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Bioplastics Market Is Projected To Expand At a CAGR of 16.1% By 2027 | Grand View Research, Inc.

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Bioplastics Market Is Projected To Expand At a CAGR of 16.1% By 2027 | Grand View Research, Inc.

October 08
23:20 2020
Bioplastics Market Is Projected To Expand At a CAGR of 16.1% By 2027 | Grand View Research, Inc.

Grand View Research, Inc. – Market Research And Consulting.
According to report published by Grand View Research, Growing population and urbanization coupled with the increasing awareness regarding health-issues in emerging economies of Asia Pacific are likely to assist end-use industries, which in turn is expected to escalate the demand for bioplastics over the forecast period.

According to a report, “Bioplastics Market Size, Share & Trends Analysis Report By Product (Biodegradable, Non-biodegradable), By Application (Packaging, Automotive & Transportation, Textile), By Region, And Segment Forecasts, 2020 – 2027”, published by Grand View Research, Inc.,The global bioplastics market size is expected to reach USD 26.0 billion by 2027, according to a new report by Grand View Research, Inc. It is projected to expand at a CAGR of 16.1% over the forecast period. Increasing environmental concerns, favorable government initiatives, and rising consumer awareness about the sustainable and eco-friendly products are expected to drive the demand for bioplastics.

They are majorly utilized as an environmentally friendly alternative to conventionally produced plastics for use in various application segments including packaging, agriculture, consumer goods, textile, automotive & transportation, and building & construction. Thus, environmentally friendly properties of these products along with growing demand from flexible packaging applications are also estimated to drive the market growth.

According to European Bioplastics e.V global production capacity of bioplastics was 2.1 million kilotons in 2019, which is expected to reach 2.4 million kilotons by 2024. In terms of volume, non-biodegradable product segment accounted for the maximum share in 2019. It is anticipated to continue its dominance over the forecast years due to high demand for electronic equipment, automotive housings, and consumer goods, such as carry bags, films, and bottles.

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U.S. bioplastics market size

Bioplastics Market Report Highlights

  • Key raw materials utilized in the production of bioplastics includes renewable biomass sources, such as vegetable fats and oils, straw, corn starch, woodchips, recycled food waste, sawdust, and various others

  • In terms of volume, non-biodegradable product segment accounted for prominent share in the market in 2019 and is further expected to witness steady growth over the forecast period

  • Packaging application segment dominated the global market in 2019 and accounted for more than 62% of the market revenue share

  • Europe led the global market in 2019 and held more than 44% of the total share. The regional market will retain its dominant position throughout the forecast years

Application Insights

The packaging application led the market with a share of 62.4% in 2019. Increasing utilization of bioplastics to produce bags for compost, agricultural foils, horticultural products, nursery products, toys, and textiles is the key factor responsible for the segment growth. Moreover, bioplastics are used to produce disposable cups, bowls, plates, Clingfilm, and food containers. The development of food-grade bioplastics has improved the shelf life of the food products, which drives their demand, thereby boosting the segment growth. Moreover, the majority of packaging products are currently produced from conventional plastics and end up in landfills, which is a situation that various governments intend to address.

Have Any Query? Ask Our Experts for More Details on Report: https://www.grandviewresearch.com/inquiry/66/ibb

Bioplastics are also used to produce semiconductor casings, electronic device covers, connectors, and circuit boards. With the help of injection molding, bioplastics can be used to produce touch screen computer casings, headphones, loudspeakers, keyboards, laptops, games consoles, mobile phone casings, vacuum cleaner, etc. The growing demand for electrical & electronic products along with rising environmental concerns is expected to drive the demand in the consumer goods application segment.

Global bioplastics market share 

Polyamide and polylactic acid plastic is used to produce textile products like clothes and shoes, which drive the textile segment’s growth. Bioplastics are also used to produce various components used in the building & construction application segment, such as containers, wall mountings, sculptures, and housing & mountings.

Bioplastics Market Segmentation

Grand View Research has segmented the global bioplastics market on the basis of product, application, and region:

Bioplastics Product Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2027)

  • Biodegradable

    • Polylactic Acid

    • Starch blends

    • Polybutylene Adipate Terephthalate (PBAT)

    • Polybutylene Succinate (PBS)

    • Others

  • Non-biodegradable

    • Polyethylene

    • Polyethylene Terephthalate

    • Polyamide

    • Polytrimethylene Terephthalate

    • Others

Bioplastics Application Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2027)

  • Packaging

  • Agriculture

  • Consumer goods

  • Textile

  • Automotive & Transportation

  • Building & Construction

  • Others

Bioplastics Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2016 – 2027)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • U.K.

    • France

  • Asia Pacific

    • China

    • India

    • Japan

  • Central & South America

    • Brazil

  • Middle East & Africa

List of Key Players of Bioplastics Market

  • Teijin Ltd.

  • Toray Industries

  • Toyota Tsusho

  • M& G Chemicals

  • PTT Global Chemical Public Company Ltd.

  • Showa Denko K.K.

  • NatureWorks LLC

  • SABIC

  • BASF SE

  • Futerro SA

  • E. I. du Pont de Nemours and Company

  • Braskem

  • Corbion N.V.

  • Galactic

  • Solvay SA

Browse Related Reports @

Polypropylene Compounds Market – https://www.grandviewresearch.com/industry-analysis/polypropylene-pp-compounds-market

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About Grand View Research

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities

Media Contact
Company Name: Grand View Research, Inc.
Contact Person: Sherry James, Corporate Sales Specialist – U.S.A.
Email: Send Email
Phone: 1-415-349-0058, Toll Free: 1-888-202-9519
Address:201, Spear Street, 1100
City: San Francisco
State: California
Country: United States
Website: https://www.grandviewresearch.com/industry-analysis/bioplastics-industry

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