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Bioplastics Market - Growth, Trends, and Forecast (2020 - 2025)

Bioplastics Market - Growth, Trends, and Forecast (2020 - 2025)

  • April 2020
  • 171 pages
  • ID: 5891591
  • Format: PDF
  • Mordor Intelligence LLP

Summary

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The global bioplastics market is expected to register a CAGR of over 15% during the forecast period. The major factors driving the market studied are environmental factors encouraging a paradigm shift and growing demand for bioplastics in flexible packaging. However, the availability of cheaper alternatives is likely to hinder the growth of the market studied.

- Flexible packaging application is expected to dominate the global market, in terms of volume, during the forecast period.
- Substitute for petroleum-based plastics and government regulations on traditional plastic products are likely to act as opportunities in the future.

Key Market Trends
Flexible Packaging is Expected to Dominate the Market

- Bioplastics are used in flexible packaging as they are not harmful to nature and few are easily degradable as well.
- They are used in packaging films for food items, medicines, beverage bottles, packaging films, and packaging of nonfood products, such as napkins and tissues, toilet paper, nappies, sanitary towels, cardboard and coat paper for food wrapping paper, and coated cardboards to make cups and plates. Moreover, they are used in flexible and loose fill packaging.
- Bioplastics made of cornstarch finds application more in flexible and loose fill packaging.
- Moreover, polylactic acid (PLA) is used majorly in the packaging of food items, while biopolyethyleneterephthalate (PET), biopolyethylene, and biopolypropyleneare majorly used as packaging films.
- The consumption of bioplastics is increasing in making plastic bags, as they are nature-friendly, and for organic waste collection bags, which are majorly used in hospitals, hotels and restaurants, commercial and retail outlets, and houses. Local governments of different countries have also initiated their usage.
- The usage of bioplastics is the highest in the packaging sector, which is increasing due to the growing environmental concerns across the world
- The global packaging industry is growing across the world. Asia-Pacific has the largest manufacturing capacity of bioplastics, with around 45% of the global capacity. Moreover, with the increase in awareness among consumers and the strict ban by the governments in the countries, like China, India, and Japan, they have started promoting the consumption of bioplastics in the region.

Europe to Dominate the Market

- Europe dominated the global bioplastics market with most of the demand coming from Germany, followed by France, Italy and United Kingdom.
- The German economy is the largest in Europe, and the fifth-largest in the world. The country is in plans to stop further downfall of the economy, due to the COVID-19 impact by announcing availability funds (of over USD 600 billion), to ensure growth and smooth functioning in various public sectors in the near future.
- The country’s food and beverage industry is the fourth-largest industry with a promising outlook for future. The industry is characterized by its small and medium-sized enterprise sector of over 6,000 companies.
- Consumers are showing a growing demand for value and quality enriched products, including organic and fair trade and health and wellness goods, indicating a favorable potential demand for packaging films, which is approved for use in conjunction with food products.
- The United Kingdom stands to be the fourth-largest consumer of plastics in Europe. The country has been identified as one of the most innovative and advanced countries, in terms of developing advanced and modified plastics. However, the country’s attention has been drifted toward bioplasticsalternatives, with increasing awareness about the environmental impact of petroleum-based non-biodegradable plastics.
- Hence, the market scenario in the region is expected to boost the demand for bioplastics through the forecast period.

Competitive Landscape
The global bioplastics market is fragmented in nature, with the top five players accounting for around 34% of the global market. The major players of the market studied include Braskem, Novamont S.p.A., NatureWorks LLC, Indorama Ventures Public Company Limited, BASF SE, Total Corbio PLA, and Rodenburg Biopolymers, among others.

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