Growing Concern Regarding Plastic Pollution to Drive Bioplastics industry
Bioplastics industry is expected to grow USD 6.48 billion at a 10% during the forecast period (2021-2027). according to the latest research report from Market Research Future (MRFR). The Bioplastics industry is studied in detail in the report, which uses a platform of historical facts about the Bioplastics industry to present reliable projections about the market’s likely growth trajectory over the forecast period. A detailed assessment of the major drivers affecting the growth of the Bioplastics industry is presented in the report, along with a macroeconomic and microeconomic environment analysis. Key economic factors having a major impact on the Bioplastics industry are studied in detail in the report to give a comprehensive overview of the market.
The Bioplastics industry is mainly driven by the growing awareness about the environmental damage caused by the discarding of conventional, nonbiodegradable plastics. Being nonbiodegradable, plastics can remain in their discarded environment for years, even decades, causing problems for the ecosphere and interfering with the natural movement of soil, water, and other natural elements. Plastic pollution is considered among the most important environmental issues at present, due to their widespread use and high level of impact on an environment. This has led to a growing demand for bioplastics in a number of industries. Bioplastics degrade naturally into carbon-related material, allowing for their reintegration into the environment naturally. This is the major driver for the Bioplastics industry, as the demand for biodegradable plastics is likely to continue to grow over the forecast period.
The growing demand for bioplastics in the packaging and automotive industries is likely to be a key driver for the Bioplastics industry, due to the high volume of plastics consumed in these industries. The growing scope for the Bioplastics industry in these two industries, among others, is a major driver for the Bioplastics industry. Due to governmental as well as public pressure, other industries such as agriculture, electronics, construction, and others are also expected to increase their consumption of bioplastics in place of conventional plastics. This is likely to remain a major driver for the Bioplastics industry over the forecast period.
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Leading players in the Bioplastics industry include Mitsubishi Chemical Corporation, Biome Bioplastics, BASF, Plantic Technologies, Toray Industries, Novamont, Bio-On, NatureWorks, Total Corbion PLA, and Braskem. Major players in the Bioplastics industry are expected to focus on R&D in the coming years, in order to develop a strong product line in the field of bioplastics. Increasing the commercialization prospects of bioplastics by encouraging industrial end users to incorporate bioplastics in place of conventional plastics is likely to be a key strategy for players in the Bioplastics industry.
In September 2019, Total Corbion inaugurated its new polylactic acid bioplastics manufacturing plant in Rayong, Thailand.
The Bioplastics industry is segmented on the basis of type, application, and region.
By type, the Bioplastics industry is segmented into biodegradable and nonbiodegradable bioplastics.
By application, the Bioplastics industry is segmented into rigid packaging, flexible packaging, textiles, agriculture and horticulture, consumer goods, automotive, electronics, construction, and others.
Asia Pacific holds the largest share in the global bioplastics companies, accounting for more than 34% of the market in 2018.
Europe also holds a dominant share in the Bioplastics industry and is likely to remain a leading revenue generator in the coming years due to the increasing government support to the development of bioplastics in the region. The European market accounted for more than 33% of the Bioplastics industry in 2018 and is likely to remain similarly dominant over the forecast period. The strong government support to bioplastics as well as government regulations making the use of conventional plastics more expensive are likely to be the major drivers for the Bioplastics industry in Europe over the forecast period. The Europe market for bioplastics is expected to exhibit a strong 10.85% CAGR over the forecast period. The strong research environment in Europe is likely to make the region an important regional market for bioplastics in the coming years.
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