Global Bioplastics Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Type (Biodegradable Bioplastics (Polyester, Polylactic Acid (PLA), Polyhydroxyalkanoates, Starch Blends, Others), Non-Biodegradable Bioplastics (Bio-PE (Polythene), Bio-PET (Polythene Terephthalate), Bio-PA (Polyamide), Others)), By Application (Construction, Packaging, Agriculture, Textile, Automotive, FMCG, Others), And By Geography - Forecasts From 2022 To 2027

The global bioplastic market is expected to grow at a compound annual growth rate of 12.11% over the forecast period to reach a market size of US$67.357 billion in 2027 from US$30.254 billion in 2020.

Market Overview:

Bioplastic is a sustainable material that is derived from renewable feedstocks, and it is also an alternative to petroleum-based plastics. Factors such as rising awareness about eco-safety, growing demand for bioplastics in additive manufacturing, increasing demand for bioplastics from the packaging sector, high consumer preference for bio-based products, and supportive government regulations/policies to promote sustainability of bioplastics are expected to drive the overall market growth during the forecast period. The United Kingdom is one of the most advanced and innovative countries in terms of developing advanced and modified plastics. Moreover, the government ban on single-use plastic coupled with growing awareness about the hazardous effects of plastic waste is the key trend stimulating the overall market growth. The government of various economies is banning single-use plastic every year and promoting the use of biodegradable plastics. The government of Kenya has made the manufacturing and distribution of plastic bags illegal in the country. While the government of France has banned the use of plastic bags, cups, and plates and it is also looking forward to banning single-use items such as straws and utensils. Furthermore, mergers and acquisitions by key players will create various lucrative opportunities in the market. For instance, Novamont has completed its acquisition of BioBag Group to expand its global presence in Northern/Eastern Europe.

Growth factors:

Growing demand from the packaging industry

One of the prime reasons supporting the growth of the market is the growing demand for bioplastics from the packaging industry. Bioplastics are used in flexible packaging as they are not hazardous to the environment and are biodegradable. They are used in packaging food items, beverage bottles, napkins, sanitary towels, coated cardboard, etc. Moreover, increasing spending on various food products such as bakeries, cereals, snack foods, nuts, hot chocolate sticks, short-run meals dry foods, etc. has increased considerably in the past few years which has increased the demand for sustainable packaging materials which is projected to drive the overall market growth.

Rising investment in innovation and R&D:

The latest innovations and developments by key market players are significantly contributing to the overall market growth. For instance, Braskem has invested around SD 61 million in its research and development to boost the production capacity of green ethylene derived from sugarcane ethanol. Trinseo is making efforts to expand its thermoplastic elastomers (TPE) R&D Center in Mussolente, Italy. The expansion will help the company to increase its leading bioplastics portfolio.

Key Developments:

• In November 202 Danimer Scientific Inc., Danimer, and Total Corbion PLA, two leading bioplastics firms focused on the research and manufacturing of biodegradable materials, signed a long-term supply agreement for Luminy® PLA, a biobased polymer used to produce compostable goods.
• FUTERRO, a subsidiary of the Belgian GALACTIC group, launched the first fully integrated PLA plant in China. It has a capacity of 100,000 tons per year, making it Asia’s leading unit in terms of capacity.
• Sulzer Chemtech Ltd, a Swiss company has been selected for the supply of technology and key equipment to produce 30,000 tons per year by Yangzhou Huitong.

COVID-19 impact on Global Bioplastics Market

The COVID-19 pandemic had a positive impact on the global bioplastics market in 2020. The pandemic compelled countries to examine their policies and implement long-term solutions to lessen the human carbon footprint. Environmental protection has also become a requirement, which will help the bioplastic market grow. The viral outbreak has aided in raising global awareness of the significance of hygiene and health. The demand for surfaces that do not spread the virus has risen dramatically. Hence, the demand for such bioplastics has risen. For instance, Sukano has created an antiviral PLA masterbatch that can be used to protect a variety of surfaces from viruses. One of the most important applications for bioplastics is 3D printing medical equipment.

Global Bioplastics Market Scope:

Segmentation:

• By Type
  • Biodegradable Bioplastic
    • Polyester
    • Polylactic Acid (PLA)
    • Polyhydroxyalkanoates
    • Starch Blends
    • Others
  • Non-biodegradable bioplastic
    • Bio-PE (Polythene)
    • Bio-PET (Polythene Terephthalate)
    • Bio-PA (Polyamide)
    • Others
• By Application
  • Construction
  • Packaging
  • Agriculture
  • Textile
  • Automotive
  • FMCG
  • Others
• By Geography
  • North America
    • United States
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Spain
    • Italy
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • South Africa
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Indonesia
    • Thailand
    • Taiwan
    • Others