Portland, OR, Nov. 19, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global bioplastic market generated $4.6 billion in 2019, and is estimated to generate $13.1 billion by 2027, registering a CAGR of 13.8% from 2020 to 2027. The report provides a detailed analysis of changing market trends, top winning strategies, key segments, major investment pockets, Porter’s Five Forces, and competitive landscape.
High acceptance among consumers due to environment friendliness, supportive government policies, and renewable sources of raw materials drive the growth of the global bioplastic market. However, limited performance and high initial cost hinder the market growth. On the other hand, dependency upon petroleum resources & advancements in R&D and rise in corporate social responsibility (CSR) initiatives present new opportunities in the coming years.
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Covid-19 Scenario:
- Owing to lockdown restrictions imposed by governments with the outbreak of Covid-19 pandemic, manufacturing factories have closed down, which hampered the production volumes. Moreover, the supply chain has been disrupted and raw material shortage has been created.
- The demand from application industries such as packaging and textiles has been reduced significantly as operations have been halted with the lockdown. However, the demand will be restored as operations begin with lockdown restrictions being lifted off.
- Governments have encouraged the usage of bioplastics and developed regulations regarding disposable and single use plastics to curb the spread of the Covid-19. Moreover, many multinational organizations such as Danone, Coca-Cola, and Nestlé have taken the oath to adopt bioplastic materials to prevent contamination.
The report offers detailed segmentation of the global bioplastic market based on type, application, and geography.
Based on type, the non-biodegradable plastic segment held the highest share, accounting for more than half of the total share in 2019, and is projected to continue to lead throughout the forecast period. Moreover, this segment is projected to portray the largest CAGR of 14.7% from 2020 to 2027. The research also analyzes the biodegradable plastic segment.
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Based on application, the packaging segment contributed to the largest share in 2019, accounting for nearly two-thirds of the global bioplastic market share in 2019, and is estimated to maintain its dominance share in terms of revenue by 2027. However, the consumer durables segment is estimated to witness the highest CAGR of 15.3% from 2020 to 2027.
Based on geography, Asia-Pacific contributed to the largest market share in 2019, contributing to more than two-fifths of the total share, and is expected to maintain its lead position during the forecast period. However, Europe is estimated to manifest the highest CAGR of 16.2% from 2020 to 2027.
Leading players of the global bioplastic market analyzed in the research include BASF SE, Novamont S.p.A., Dow Inc., Natureworks, Plantic, Biome Technologies plc, Corbion N.V., Eastman Chemical Company, Mitsubishi Chemical Holdings, and Danimer Scientific.
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