Date: Oct 2021
Bioplastic Market worth USD 13.1 billion by 2027
The Market Statsville Group (MSG) publishes the new report on the "Bioplastic Market by Type (Biodegradable Plastic, Polylactic acid, Polyhydroxyalkanoate, Starch blend, Polyester, and Cellulose acetate) and Non-biodegradable Plastic (Epoxiy, Polyurethane, Polyethylene Terephthalate, and Others)), by Application (Packaging, Agriculture, Textile, Consumer durables, and Others), and by Region - Global Trends, Market Share, and Forecast to 2027". The global Bioplastic market was valued at USD 5.3 billion in 2020 to USD 13.1 billion by 2027, at a CAGR of 13.8% from 2021 to 2027. Bioplastic can reduce carbon dioxide emission by 30%-70%, compared to conventional synthetic plastic. Bioplastic production is a cost-effective and efficient process. Bioplastic production is an energy-efficient practice since bioplastic production requires 65% less energy than conventional plastic. Bioplastics do not harm the earth or environment, as these materials do not have any toxicity and can degrade easily.
Moreover, the greenhouse gas emission of bioplastic is minimal during the time of degradation. Bioplastic represents a 42% reduction in carbon footprints. Owing to these advanced technical properties and functionalities, leading companies, such as Coca-Cola, Nestle, Nike, and Ford, are interested in producing and using bioplastic materials across various applications.
Global Bioplastic Market Segmentation
The overall bioplastic market has been segmented into type, application, and region.
- By Type (Biodegradable Plastic, Polylactic acid, Polyhydroxyalkanoate, Starch blend, Polyester, and Cellulose acetate) and Non-biodegradable Plastic (Epoxiy, Polyurethane, Polyethylene Terephthalate, and Others))
- By Application (Packaging, Agriculture, Textile, Consumer durables, and Others)
- By Region (US, Canada, Mexico, UK, Germany, Italy, France, Spain, China, Japan, India, South Korea, Southeast Asia, Australia, Saudi Arabia, Peru, South Africa, Qatar, Nigeria, Israel, UAE, Brazil, Argentina)
Packaging, by application, is estimated to hold the largest market share during the forecast period
The global bioplastic market has been segmented into packaging, agriculture, textile, consumer durables, and others based on the application. In 2020, Packaging accounted for the largest market share of 65.90% in the global bioplastic market and had a CAGR of 13.7% during the forecast period.
Bioplastics have emerged as key substrates in the packaging industry by replacing synthetic polymers, owing to rising fossil fuel prices and increased social consciousness. Packaging is the biggest application market of bioplastic and is used in almost all types of packaging applications. The packaging market of bioplastic includes rigid packaging and flexible packaging. Rigid packaging includes bottles, cups, cans, corrugated cases, and boxes. The companies that produce and consume bio-based plastics in rigid packaging applications include Coca-Cola, Vittel, Volvic, P&G, and Johnson & Johnson. These leading global giants, such as Coca-Cola, Vittel, and Volvic, are manufacturing various Bio-PET bottles. Procter & Gamble and Johnson & Johnson are using Bio-PE for packaging personal care products. The Coca-Cola Company has developed a fully recyclable and renewable Bio-PET-based plant bottle. Dasani has launched a 30% plant BioPET bottle that is fully recyclable, whereas the new HDPE package of Odwalla is manufactured from 100% plant-based material.
The Asia Pacific accounts for the largest market share during the forecast period in the bioplastic market
The global bioplastic market has been segmented by region as North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2020, Asia Pacific was accounted for the highest market share of 42.46% in the global bioplastic market and was anticipated to maintain its dominance throughout the forecast period, followed by Europe and North America.
The biodegradable plastic market experiences significant growth in Asia-Pacific, owing to customer awareness about the use of bioplastic compared to conventional plastic, highlighting the customer's inclination toward using eco-friendly products. The presence of a large population is providing growth opportunities for the biodegradable market in Southeast Asia. Government policies support the benefit of biobased products that fuel the growth of the Asia-Pacific biodegradable plastic market.
Major manufacturers profiled in the bioplastic market analysis are BASF SE, Dow Inc., Novamont S.p.A., Plantic, Natureworks, Corbion N.V., Biome Technologies plc, Mitsubishi Chemical Holdings, Eastman Chemical Company, and Danimer Scientific.
Browse complete report: https://www.marketstatsville.com/bioplastic-market
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