Coherent Marketing Research announced a new study, “Bioplastics Market Analysis,” examining the bioplastics market.
The study states that, globally, the bioplastics market was estimated to be valued more than $35 billion in terms of revenue in 2019 and is predicted to grow at a CAGR of 25.8% during the forecast period (2020 to 2027).
Factors Boosting Market Growth
Due to growing environmental concerns, the study found that governments have enforced rules against the use of conventional plastic. This is a prime driver fueling the market growth of the bioplastic. Conventional plastic poses various environmental as well as health threat such as carbon dioxide emission, water pollution, and the accumulation of toxic waste on land. For this reason, governments of different countries have issues regulation to restrict the use of conventional plastic. This is encouraging manufacturers to launch bioplastic, thereby augmenting the market growth.
Market Growth Opportunities
The advent of nanotechnology-based bioplastic is expected to bring profitable opportunities for the market in the near future. Nano-technology ensures product safety, monitor food spoilage and improved performance of the bioplastic. The use of nanotechnology enhances physical properties such as strength, barrier properties and durability. Nanotechnology-based bioplastic is gaining tremendous demand from the food and beverage industry for the packaging of food products.
Factors Impeding Market Growth
High production costs associated with the bioplastic, as they are not easily recyclable, are expected to hinder the market growth. For instance, bioplastics derived from polylactide (PLA) cannot be recycled easily. Advanced recycling tools are required for this, which increases the overall production cost.
On the basis of material type, bio-PET dominated the global bioplastics market in 2019 with around 66% of market share in terms of revenue, followed by others as well as PLA and PLA blends.
Growing adoption of bioplastics to produce bags for agricultural foils, compost, nursery products, horticultural products and textiles is one of the key trends driving the market growth. Also, they are rapidly replacing conventional plastic in disposable cups, plates and food containers. Furthermore, they are used in the manufacturing of electronic device covers, circuit boards and semiconductor casings, thereby fueling the market growth.
Global Bioplastics Market - Impact of Coronavirus (Covid-19) Pandemic
The global spread of (Covid-19) Pandemic has resulted in lockdown measures and a cease in economic activities which have severely impacted the plastics industry. This factor is expected to hinder the growth of the global bioplastics market until the period of 2021.
Key players operating in the global bioplastics market according to the study are BASF SE, Braskem S.A., Koninklijke DSM N.V., Arkema S.A., Innovia Films, Ltd., Metabolix, Inc., NatureWorks, LLC,Novamont S.p.A., and The Dow Chemical Company.
Visit https://www.coherentmarketinsights.com/market-insight/bioplastics-market-4098 for more information and to download the study. (Editor’s Note: A fee is required for the full study.)