Global Bioplastics Market Key Players, Size, Trends, Opportunities & Analysis

Posted by aartimurkute on July 9th, 2021

In response to the aggravating impact of plastics on the environment and the growing need for sustainable waste management worldwide, bioplastics continue to present a viable plastic alternative. The world generates over 200 million tons of plastic waste every year and 3/4^th of it eventually gets dumped into landfills. With even less than 10% of the global plastic waste getting recycled annually, the world is surviving at the cost of environment, which is an alarming fact that raises critical demand for an effective sustainable alternative to conventional plastics. Fairfield Market Research, in its new upcoming study, would offer an insightful view of the global bioplastics market over 2021 – 2025. 

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Automotive and Packaging Industries Remain Key Consumer Industries for Bioplastics

While the automotive industry has been witnessing a revolution with the rise of e-mobility, it has embraced a number of transformations in terms of material innovations. Increasing consumption of bioplastics as a preferred material for numerous automotive components stems from the unprecedentedly growing demand for lightweight and energy-efficient automobiles. Besides interior automotive applications, automakers are now widely using bioplastics for the various under-the-hood and exterior applications as this would allow them to reduce their reliance on diminishing volatile energy markets. 

Packaging applications have been among the predominant demand generators for bioplastics. As the industry is rapidly adopting a shift to circular economy from the wasteful linear economy, new bioplastic variants are likely to enter the market. Polyethylene furanoate (PEF) will be the latest innovated bioplastic entering the packaging industry, which is expected to emerge popular on the back of its superior thermal and barrier attributes. Besides, an extending application base, including wound management, drug delivery, tissue engineering, and orthopaedic devices is propelling demand for bioplastics in global market. The medical industry is looking at bioplastics as a potentially ideal material for a large number of application areas. 

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Asia Pacific Accounts for Half of Global Bioplastics Production

Europe is expected to be in the vanguard of bioplastics consumption as the region has been pioneering the route to a sustainable and circular bio-economy. North America will also be a significant market for bioplastics manufacturers. On the other hand, expansion of the flexible packaging sector is particularly working to the advantage of bioplastics companies in Asia Pacific. Production-wise, Asia Pacific contributes nearly 50% to the global bioplastics market. 

Competition Landscape – Global Bioplastics Market

Eastman Chemical Company, Dow Inc., Novamont S.p.A., BASF SE, Plantic, Corbion N.V., Natureworks, Mitsubishi Chemical Holdings, Biome Technologies plc, and Danimer Scientific constitute some of the leading players driving competition in the global bioplastics market. Among these, Eastman Chemical Company recently launched Trēva™ - a cellulose-based bioplastic variant that can potentially replace conventional engineering polymers.