Bioplastics Market Segmentation by Product (Biodegradable, and Non-biodegradable), and by Application (Packaging, Automotive & Transportation, Textile, and Others) – Global Demand Analysis & Opportunity Outlook 2031
Buy Now Report ID: 3923 | Published Date: Feb 06, 2023
The chemical industry is a major component of the economy. According to the U.S. Bureau of Economic Analysis, in 2020, for the U.S., the value added by chemical products as a percentage of GDP was around 1.9%. Additionally, according to the World Bank, Chemical industry in the U.S. accounted for 16.43% to manufacturing value-added in 2018. With the growing demand from end-users, the market for chemical products is expected to grow in future. According to UNEP (United Nations Environment Programme), the sales of chemicals are projected to almost double from 2017 to 2030. In the current scenario, Asia Pacific is the largest chemical producing and consuming region. China has the world’s largest chemical industry that accounted for annual sales of approximately more than USD 1.5 trillion, or about more than one-third of global sales, in recent years. Additionally, a vast consumer base and favourable government policies have boosted investment in China’s chemical industry. Easy availability of low-cost raw material & labour as well as government subsidies and relaxed environmental norms have served as a production base for key vendors globally. On the other hand, according to the FICCI (Federation of Indian Chambers of Commerce & Industry), the chemical industry in India was valued at 163 billion in 2019 and it contributed 3.4% to the global chemical industry. It ranks 6th in global chemical production. This statistic shows the lucrative opportunity for the investment in businesses in Asia Pacific countries in the upcoming years.
On the basis of geographical analysis, the global bioplastics market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period on the back of increasing awareness regarding plastic waste in developing countries, along with growing government initiatives to curb plastic waste. According to a report by the Central Pollution Control Board, in India, 3.36 million tons plastic waste is generated per annum. Moreover, growing adoption of bioplastics is estimated to boost the market growth.
The market in the North America region is anticipated to gain a notable market share throughout the forecast period owing to the increasing adoption of advanced materials and technology, supported by the growing research and development activities in the region. Along with this, the growing government initiatives to promote the use of bioplastics, is estimated to boost the regional market growth. For instance, the USDA’s BioPreferred Program is aimed to increase the purchase and use of bio-based products.
The global bioplastics market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global bioplastics market includes the following segments:
By Product
By Application
Growth Drivers
Challenges
June 02, 2021: Nature Works LLC to establish a new biopolymer production plant in Thailand. The fully operational new plant will have an annual capacity of producing 75,000 tons of low-carbon PLA biopolymers made from renewable resources.
May 20, 2021: Toyota Tsusho Corp., Mitsui Chemicals, Inc., and Neste announced partnership in Japan, to start Japan’s first industrial-scale renewable plastics production.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Smruti Ranjan, Rajrani Baghel
Ans: The increasing environmental concerns amongst the people, as well as, the government authorities are estimated to boost the market growth.
Ans: The market is anticipated to attain a CAGR of ~18% over the forecast period, i.e., 2022 – 2031.
Ans: The major players in the market are Teijin Limited, NatureWorks LLC, Toray Industries, Inc., Toyota Tsusho Corporation, M&G Chemicals S.A., PTT Global Chemical, Showa Denko K. K., Corbion N.V., and Solvay S.A.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by product, application, and by region.
Ans: The biodegradable segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
Ans: The high production cost of bioplastics is estimated to hamper the market growth.
Ans: The Asia Pacific region is anticipated to provide more business opportunities over the forecast period on the back of the increasing government initiatives to curb plastic waste generation.
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