Bioplastics Market Size Worth USD 25.27 Billion by 2027 | CAGR of 14.9%: Emergen Research

VANCOUVER, BC, Oct. 12, 2020 /PRNewswire/ -- The global bioplastics market is projected to be worth USD 25.27 Billion by 2027, according to a current analysis by Emergen Research. The bioplastics market is experiencing rapid growth attributed to its increasing demand in end-use applications, such as packaging, textile, automotive & transportation, consumer goods, agriculture, and building & construction. Besides, supportive government initiatives and subsidies to promote the growth of bioplastics are driving the market's growth. In 2018, the Japanese Ministry of Environment made an announcement for the inclusion of USD 45.0 million/JPY 5.0 Billion in the FY2019 budget for developing products manufactured from bio-plastics and provide subsidies to firms that make paper substitutes to plastic.

The growing emphasis on waste management and sustainability is a significant factor driving the growth of the market. Waste management is a primary challenge prevalent across the globe. Efforts are being made to promote bioplastics' use, providing opportunities in urban waste (UW) as a new raw material source aimed towards environmental-sustainability and generation of biofuels. A few benefits of bioplastics comprise reduced carbon footprint, reduced consumption of non-renewable sources, savings in energy during production, decrease in non-biodegradable waste responsible for environmental pollution, and absence of any chemical that may pose a health hazard and hence are suitable for food packaging by keeping the flavor and smell intact.

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Key Highlights from The Report

• In February 2018, Teijin Ltd. made an announcement about the development of a formable film, which is resistant to gasoline and produced from PLA NEXT® bioplastic to substitute chrome plating, adopted by Honda Lock Mfg. Co., Ltd. for manufacturing nonconductive door handles having smart-entry systems.
• Non-biodegradable bioplastics contributed to a larger market share of around 60.0% in 2019, owing to its widespread usage attributed to its low cost, durability, and versatility. Polylactic acid (PLA) is the most widely used non-biodegradable bioplastic.
• Polyethylene Furanoate (PEF), a biodegradable bioplastic, is currently under development and is estimated to be commercially available by 2023.
• The worldwide production capacity of bioplastics was over 2.1 million tons in 2019, with Europe accounting for around one-fourth of the world's bioplastics production capacity.
• The bioplastics market in the Asia Pacific region, led by China, is estimated to grow at the fastest rate of 16.2% in the forecast period, due to the spiraling consumption of bioplastics such as polylactic acid in the packaging, textile, automotive, construction, and medical applications, which are being boosted by the demand in emerging economies in the region.
• Key participants include BASF SE, NatureWorks, Biome Plastics, Braskem, Biotec, Total Corbion, Plantic Technologies, Mitsubishi Chemical Holdings Corporation, Novamont SPA, and Toray Industries, among others.

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Emergen Research has segmented the global bioplastics market on the basis of type, distribution channel, application, and region:

Type Outlook (Revenue, USD Billion; 2017-2027)

• Biodegradable
  1. Polybutylene Adipate Terephthalate (PBAT)
  2. Polybutylene Succinate (PBS)
  3. Polylactic Acid (PLA)
  4. Polyhydroxyalkanoate (PHA)
  5. Starch Blends
  6. Others
• Non-Biodegradable
  1. Polyethylene (PE)
  2. Polyamide (PA)
  3. Polyethylene Terephthalate (PET)
  4. Polytrimethylene Terephthalate (PTT)
  5. Polypropylene (PP)
  6. Others

Distribution Channel Outlook (Revenue, USD Billion; 2017-2027)

• Online
• Offline

Application Outlook (Revenue, USD Billion; 2017-2027)

• Packaging
• Textile
• Automotive & Transportation
• Consumer Goods
• Agriculture
• Building & Construction
• Others

Regional Outlook (Revenue, USD Billion; 2017-2027)

• North America
  1. U.S.
  2. Canada
  3. Mexico
• Europe
  1. Germany
  2. UK
  3. France
  4. BENELUX
  5. Rest of Europe
• Asia Pacific
  1. China
  2. Japan
  3. South Korea
  4. Rest of APAC
• Latin America
  1. Brazil
  2. Rest of LATAM
• MEA
  1. Saudi Arabia
  2. UAE
  3. Rest of MEA

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At Emergen Research, we believe in advancing with technology. We are a growing market research and strategy consulting company with an exhaustive knowledge base of cutting-edge and potentially market-disrupting technologies that are predicted to become more prevalent in the coming decade.

With market-leading insights and an in-depth understanding of leading and niche technologies, our solutions address the most pertinent questions for your business needs. A major technological shift has been witnessed towards creating a 'Circular Economy,' fuelled by factors, such as the increased adoption of bio-based materials, along with other methods for achieving carbon neutrality. We are conversant in technologies, viz., Artificial Intelligence (AI), Augmented Reality (AR), Virtual Reality (VR), Robotic Process Automation (RPA), Smart Manufacturing, Internet of Things (IoT), Big Data Analytics, Machine learning, Nanotechnology, Edge Computing, Blockchain Technology, Cloud Computing, Vehicle Electrification, Advanced Maintenance Analytics, and Predictive Maintenance, among other prevalent and emergent technologies.

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SOURCE Emergen Research