Bioplastic Textile Market Value to Hit $1.4 Billion by 2025: Global Market Insights, Inc.
Europe bioplastic textile market accounted for more than 35% of the total industry share and is projected to achieve significant CAGR from 2019 to 2025 owing to rising demand for eco-friendly and sustainable products.
May 31, 2019, 04:00 ET
SELBYVILLE, Del., May 31, 2019 /PRNewswire/ -- The growth of North American bioplastic textile market is driven by consumers concern for depleting fossil fuels, desire of manufacturers to produce green and sustainable products, technological advancements in bioplastic production supported by favorable federal and state-based government policies. For instance, R&D activities conducted in the U.S. to develop biodegradable plastics from soy products such as meal, flour in complementary with PLA is completely funded by the U.S. government.
Driven by presence of large number of manufacturers coupled with strict European regulations, Europe has emerged as the largest market with revenue generation over USD 400 million for bioplastic textile followed by Asia Pacific and North America.
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Bioplastic textiles have laid its footsteps in a number of industries including clothing, footwear, and home textiles. Footwear segment is one of the fastest growing industry as it has a highly competitive environment mainly due to the presence of well-established players in the market namely Puma, Reebok, Adidas, Gucci, etc. The presence of large number of market players is making the market more innovative resulting in increasing product demand which in turn will help attain promising gains to the overall bioplastic textile market size by 2025.
Global Bioplastic Textile Market revenue is set to cross USD 1.4 billion by 2025; according to a new research report by Global Market Insights, Inc. Global market is anticipated to emerge as one of the highest growth markets mainly due to consistent increase in the demand of bioplastic textile from apparel industry. Furthermore, technological advancements in the sector followed by favorable government policies and shifting consumer interest towards greener products will further make a noteworthy contribution to the overall bioplastic textile market size in the coming years.
Stringent regulations against the traditional plastic material use is majorly driving the market. In 2018, Europe initiated ban on the use of disposable plastic products by 2021. Plastic ban are becoming very common worldwide as for instance, countries including Kenya, Malaysia, France and many others have posed restrictions on the plastics use and are promoting bio-based products as a step towards sustainable environment. Bioplastic textile market is also strengthened by the growing apparel industry worldwide as it constitutes over 40% of total end users segment of the market.
Browse key industry insights spread across 342 pages with 532 market data tables & 18 figures & charts from the report, "Bioplastic Textile Market By Source (Sugarcane, Beet, Corn Starch, Cassava), By Material (Polylactic Acid [PLA], Polyhydroxyalkanoates [PHA], Polyhydroxybutyrate [PHB], Bio-polyester [Bio-PES], Bio-polyamide [Bio-PA]), By End-user (Home Textiles, Clothing, Footwear), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, China, India, Japan, Australia, Indonesia, Malaysia, Brazil, Mexico, South Africa, Saudi Arabia, UAE), Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2019 – 2025" in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/bioplastic-textile-market
Despite having an environment friendly base, bioplastic textile is very far in terms of market share as compared to petroleum based plastic textiles. Such a small share in the overall bioplastic textile market is solely attributed to high capital cost associated with the bioplastics production, which resulted in the high-end cost of apparels and other products and comparatively low margins for manufactures.
Based on source, corn starch has registered itself as the basic material to manufacture bioplastics. On the other hand, other materials that contributes in the production process are sugarcane, beet, cassava, etc. Beet has an extended utility in manufacturing bioplastics and constituted approximately 15% of the total market share in 2018. Europe sugar policy coupled with some quotas made it very hard for European bioplastic manufactures to use costly beet, as sugarcane is much more cost effective as compared to beets.
PLA has been dominant in the materials segment and constituted a share of almost 30% in the total bioplastic textile market share in 2018. On the other hand, PHA is also used in the manufacturing process of bioplastic textile as it is derived from bacterial fermentation of lipids and sugar. The product can also be manufactured by using biomass generated from waste and therefore is completely biodegradable.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Bioplastic Textile Market Forecasts 2019-2025
The world bioplastic textile market is poised to achieve 4%+ CAGR from 2019 to 2025 as favorable government policies for sustainable use of bioplastics will propel the industry growth.
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