated with the COVID-19 pandemic, and 67% had delayed or canceled a project due to funding issues. However, businesses are recovering, as the governments of various countries have reduced imposed restrictions. Moreover, successful vaccination drives have further eased the current scenario leading to a rise in business activities across the globe. The recovery of various end-use industries is also driving the bioplastics market. The start of operations in the manufacturing units has led to the recovery in the production of bioplastics products, which had a positive impact on the market.
Bioplastics Market Size, by Region, during 2021-2028
The 'Global Bioplastics Market Analysis to 2028' is a specialized and in-depth study of the chemicals and materials industry, focusing on the global bioplastics market trend analysis. The report aims to provide an overview of the market with detailed market segmentation. The bioplastics market is segmented on the basis of type, application, and geography. Based on type, the market is segmented into biodegradable and non-biodegradable. Based on application, the bioplastics market is segmented into packaging, agriculture, consumer goods, automotive & transportation, textiles, building & construction, and others. Based on geography, the market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. Asia-Pacific is expected to be the fastest-growing region in the bioplastics market, followed by Europe.
Reasons to Buy
- Highlights key business priorities to assist companies realign their business strategies
- Features key findings and crucial progressive industry trends in the global bioplastics market, thereby allowing players to develop effective long-term strategies
- Develops/modifies business expansion plans by using substantial growth offering from developed and emerging markets
- Scrutinizes in-depth market trends as well as key market drivers and restraints
- Enhances the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation, and industry verticals
Table of Contents
1. Introduction
3. Research Methodology
4. Global Bioplastics Market Landscape
5. Bioplastics Market - Key Market Dynamics
6. Bioplastics - Global Market Analysis
7. Bioplastics Market Analysis - By Type
8. Bioplastics Market Analysis - By Application
9. Bioplastics Market - Geographic Analysis
10. Impact of COVID-19 Pandemic on Global Bioplastics Market
11. Company Profiles
12. Appendix
List of Tables
List of Figures
Executive Summary
The bioplastics market is expected to grow from US$ 5,799.8 million in 2021 to US$ 13,806.1 million by 2028; it is estimated to grow at a CAGR of 13.2% from 2021 to 2028Bioplastic is a moldable plastic material made from chemical compounds derived from or synthesized by microbes, such as bacteria, or genetically modified plants. Bioplastics are obtained from renewable resources, and some bioplastics are biodegradable.
Based on type, the global bioplastics market is segmented into biodegradable and non-biodegradable. The non-biodegradable segment led the market in 2020. Also, the market for the same segment is expected to grow at a faster rate during the forecast period.
The bioplastics market, based on geography, is segmented into North America, Europe, Asia Pacific (APAC), South and Central America (SCAM), and the Middle East and Africa (MEA). In 2020, Asia Pacific dominated the market. The growth of various end-use industries in Asia Pacific is driving the growth of the bioplastics market. Furthermore, the building & construction industry strongly contributes to the market's growth. For instance, in India, the construction industry is the second largest industry after agriculture, accounting for ~11% of the country's GDP. Moreover, according to The Asia-Pacific Research and Training Network on Trade (ARTNeT), Thailand is a major automobile exporting country, but Japanese FDI mainly drives the sector. Along with this, the automobile sector in China is growing rapidly, which would have a positive impact on the bioplastics market in the coming years. Moreover, the automotive industry is focusing on setting up new manufacturing and assembly lines in various countries, such as Australia, to suppress the dependence on imported passenger vehicles from other Asian countries.
Many industries, such as the chemicals & materials industry, faced unprecedented challenges due to the COVID-19 pandemic. The shortage of raw material and labor, the shutdown of factories, and other operational difficulties under COVID-19 safety protocols adversely affected the bioplastics market. The lockdown heavily impacted the supply and the production side of bioplastics, thus restraining the growth of the market. Due to the lockdown during the pandemic, the end-use industries reduced the demand for bioplastics. For instance, according to KPMG International, more than ~80% of the world’s auto supply chain is connected to China. In January 2020, China’s car sales dropped by 18% which led to a negative impact on the automotive industry, leading to decrease in demand for bioplastics. However, successful vaccination drives have further eased the current scenario, leading to a rise in business activities. The economies are reviving their operations, and the demand for bioplastics is expected to rise globally in the coming years. Key manufacturers have started resuming their operations, thus restoring the production capacity of bioplastics. Such factors have had a positive impact on the bioplastics market.
Teijin Limited; Toray Industries, Inc.; Sabic; Basf SE; Total Corbion PLA; Braskem S.A.; Biome Bioplastics; Mitsubishi Chemical Corporation; Novamont S.P.A.; and Natureworks LLC are among the leading players in the bioplastics market. These companies are adopting strategies, such as mergers and acquisitions and product launches, to expand their geographic presence and consumer bases.
The overall global bioplastics market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights into the topic. Participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers—along with external consultants such as valuation experts, research analysts, and key opinion leaders—specializing in the global bioplastics market.
Companies Mentioned
- Teijin Limited
- Toray Industries, Inc.
- Sabic
- Basf Se
- Total Carbion Pla
- Braskem S.A.
- Biome Bioplastics
- Mitsubishi Chemical Corporation
- Novamont S.P.A.
- Natureworks LLC.
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 146 |
| Published | March 2022 |
| Forecast Period | 2021 - 2028 |
| Estimated Market Value ( USD | $ 5799.8 Million |
| Forecasted Market Value ( USD | $ 13806.1 Million |
| Compound Annual Growth Rate | 13.2% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
