Bioplastics Market Worth $25.93 Billion by 2029 - Exclusive Report by Meticulous Research®

According to a new market research report, "Bioplastics Market by Type (Starch-based, PLA, PHA, Polyester, Bio-PET, Bio-PE, Bio-PTT, Bio-PA), Application (Packaging, Automotive, Consumer Electronics, Construction, Agriculture, Textile), and Geography - Global Forecasts to 2029", published by Meticulous Research®, the bioplastics market is expected to grow at a CAGR of 13.1% from 2022-2029 to reach $25.93 billion by 2029.

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The major factors driving the growth of bioplastics market are the increasing consumer preference for biobased products over synthetic products, increased usage of bioplastics in the packaging industry, increased utilization of flexible packaging by the food & beverage industry, and rising R&D in bioplastics.

Furthermore, regulations & legal acts supporting bioplastics usage and untapped markets in emerging economies are some of the major factors expected to offer significant growth opportunities for players operating in this market. However, the specific requirements for the biodegradation process are expected to hamper the growth of this market.

Impact of COVID-19 on the Bioplastics Market
The global economy was severely affected by the COVID-19 pandemic in 2020 due to the implementation of nationwide lockdowns and social distancing measures worldwide. All economic activities, including manufacturing throughout value chains and investments, came to a halt.

The pandemic, like other industries, also impacted the bioplastic industry. During the COVID-19 pandemic, there were unavoidable negative shifts due to a surge in demand for single-use plastics for manufacturing face shields or personal protective equipment and food and groceries delivery packaging. For instance, the Japanese Ministry of Finance, Trade, and Industry recorded that more than 600 million face masks were required in April 2020.

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Also, according to the World Health Organization, an increase of 40% in manufacturing capacity was needed due to the increased demand for surgical masks, examination gloves, and goggles when the COVID-19 pandemic was at its peak. Furthermore, virgin plastic became cheaper than biodegradable plastics due to a decline in oil prices in 2020, negatively impacting the demand for bioplastics.
However, the relaxations of social distancing norms and the effects of the COVID-19 pandemic with the resumption of logistics and production facilities are expected to provide bioplastics companies with significant growth opportunities in the coming years. Furthermore, the demand for bioplastics is expected to gradually increase to avoid the utilization of single-use plastics.

There are several emerging initiatives to promote a green recovery, which are expected to speed up the production of bioplastics. For instance, the European Union is working towards the 2050 net-zero emissions goal. This initiative was aimed at tackling the ever-growing environmental and sustainability crisis by implementing the European Green Deal.

Bioplastics Market Overview
The overall bioplastics market is segmented based on type {biodegradable bioplastic (starch-based bioplastic, polylactic acid [PLA], polyhydroxyalkanoates [PHA], polyester [PBS, PBAT, AND PCL], and other biodegradable plastics), non-biodegradable bioplastics (bio-polyethylene [PE], bio-polyethylene terephthalate [PET], bio-polyamides [PA], bio-polytrimethylene terephthalate [PTT], and other non-biodegradable plastics)}, application (packaging [flexible packaging and rigid packaging], automotive & assembly operation, consumer electronics, agriculture & horticulture, construction, textile, and other applications), and geography. The study also evaluates industry competitors and analyzes the market at the country level.

Based on type, the biodegradable bioplastics segment is estimated to register the fastest growth rate during the forecast period. The growth of this segment is primarily attributed to their wide range of industrial applications and the rising number of innovations in biodegradable bioplastics. Biodegradable bioplastics have numerous commercial applications in packaging, bags and sacks, disposable housewares, agriculture and horticulture, medical devices, consumer electronics, and automotive.

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Based on application, the packaging segment is estimated to account for the largest share of the overall bioplastics market. The large market share of this segment is mainly attributed to growing use of bioplastics as an alternative packaging material, reduced carbon footprint, energy savings in production, reduced non-biodegradable waste, and high demand of bioplastics for wrapping organic food and premium and branded products. However, the consumer electronics segment is estimated to register the fastest growth rate during the forecast period. Bioplastics are used widely in the consumer electronics industry to make electrical appliances, such as casings, circuit boards, and data storage devices. The use of bioplastics in making electrical appliances ensures that the appliance is light and mobile while being tough and durable. In addition, bioplastics are increasingly used in the fast-moving consumer electronics sector for making products, such as touch screen computer casings, loudspeakers, keyboard elements, mobile casings, vacuum cleaners, and computer mice.

In 2022, Asia-Pacific region is estimated to dominate the global bioplastics market, followed by Europe and North America. Asia-Pacific countries such as China and Japan are among the largest bioplastics markets globally. The major factors behind their large market share are high consumption in agriculture and other industries, stringent government regulations to reduce harmful plastic consumption, and increasing production capacities. Japan and China are highly industrialized and produce a large amount of plastic waste per year. For instance, the Academy of Agricultural Sciences and Ministry of Agriculture and Rural Affairs reported that, in 2020, the consumption of plastic in China was around 5.2 million tons, out of which 3 million tons were films used for agriculture practices and 2 million tons were used for irrigation equipment. Plastic waste management and recycling is a major problem for both China and Japan due to limited resources for recycling. To tackle this problem, the governments of both countries are actively participating in the promotion of bioplastics and biodegradable materials. For instance, by the end of 2020, in Shanghai, Chongqin, Beijing, and Tianjin, the capital cities of each province and other cities, prohibited non-degradable plastic bags.

Some of the key players operating in the global bioplastics market are BIOTEC (Germany), Braskem S.A. (Brazil), BASF SE (Germany), Biome Bioplastics Limited (U.K.), DuPont de Nemours, Inc. (U.S.), AKRO-PLASTIC GmbH (Germany), Saudi Basic Industries Corporation (Saudi Arabia), FKuR Kunststoff GmbH (Germany), Novamont S.p.A. (Italy), Plantic Technologies Limited (Australia), Futerro SA (Belgium), PTT Global Chemical Public Company Limited (Thailand), Showa Denko K.K. (Japan), Solvay SA (Belgium), Mitsubishi Chemical Holdings Corporation (Japan), Teijin Limited (Japan), Toray Industries, Inc. (Japan), Total Corbion PLA (Netherlands), Toyota Tsusho Corporation (Japan), and Green Dot Bioplastics, Inc. (U.S.) among others.

To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/bioplastics-market-5250

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