Rising Efforts towards Banning of Single Use Plastics Driving Bioplastic Textile Market: Fact .MR

NEW YORK, May 25, 2021 /PRNewswire/ -- As per the study by Fact MR, the global bioplastic textile market is forecast to grow at 12% CAGR over the next decade. According to the study, increased urgency to reduce the carbon dioxide emission into the environment and reduction in the employment of fossil fuels is the key bioplastic textile market driver.

Increasing private and government funding towards developing sustainable and cheaper bioplastic textile manufacturing processes will promote the market growth. Increasing focus towards developing natural recyclable alternatives to synthetic plastic will promote the market growth. Increasing efforts towards introducing carbon negative production of bioplastics will fuel the market growth.

A temporary dip was observed in market growth owing to pandemic and contraction of textile market in European countries in 2020. Increasing manufacturing cost of bioplastic textile is also negatively influencing the market growth.

However, polytrimethylene terephthalate (PTT) and polylactic acid (PLA) are experiencing higher demand among various end users because PLAs have improved elasticity and better resistant properties, while PTT has flexibility and superior strength. Corn starch based bioplastic is predicted to grow at a rapid pace during the forecast period.

"Increasing demand for biodegradable material in packaging industry and increasing support from government towards development of advance bioplastics will assist in market expansion during the forecast period", said a lead analyst at Fact.MR.

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Key Takeaways

• Growing awareness regarding the drawbacks of conventional single use plastic and benefits of bioplastic textile has led to increased demand of bioplastic textile in the U.S.
• Flourishing clothing industry and increasing demand for eco-friendly products in Germany has opened new avenues for bioplastic textile market growth.
• Stringent laws in India regarding the usage of non-biodegradable plastic along with growing demand for organic textile products has accelerated the market growth in the country.
• Booming textile industry and increasing consumer inclination towards adoption of bioplastic fibers in China has subsequently fueled the bioplastic textile market growth.
• Polylactic acid (PLA) is anticipated to expand at 13% CAGR throughout the forecast period from 2021-2031. PLA is highly degradable under compost conditions leading to increased market demand.

Prominent Drivers

• Rising demand for environment safe packaging solutions and stringent government regulatory policies regarding the conventional plastic use will drive the market growth.
• Increasing government investment and funding towards development of bioplastic textile s and sustainable production will boost the market demand.
• Increasing awareness towards the harmful effect of single use plastic on environment will elevate the market demand.

Key Restraints

• Bioplastic textile is a very niche market and requires higher capital investment for production, thus hampering the market growth.
• High research and development costs of bioplastic textile along with limited production are restricting the market growth.
• Inadequate utilization of the resources and inability to reach the maximum production potential hinders the market growth

Discover more about the bioplastic textile market with 69 figures and 80 data tables, along with the table of contents.

https://www.factmr.com/report/bioplastic-textiles-market       

Competitive Landscape

Leading players operating in bioplastic textile market profiled by Fact.MR are BASF SE, Braskem, DuPont de Nemours, FKuR, GALATEA BIOTECH, Natureworks LLC, Ercros S.A, Bio-on SpA, NaturePlast, Biome Bioplastics, Corbion and others.

The primary aim among the market players is to enter and explore potential and new markets by employing organic and inorganic market strategies. Organic strategies include new product launches, R&D to improve the existing line of products. Inorganic strategies include forming strategic alliance with regional distributors along with merger and acquisition to strengthen their market position.

For instance, Atlhetica Nutrition partnered with Braskem Atlhetica in July 2019. The partnership allowed Braskem Atlhetica to utilize green plastic product for packaging launched by Atlhetica Nutrition

More Valuable Insights on bioplastic textile market

Fact.MR, in its new report, offers an unbiased analysis of the global bioplastic textile market, analyzing forecast statistics through 2019 and beyond. The study reveals growth projections on in bioplastic textile market on the basis of material (polytrimethylene terephthalate (PTT), polyamide (PA), polyethylene terephthalate (PET), polylactic acid (PLA) or polylactide, others), source (sugarcane, beet, corn starch, cassava), Application (home textiles, clothing, footwear, others) across regions (North America, Europe, Asia Pacific, Rest of the World).

Key Questions Covered in the Report

• Which factor will be the most crucial for bioplastic textile market?
• What is likely to be the future outlook of bioplastic textile market?
• What are the key drivers and restraints for bioplastic textile market?
• Which region has the highest growth rate in bioplastic textile market?
• Which are the leading players operating in bioplastic textile market?

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