Bioplastics Market 2021 by Manufacturers, Regions, Type and Application, Forecast to 2026The global bioplastics market size is expected to experience exponential growth by reaching USD 15,552.3 million by 2028 while exhibiting a CAGR of 10.7% between 2021 and 2028. Fortune Business Insights in its latest report, titled, “Bioplastics Market, 2021-2028.”, mentions that the market stood at USD 7,043.9 million in 2020. Factors such as the increasing demand for eco-friendly plastics across packaging industry and the rising concerns over non-degradable plastic waste are expected to drive the product’s demand in the forthcoming years.
Postponement of Green Investment by Government amid COVID-19 to Hamper Growth
According to Capgemini Research Institute, out of the 300 large energy companies surveyed in October 2020, 37% planned to postpone investments in low-carbon projects and infrastructure amid the novel coronavirus. The pandemic has dented the growth prospects of several industries across the globe. Postponement or halting of several projects is expected to hamper the growth prospects of the global market.
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Based on type, the market is segmented into biodegradable and non-biodegradable. On the basis of application, the market is divided into rigid packaging, flexible packaging, textiles, automotive & transportation, agriculture & horticulture, consumer goods, and others.
- Based on application, the automotive & transportation segment held a market share of about 6.0% in 2020 and is expected to experience significant growth in the forthcoming years. This is due to the increasing adoption of bioplastics in the manufacturing of lightweight automotive components worldwide.
Lastly, based on region, the market is categorized into Europe, North America, Asia-Pacific, and Rest of the World.
What does the Report Include?
The global market for bioplastics report includes qualitative and quantitative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to announce partnerships, introduce new products, and collaborate to further contribute to the growth of the market between 2021 and 2028. Moreover, the research analyst has adopted several research methodologies to extract information about the current trends and industry developments that will drive the market growth during the forecast period.
Increasing Demand for Eco-Friendly Plastics to Aid Growth
According to the data by Clean our Ocean, annually plastic is estimated to kill around millions of marine animals across the globe. The growing concern over plastic disposal is propelling the demand for eco-friendly variants of plastics such as biodegradable ones. The biggest recipient of this type of plastic is the packaging industry. The increasing adoption of environment-friendly plastics that serve as a rigid and flexible packaging option is expected to boost the product’s adoption worldwide. Therefore, the growing concerns over the disposal of non-degradable plastics will contribute to the global bioplastics market growth in the forthcoming years.
Europe – The region is expected to remain dominant and hold the largest global bioplastics market share during the forecast period. The dominance is attributable to the increasing demand for bio-based plastics for packaging purposes in the region. Europe stood at USD 3,460.8 million in 2020.
Asia-Pacific – The market in the region is expected to experience exponential growth in the forthcoming years. This is ascribable to factors such as the presence of large production capabilities in countries such as China and India that will boost the adoption of bioplastics between 2021 and 2028.
Merger and Acquisition Strategy Adopted by Major Companies to Brighten Their Market Prospects
The global market for bioplastics is experiencing dynamic competition from several companies focusing on establishing their strong presence. These companies are acquiring other small companies to expand their product portfolio and boost sales revenue. Moreover, other key players are striving to gain a major chink of the market share by adopting strategies such as collaboration, partnership, and the introduction of new products that will favor the growth of the market in the forthcoming years.